What could be safer than a crypto-currency backed by a bunch of commodities that may still be in the ground and offered by an authoritarian government that is seeking to circumvent international sanctions?
Welcome to the pre-sale of Venezuela’s Petro crypto-currency which citizens cannot buy with their own Bolivars.
With quadruple digit inflation and a crumbling oil infrastructure, President Maduro is seeking hard currency from international allies like Russia and Turkey.
He has stated that one Petro CC will be backed by one barrel of oil, in which case trading should open at about the equivalent of US$60.
Traders love volatility, so hold on tight.