Venezuela’s oil boom is fueling the interest of investors like Fred Ehrsam, co-founder of the cryptocurrency trading platform Coinbase.

The executive recently stated that this opening represents an “exceptional opportunity” and, according to Bloomberg, he seeks to become a major oil producer in Venezuela, “given that his energy company, Primavera, is preparing to begin operations in several Venezuelan oil fields.”

In recent weeks, Ehrsam’s company signed multiple contracts with the state-owned Petróleos de Venezuela S.A. (PDVSA). It also hired oil industry professionals who had worked at companies such as Chevron Corp. and Occidental Petroleum Corp. to help develop the necessary infrastructure for conventional and heavy oil production.

Every crisis opens doors to new opportunities that will improve people’s lives by boosting the economy. The goal is to produce 100,000 barrels of oil per day (bpd) in Venezuela, according to Ehrsam partner Manuel Iribarren.

The investment also includes the rehabilitation of several oil fields and the provision of operational excellence and technology.

M.Pino

With information from bancaynegocios and international media

(Reference image source: Gerhard Crous on Unsplash)

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La entrada Coinbase co-founder willing to invest in Venezuela’s oil sector apareció primero en Bitfinance.

The week begins with good news for the cryptocurrency sector, considering the recovery of Bitcoin’s price, which opened the week at $80,000.

Several factors are driving this increase in the cryptocurrency’s value. Analysts point to the rise in the price of a barrel of oil due to the conflict with Iran, in addition to some domestic announcements in the United States, such as the Bitcoin reserve and the Clarity Act.

However, other experts on the subject warn that the value of the leading cryptocurrency does not depend on external narratives.

In any case, the week starts favorably for BTC holders, who remain hopeful that the price will return to $100,000.

M.Pino

With information from cryptocurrency-focused media outlets

(Reference image source: Shutter Speed on Unsplash)

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La entrada Bitcoin trades above $80,000 apareció primero en Bitfinance.

According to forecasts from the United Nations Development Programme (UNDP) office in Venezuela, the South American country’s economy could grow by 5.8 %. Of that total, the oil sector is expected to grow by 13 % and non-oil activity by 3.4 %.

UNDP experts estimate that “the nation’s economy is showing signs of growth, mainly thanks to the momentum of the oil sector and the good performance of several other sectors.”

However, they warn that policies are needed to help stabilize prices and concretely improve the quality of life, beyond the positive signs following the change in US oil policy.

One of the most significant obstacles that, according to the organization, must be taken into account is inflation, which is expected to reach 275 % by 2025, coupled with “the loss of currency value and the decline in household purchasing power.”

M.Pino

Source: bancaynegocios

(Reference image source: Nils Huenerfuerst on Unsplash)

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La entrada UNDP forecasts 5.8 % economic growth for the Venezuelan economy apareció primero en Bitfinance.