There is an interesting phenomenon worth noting—Venezuela boasts over 3 trillion barrels of oil, claiming to have the world's largest proven oil reserves. However, its daily production is only about 1 million barrels, accounting for just 1% of the global total. In other words, they have treasures at home but can't extract or utilize them.
Why is this happening? The reasons are quite complex. First, the country's oil is mainly heavy crude, which has high refining costs and significant pollution emissions, making it uncompetitive in the international market. Second, there is a severe lack of investment in oil fields, with drilling frequency far below industry standards. Coupled with outdated extraction and transportation equipment, frequent power outages, and theft of equipment... these issues stack up, causing continuous decline in oil production capacity.
This leads to an even more interesting phenomenon. Because oil exports can't generate enough revenue and the U.S. is exerting economic pressure, this country is gradually turning to using USDT to settle oil transactions, and even attempting to establish a "shadow reserve" with Bitcoin, aiming to bypass traditional financial system restrictions. In essence, cryptocurrencies here are not about speculation but are a desperate, nation-level financial survival tool.
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CoffeeOnChain
· 01-09 04:20
Wow, this is the real battlefield for cryptocurrency, not just trading coins but the financial survival battle. Venezuela being forced to rely on USDT and Bitcoin—what does that say? The traditional financial system is fundamentally unreliable.
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UnluckyLemur
· 01-09 04:02
There's treasure that can't be dug out, how desperate must that be? No wonder they have to rely on USDT and Bitcoin to turn things around.
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AllInDaddy
· 01-08 23:02
Wow, this is the real battlefield for cryptocurrency. It's not just hype; it's a lifeline.
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FallingLeaf
· 01-06 04:58
Wow, this is the real battlefield for crypto. It's not about hype; it's about survival.
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HashRatePhilosopher
· 01-06 04:56
This is the real crypto story, not the typical hype in the coin circle. Venezuela was forced to turn to BTC and USDT, right?
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BearMarketMonk
· 01-06 04:47
This is the true purpose of crypto—it's not about speculating for quick profits, but about national-level survival mode.
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TestnetNomad
· 01-06 04:46
If you can't mine it, you just can't mine it. No matter how much oil there is, it's all in vain. This is the real "paper wealth."
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GateUser-a180694b
· 01-06 04:44
If the treasure can't be dug out, it's as if it doesn't exist. Venezuela is truly incredible.
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ForkItAllDay
· 01-06 04:39
This is the true purpose of cryptocurrency, not the typical "scalping" approach.
There is an interesting phenomenon worth noting—Venezuela boasts over 3 trillion barrels of oil, claiming to have the world's largest proven oil reserves. However, its daily production is only about 1 million barrels, accounting for just 1% of the global total. In other words, they have treasures at home but can't extract or utilize them.
Why is this happening? The reasons are quite complex. First, the country's oil is mainly heavy crude, which has high refining costs and significant pollution emissions, making it uncompetitive in the international market. Second, there is a severe lack of investment in oil fields, with drilling frequency far below industry standards. Coupled with outdated extraction and transportation equipment, frequent power outages, and theft of equipment... these issues stack up, causing continuous decline in oil production capacity.
This leads to an even more interesting phenomenon. Because oil exports can't generate enough revenue and the U.S. is exerting economic pressure, this country is gradually turning to using USDT to settle oil transactions, and even attempting to establish a "shadow reserve" with Bitcoin, aiming to bypass traditional financial system restrictions. In essence, cryptocurrencies here are not about speculation but are a desperate, nation-level financial survival tool.