Bitcoin(BTC) Gains More Favor as UK Central Bank Holds Venezuela’s Gold Hostage

##Bitcoin(BTC) Gains More Favor as UK Central Bank Holds Venezuela’s Gold Hostage

Venezuela reportedly has been denied access to its own gold reserves by the Bank of England, worth about $550 million. The UK Central Bank made the move for fears that Nicolas Maduro may liquidate the gold for his private gain. However, compared to the physical gold, people’s cryptocurrency holding will not be affected by the government’s manipulation as they are tied to smart contracts. Besides, the government has issued its controversial oil-backed cryptocurrency Petro to hedge against the U.S. sanctions. The country reportedly is facing a monthly hyperinflation of more than 90%, which leads to heated bitcoin trading activities.

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