Trump’s Rhetoric on Petro Causes Spike in Interest, Doubled Investors

Mon, 04/09/2018 - 08:26
Darryn Pollock
Donald Trump slated and barred the Petro from the US quite publically, but the response from Venezuela has been one of thanks, for the publicity
Cover image via U.Today


With the Petro, Venezuela’s state-backed, oil-pegged, currency going on public sale a few weeks back, there was a response from the US,  a country historically hostile to the South American State.

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.

Still skeptical

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.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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