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A tweet from the Bitcoin for Venezuela Initiative (BFVI) on Sunday revealed the immense impact that the world’s largest cryptocurrency, Bitcoin(BTC)trade, is having in Venezuela. According to Bitcoin Venezuela, Bitcoin donations have helped to save the lives of thousands of people in Venezuela.
Due to the policies of the present Maduro government and sanctions from the United States, the BFV Initiative was created to help sustain the people of Venezuela who are now – more or less – handicapped financially. Crypto donations from people around the world are used to buy basic items, necessary for day to day survival.
Revealing the list of expenses made recently, Bitcoin Venezuela stated in its tweet that about $229.47 USD, which is equivalent to 0.022547 BTC, was spent on non-cooked pasta to help feed up to one thousand two hundred (1,200!) people in Venezuela in the past week alone.
Apparently, the BFV Initiative runs a soup kitchen where financially handicapped people come for daily meals. With only $229.47 USD, they were able to buy pasta that fed 1,200 people in a week.
Besides pasta, the crypto-philanthropist organization also recorded spending another $229.47 USD (0.022547 BTC) on kitchen groceries such as fruits, pasta, vegetables, ribs, and eggs. This time, the groceries were directed to the elderly women center.
Bitcoin Venezuela also added that the last 229.47 USD expense covered for laundry items sent to the special care center. These items include bleach and laundry powder.
With less than $500 USD, this Bitcoin initiative has successfully touched the lives of thousands across the country. This is such an impressive lead they are taking in the country. This also goes to show how much help cryptocurrency can be to countries like Venezuela which are more or less cut off the global financial world.
Crypto to the Rescue
I guess it is time we stop focusing on the negative impact of this new class of digital assets and embrace the good it brings to the table.
In addition to the BFV Initiative, it is important to add that Bitcoin and other cryptocurrencies have been used in a similar manner in different countries. Some of the notable instances include
- UNICEF using crypto to support children affected by the Syrian conflict in 2018.
- Notre Dame des Crypto using crypto to reconstruct the cathedral in France after April 15th incidence.
- Donation of about 5,104 BTC to 60 charities across the globe by the Pineapple Fund.