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Bitcoin did not have an upbeat Friday with its price crumbling further from $57,000 to under $54,000. But it wasn’t entirely deprived of a few positive developments.

For one, Maria Corina Machado – the former Deputy of the National Assembly of Venezuela – proposed using BTC as a national reserve asset in an interview today.

Politicians from several other nations have explored a strategic Bitcoin reserve this year. The US government currently owns more than 200,000 Bitcoins making it globally a top holder of BTC.

If countries do indeed adopt Bitcoin as a strategic reserve, it may be a meaningful catalyst for the entire crypto industry, including the likes of Poodlana.

Maria Corino Machado dubbed Bitcoin a “humanitarian tool” in the said interview that Venezuelans are turning to, to shield their wealth amidst the ongoing financial instability in the country.

She sees the world’s largest cryptocurrency as incorruptible with the potential to help build a “new Venezuelan democracy”.

Note that Bitcoin price could skyrocket if countries switched to Bitcoin as a national reserve since that wouldn’t only deliver an unprecedented boost to demand but would also add to the legitimacy of BTC as a store of value and a global financial asset.

That strength will likely trickle down to other crypto projects like Poodlana which recently raised $8 million via its presale. You can learn more about its native POODL meme coin on this link.

US presidential candidate Donald Trump is eyeing Bitcoin as a national reserve to address the country’s massive debt as well.

Such a policy shift may be meaningful for Bitcoin as it could minimize volatility and make countries invest aggressively in BTC mining, node infrastructure, and related technologies.

All in all, a strategic Bitcoin reserve will likely increase the credibility of the crypto industry at large which may significantly benefit the likes of Poodlana that have already made waves in 2024.

POODL has recently been listed on three top exchanges: Raydium, BingX, and MEXC to continue to attract global demand that typically helps a crypto coin command a higher price tag. Click here to explore ways to invest in the Poodlana meme coin to profit from that expected rally.  

Finally, the US economy added 142,000 jobs in August, as per the Bureau of Labour Statistics. The number was up significantly from 89,000 in July but fell shy of the 160,000 that economists had forecast.

The employment data, therefore, strengthens the case for the Federal Reserve to announce its first rate cut at its upcoming meeting in September.

Lower interest rates will drive investors out of bonds and savings accounts – and a good chunk of that freed-up capital may find its way into POODL particularly because it’s a Solana-based meme coin.

Solana-based coins have done exceptionally well in 2024 and, therefore, continue to attract solid demand at writing. If you’re interested in building a position in Poodlana, you should visit its website now.

The post Venezuelan politician suggests Bitcoin as reserve asset: good news for Poodlana? appeared first on Invezz

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