US President Donald Trump issued an executive order that bans any transaction within the US that involves the Petro. However, the backlash has been positive for the Petro as, allegedly, the media storm that arose from this move by Trump caused investors interest’s to pique.
The executive secretary of Venezuela’s Blockchain Observatory, Daniel Peña, said in an interview for the country’s Cuatro F newspaper that Trump’s Petro ban was free publicity and it allegedly helped double the number of interested investors.
Venezuela’s Petro is being keenly watched with many commentators thinking it is doomed to fail, or that any government-backed coin would fail. However, the Petro is still marching along its roadmap, and if Peña is to be believed, there is growing interest as it becomes more widely known.
Essentially, with many people globally, and in the US, being anti-trump, the logic has been that if Trump is against something, it might well be worth looking into. And this is what Peña found after Trump heaped free publicity on the digital currency.
“I answer you like Earle Herrera [a Venezuelan journalist],” Pena said. “When he said that I do not know anything about cryptocurrency, nor do I have clarity about the evolution of the digital currency; but if US President Donald Trump gives it time, imagine that. A person so busy giving it his time that means we’re on the right path.”
Petro’s time is fast approaching
Peña went on to explain that the Petro would start becoming viable and useful in the country, that is suffering much unrest, in the next few months.
“Petro’s impact will be felt within three to six months. We have already advanced fast. As the ‘gringos’ know that we are going to quickly reorganize our economy, they attack the Bolivarian Government; but they will not stop the economy’s growth, they know it,” he said.