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Colombia’s New President: Country Can Use Natural Resources to Produce Bitcoin, Not Cocaine

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Colombia’s New President: Country Can Use Natural Resources to Produce Bitcoin, Not Cocaine

On Sunday, Colombia elected Gustavo Petro as the new president. He will be the first leftist president in the country’s history. Apart from attention to climate change, social inequality, and peace in the country, Petro also expressed approval for Bitcoin adoption.

Petro will replace conservatist president Iván Duque Márquez on August 7. Petro’s vice-president will be human and environmental rights activist Francia Márquez – the first black woman to take the position.

Shift to Renewable Energy

Petro advocates the transition from oil to renewable energy. According to the government statistics, oil and mining combined provide more than 50% of Colombia’s monthly exports and up to 8% of gross domestic product.

In his government program, Petro highlights an energy transition to face the climate change emergency, including the proposal to stop oil exploration.

“We will move Colombia from a primary energy matrix economically dependent on coal and oil to a diversified one, based on our renewable energy potential. These are the best energy sources to face climate change and strengthen the country’s capacities for a productive economy,” is claimed in the program.

Following his green agenda, Petro insists on stopping exploration for hydrocarbons and constructing new large-scale open-pit mines. He also plans to end investigative fracking pilots and offshore oil and gas projects, despite already signed contracts with the companies.

President-elect compared fossil fuel to cocaine: “Our three main exports are poisons,” told Petro during a rally in May. The Colombian Mining Association (ACM) condemned these words as “irresponsible and above all disrespectful.” However, the Colombians voted for a different political trajectory, as Petro got over 50% of the votes and won against pro-business right-wing candidate Rodolfo Hernandez.

Clean Energy to Mine Bitcoin

Adopting crypto could help countries in the Latin region deal with high national currencies’ high inflation. In support of crypto, Petro stated that Bitcoin removes issuing power from the states and the banks.

“It is a community currency that is based on the trust of those who carry out transactions with it. Since it is based on a blockchain, trust is measured and grows, hence its strength,” tweeted he.

Petro applauded El Salvador’s President Nayib Bukele’s idea of building volcano-powered crypto mining facilities. He tweeted that Colombia could also take advantage of Bukele’s idea – use the clean hydropower on Colombia’s Pacific coast to mine cryptocurrencies and potentially replace with it the cocaine industry.

According to a UN report, the Pacific coast is one of the hottest regions for the drug trade, where the growing of coca significantly increased in 2020.

Seven months ago, Petro also claimed that Colombia could use wind turbines and water powerplants to mine cryptocurrencies in the Guajira region on the Caribean coast. The area is known for local Wayú indigenous communities fighting harshly with their region’s highly polluting mining industry.

“We can make the Wayú communities, the coal workers of the Cesar region, the black communities of the Colombian Pacific coast, owners of these new forms of energy linked to cryptocurrency computing, and thus we will have a different world,” said Petro in the interview.

Guajira is home to 98% of the country’s wind farms. According to Colombian media, 65 new farms are planned to start operations by 2031. With more than 2,000 wind turbines, it will produce 6,000 MW for the national grid.

Petro and his green energy plans seem to have won the voters in La Guajira: “More than 160 thousand votes in La Guajira. We won. We will finally will liberate the Rancheria River, the sun and the wind will be our new wealth, a quiet but firm energetic transformation is coming. No more children will die of hunger. Thank you my Guajira,” tweeted social leader of Wayú community and elected member of senate.

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Cryptocurrency

Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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