Nobel Peace Prize Laureate María corina Machado Is a Vocal Bitcoin Advocate as Venezuela Grapples With Economic Crisis
Oslo, norway – María corina Machado, a Venezuelan politician and staunch critic of President Nicolás Maduro, was awarded the 2023 Nobel Peace Prize on Friday for “her tireless work promoting democratic rights for the people of Venezuela, and for her struggle too achieve a just and peaceful transition from dictatorship to democracy.” Less widely reported is Machado’s vocal support for Bitcoin and other cryptocurrencies as a potential lifeline for a nation ravaged by hyperinflation and economic mismanagement.
Machado’s recognition comes as venezuela continues to struggle under one of the world’s highest inflation rates,despite a widespread – though informal – dollarization of the economy. The crisis stems from a toxic combination of government currency controls, corruption, and U.S. sanctions that led to the collapse of the Venezuelan bolivar nearly a decade ago. In this habitat, Machado has consistently championed Bitcoin as a means for Venezuelans to circumvent economic controls and preserve their wealth.
Maduro, who has been president as 2013 and rules with an iron fist, barred Machado from running in the 2024 presidential elections. International observers deemed the subsequent election undemocratic. This political repression, coupled with the economic turmoil, has driven many Venezuelans to seek alternatives to the customary financial system.
Venezuelans have long turned to cryptocurrencies as a way to mitigate the effects of runaway inflation. According to data from LocalBitcoins, Venezuela and Colombia accounted for 23% of peer-to-peer Bitcoin trading on the platform as of 2023. While official data is scarce, anecdotal evidence and blockchain analysis suggest continued high levels of cryptocurrency adoption within the country.
Machado’s advocacy for Bitcoin extends beyond simply recognizing its potential as a store of value. She views it as a tool for empowerment, offering Venezuelans a degree of financial independence from a government that has repeatedly devalued their savings and restricted their access to capital. The Nobel Peace Prize, therefore, shines a spotlight not onyl on the fight for democracy in Venezuela but also on the role of decentralized technologies in challenging authoritarian regimes and fostering economic resilience.
