On Tuesday, February 20, the Financial Times reported that the Venezuelan government began pre-selling the world's first Petro-based Petr Criminal Investigation (PTR) based on oil. 82.4 million Petro is already on sale, both for cash and cryptocurrency, although it remains unavailable for Venezuelan Bolivar.
According to Venezuelan Minister of Foreign Trade and International Investments, Jose Vielma Mora, this action of the Venezuelan government intends to attract foreign investors from countries such as Poland, Denmark, and Norway and thereby oppose the sanctions imposed by the US and the EU. Earlier, President Nicolas Maduro ordered 100 million Petro emissions worth one barrel of oil. The president hopes to collect over $ 6 billion from the sale of PTR. To buy and trade Petro, investors need to download the Petro digital wallet, developed by the Venezuelan government. After downloading the wallet, an address is generated, which can be given to anyone who wants to send a PTR to it.
The dismal decline in Bolivar's value forced the country's government to seek alternative ways to save the economy from collapse. In the last 12 months, inflation in Venezuela amounted to 4.115%, and Bolivar lost to 96% of its value, which led the economy of this country to collapse.
It looks like the cryptocurrency will now be another interesting asset to invest in a case of national emergency. This is, however, the first time any government has made this kind of actions, so it will be very interesting to keep an eye on how the situation will unfold in the future.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price is reversing slowly lower and so far it has hit the weekly pivot at the level of $10,180. The reversal was possible after the market has tested the golden trend line resistance at the level of $11,800, but the question remains whether the bull camp will be strong enough to break out higher again to make a new local high or to hit the next technical resistance at the level of $12,030. Time will tell, so far it is a correction time anyway.