Venezuela, First Country to Create Cryptocurrency Backed Up By Oil
I do have some great news that the very first country in the world that adapted cryptocurrency is Venezuela, I’m not saying that’s the right thing to do or no. so two great things that happened for the cryptocurrency world.
One is that one of the very first country in the world to accept cryptocurrency as their main currency which is number one. Number two thing that happened, a game changer is that now instead of cryptocurrency being intangible, fiat, not backed by anything; this is like a revolution, now cryptocurrency is being backed by oil, so two great news, two great movement for cryptocurrencies is that, today cryptocurrencies like the one in Venezuela is backed by oil. And two, that a country is using cryptocurrency in their favor. So what does this mean to the whole world economics, what does this mean to real estate investing? I think that this the start of the dethroning of the petro dollar. As you know, Russia, Iran, China, they’re all trying to get away from the petro dollar and the breaks are all creating their own system but now, I think that if Venezuela will have success in this, then Iran is going to create their own cryptocurrency, China is going to create their own cryptocurrency, Russia is going to create their own cryptocurrency, and what’s that going to do is eliminate US embargo. One of the reasons why Venezuela is in trouble they are, people think that it’s the government there but it’s all the embargos that we put unto them that deflates their money, it has no buying power. So I think that’s going to eliminate the US empire ruling all over the countries where for example; ounce of gold in Venezuela cost the same amount of ounce of gold in America, versus ounce of gold in Iran, ounce of gold in China versus ounce of gold in Turkey. So gold and ounce of gold everywhere in the world is roughly what it is right now is 13.50, 13.25; however, by the petro dollar being in play, it gets us Americans significant power because we’re able to print our money and all the other country cannot print their money, so if they want to buy fuel like oil, they have to convert their currency, let’s say it’s Chinese into US dollars to be able to buy from Saudi Arabia or the OPEC.
So exciting news because two things had happened, the first country to accept, to create their own cryptocurrency; and two, this is very important this is the first time to have cryptocurrency backed by some tangible item that has value if it’s gold, in this case it is oil. So I can foresee that some other country is going to say that, we’re going to create our own cryptocurrency and it’s going to be backed by our natural resources, if it’s diamond, if it’s gold, if it’s silver, so maybe in the very future, we’re going to have cryptocurrency, not just fiat and not just tangible not, non-tangible that are based on something so it’s a very exciting news. Now do I think that Venezuela’s cryptocurrency is legit? I don’t know, that’s pretty risky because they’re in a tough situation, they lost all their buying power and their money is worth nothing. Now, do I believe in the government over there? I probably don’t believe in the government, would I invest into that? I probably will not invest into that right now but I think it’s very interesting to realize that the world is changing, I mean country is deciding to change.
Another good news is that Thailand is going to partner up with another cryptocurrency called Omisego if I’m not pronouncing it wrong, the initial is OMG; and they’re thinking about implementing cryptocurrency in Thailand so this might be the second country guys, exciting news.
Last but not the least we’re actually in a crash right now, Bitcoin is crashing, just a couple of days ago it’s roughly 11,000, as I’m speaking right now, it’s right around 10,980 bucks, somewhere around there, it’s fluctuating; guess what I’m doing guys, I’m buying. It’s tough, it’s tough to buy when everyone is running out but I feel like it’s going to go up and I’m just getting in ground zero and I’m excited guys, I’m excited that the world is changing and I’m looking forward for this crash to come guys, I’m looking forward that real estate crash should come because once this crash comes, I know that gold price is going to go up, I’m not sure if cryptocurrency is going to go up or not but it doesn’t matter, what’s going to happen for me when the crash comes, I’m going to be buying bunch of real estate. And I’m not just going to a bank to get loan, I’m going to negotiate with the seller direct, I’m going to use creative financing that I teach at the dojo called subject to, wraps, owner financing, creative financing and I’m going to be buying properties with no money down, with a dollar, little amount of money, one thousand, two thousand, without getting a loan, without putting my credit in jeopardy. And I’m very excited in this crash and I feel like these countries coming up with their own cryptocurrencies just increases the crash to come, very fast. Just yesterday, stock market has crashed, let’s see what happens today guys.