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Peru in a crypto rush

In fear of large sectors of the Peruvian economy being nationalized in the near future, citizens are mining Bitcoin big time

PedroCastilloWith the presidential elections in Peru approaching after a tumultuous period of uncertainty throughout the past year, citizens are preparing for possible nationalization efforts of the prospective winner by engaging in large-scale crypto mining, mostly Bitcoin. The candidate Pedro Castillo, who is leading polls with a relative majority and a decent lead of 44.8%, has uttered plans to nationalize the mining and oil industries, as well as telecommunications.

Such interventionist policies, many fear, might lead to a devaluation of the currency, causing the next major Bitcoin mining frenzy on the continent. Similar developments had been seen in Argentina and Venezuela, where cryptocurrencies were utilized to withstand harsh economic and political crisis. The decentralised monetary assets are a method of circumnavigating inflation and maintaining financial security.

The strongest competitor of socialist Castillo is conservative Keiko Fujimori, with 34.4% of people uttering support for her in the polls. The outcome of the election will likely impact the stocks of Bitcoin directly, and investors are advised to keep an eye on the process. The election will be held on June 6 2021.

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