Source: http://www.zerohedge.com/news/2017-11-03/pdvsa-bonds-crash-venezuela-default-looms
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What does Venezuela have to do with Bitcoin $7500 ?
Certainly the upcoming Bitcoin fork on Nov 15th is driving price action. However, we need to also look at a major country which came out yesterday and said “WE WILL RESTRUCTURE OUR DEBT”. Yes, Venezuela came out and said default on their current debt obligations is imminent.
We all know that trying to understand “derivatives” (the many $ Trillion global game) is a difficult at best. You never know which bank default could possibly create a “domino effect” of crashing derivatives — leaving a 2008 scenario which could happen to all those banks, countries etc. who have large positions in Venezuelan debt.
This means that perhaps the dollar could be affected long term?
This means that Venezuelan currency would certainly tumble and would many move to Bitcoin?
Let’s watch what happens....your thoughts?