El Petro Has Arrived!! Backed by Oil, Gold and Diamonds

El Petro Has Arrived!! Backed by Oil, Gold and Diamonds by Rory – The Daily Coin

That didn’t take long. It was just a few weeks ago that Maduro announced he would be launching a cryptocurrency backed by oil, gold and diamonds and now here we are with El Petro coming to market.

It was December 4, 2017 that we published Venezuela Announces “the Petro” Currency Backed by Gold, Oil and Diamonds and just over a month later – WOW!! does this mean it was already in the works long before he made the announcement or is utilizing a cryptocurrency that was underdevelopment and was close to coming to market? Either way this new “currency” is now on the market and should get the attention of a few people.

The question I have is how China and Russia will respond to this situation as both nations – far larger than Venezuela – have much more at stake and have been making subtle moves to end the world reserve status of the Federal Reserve Note for the past several years. El Petro is the proverbial monkey wrench being thrown into the mix.

As Sputnik News is reporting

Venezuela is issuing $5.9 billion in petro, its state cryptocurrency, in the hopes that it will drive the country out of economic downfall amid US sanctions. The petro is backed by the country’s oil, diamond and gold reserves.

Venezuelan President Nicolas Maduro, in a televised address, “has ordered the emission of 100 million petros with the legal sustenance of Venezuela’s certified and legalized oil wealth. Every petro will be equal in value to Venezuela’s oil barrel.”

That is, the total petro emission is estimated at nearly $6 billion.

Apart from oil, whose largest stocks are found in Venezuela and which constitutes some 95 percent of the export revenue, the petro is backed by gold and diamond reserves.

Maduro announced an intention to create a national cryptocurrency in early December. The blockchain technology is expected to help the South American country overcome a financial blockade imposed by the United States and facilitate the currency system. The Finance Ministry underscored the advantage of the cryptocurrency for conducting financial transactions and searching for new financing options, as the country’s fiat currency, the bolivar, has been in freefall for two years with the country’s economy struggling. Source

Will El Petro enjoy the same success as a lot of the 1,300 other cryptocurrencies? This entire market is acting a lot like the dot com bubble in 1998-2000 – by simply tagging anything with the word “cryptocurrency” people foolishly begin throwing other currency at the developers. Research, we don’t need no stinkin’ research!!

We are also asking, as we did when we first reported on this situation – The next question is the play against bitcoin and cryptocurrencies. Will TriEvil use this situation to launch more sophisticated sanctions, taxes and regulations against cryptocurrencies and bitcoin in particular?

It’s a fair question. TriEvil now has a legitimate reason to go after cryptocurrencies. Never mind that Russia is openly discussing the development of a crypto ruble for the specific purpose of displacing the Federal Reserve Note. As of today there is a new challenger on the scene. The last question is will El Petro and its sociopathic owner, Maduro, have the strength to stand for very long?

Chart Source – Sputnik News in the chart below it’s interesting that bubbles are used as the background to highlight the growth of various cryptocurrencies. Bubbles, bubbles everywhere which one will pop first? The only assets that are currently undervalued – silver followed by gold. What do we like best – silver and gold. When there’s blood in the streets, that’s the time to buy. From my perspective the streets are flooded.

Blockchain in 2017

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The Daily Coin

Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.