Venezuela and Bitcoin

The Motley Fools say Bitcoin is about to face an important test. The energy to power Bitcoin mining and thus driving the whole blockchain transaction process may become too expense to support the model. And of course this made me think of Venezuela.

In specific it reminded me of my Modest Proposal to have Venezuela adopt Bitcoin as their national currency. Even though Bitcoin prices are way down from their peak - they are still double of where they were when I first made this proposal.

The amount to be disbursed among all the people would be less (because of the price increase) but the basics of the Modest Proposal are still the same, But I'd add one more wrinkle. I'd purchase a number of small nuclear reactors to both shore up the robustness of the power grid in Venezuela and to also put any excess power towards Bit-mining. 

It's a win-win all around. The people of Venezuela get a needed infusion of capital into the system, currency and pricing gets stabilized, going with Bitcoin basically as the national currency means the information infrastructure also gets upgraded, and the power grid is made more robust. Win-win-win-win.

So let it be written - so let it be done.