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The global boom in cryptocurrencies is cornering the dollar, generating a gigantic digital bubble that threatens to drown the very Federal Reserve of the United States and the central banks of the European powers.
More than 100 years ago, the engineer Henry Ford had spoken of the need to create a universal money that would be moved by the use of electrical energy, which he called "energy currency" to end the wars between countries for gold and other precious metals.
He made that proposal in the face of the dreadfulness of the First World War.
Right now the hundreds of thousands of cryptocurrency mining farms around the world are consuming a huge amount of kilowatt hours of electricity making it more expensive and generating more pollution for the planet.
The use of the dollar, Euro, Yuan, gold and other monetary cones is losing relevance and the financial economic world is beginning to see cryptocurrencies: Bitcoin, Ethereum, Dogecoin, Cardano, Litecoin, Binance and others as the means of exchange for daily digital monetary transactions.
Neither former President Donald Trump nor President Joe Biden have been forthcoming in addressing the decline of the dollar as the universal currency. Since Trump, the erratic performance of the United States in the world has been felt.
Trump declared a world war on the economy with the imposition of tariffs on imported goods, the abandonment of traditional allies and international conventions, now President Joe Biden just plows the US economy by printing trillions of dollars, buying back debts of large companies and generating a worrying inflationary spiral.
The dollar is devalued and everyone runs to take refuge in cryptocurrencies, after the appearance of the coronavirus pandemic the world productive economy had a "standstill", the shelves begin to look empty and the prices of oil, gas and electricity have skyrocketed.
Venezuela, with its economy destroyed and its oil company PDVSA in precarious conditions, has to assimilate the monetary, economic, geopolitical and sanitary changes in the world.
It would be a fiction for Venezuelans to think that taking refuge in cryptocurrencies as we have done taking refuge in the dollar in the belief that dollarization was going to get us out of the crisis, we will now be able to get out of the bottom of the ravine with digital money.
We saw it with the Petro, an experience that has convinced us that a good idea and a good intention are not enough to activate the country's economy, and we are seeing it now with the so-called Digital Bolivar.
As long as we do not assume work, entrepreneurship, production and a healthy administration as daily tasks for everyone, our economy and our monetary cone will simply be worth very little.
Salvadoran President Nayib Bukele has created false expectations in his country with the use of Bitcoin and other cryptocurrencies, the Salvadoran economy is sustained by the millions of Salvadoran immigrant workers from other countries who send millions in remittances to their families to save them from poverty.
In Venezuela, we have very good opportunities to get out of the crisis. Right now, oil futures sellers are calculating a barrel of oil at 110 dollars for the month of February 2022.
But in order to get out of the crisis we need a correct economic policy, unfortunately the Venezuelan political class is very busy with the regional elections of November 21, the fate of Alex Saab and the visit of the president of the International Criminal Court.
There are no left-wing economic policies and there are no right-wing economic policies, there are right economic policies and there are wrong economic policies.
It is as simple as that.
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