AirTM in conjunction with some partnering organization including Cryptograffiti aims to raise $1 million in Bitcoin. The initiative is to give it away as an aid to Venezuela’s families.
Steve Hanke who is an American professor of Applied Economics and an expert on hyperinflation is leading the project ‘AirdropVenezuela’. Their goal is to add real-world usage to cryptocurrencies by bringing crypto in the form of aid to Venezuelans.
Airdrop Venezuela: The $1 million give away project
Through the campaign, AirTM has partnered with Cryptograffiti artists. They created a mural made of Venezuela’s inflation stricken currency with President Nicolas Maduro’s face painted across the wall.
The idea is to remove each of the VES notes from the mural with each Bitcoin donation. There is also a link for participants to watch the note removal in real-time pointing to the metaphor of the project’s mission to get Maduro out of power.
However, out of its overall plan to raise $1 million, the campaign has exceeded its first goal of raising $10,000.
$10K goal achieved and the bolivars have been removed 🙂 Thanks to the ~300 donors who helped fund today’s food and crypto distribution/education to ~300 people in need. What a day! https://t.co/q0Fw2qoiZv #airdropvenezuela #cryptoart #bitcoinart pic.twitter.com/tjNEU6WO1H
— cryptograffiti (@cryptograffiti) February 27, 2019
How they plan to use the funds
According to Airdrop’s website, half of the proceeds will go towards the building of proper facilities such as a daycare at the event’s venue in Fundación Renacer. The economic crisis in the country has affected most families that are set to benefit from the aid.
Airtm has pledged to distribute the remaining 50 percent of the proceeds at the end of the campaign in April this year. Furthermore, they will partner with Crypto Conserje to advance education and awareness of crypto among Venezuelans.
What about Maduro’s Petro Coin
Venezuela’s economy has plummeted with the country experiencing unprecedented levels of humanitarian crisis. Experts predict that by the end of the year, the countries inflation rate will hit a staggering 10,000,000 percent.
As a result, interest in Bitcoin by Venezuela’s citizens has skyrocketed as the country’s economic and political crisis continues.
With over 60 percent of the families in the country facing extreme poverty, the incumbent (Maduro) has reportedly said,
In 2019, we have a schedule for [oil] to be sold in petros and in this way continue to free us from a currency that the elite of Washington uses.
According to Maduro’s six-year financial plan, Petro will help avert the devastating impact of the U.S sanctions on the country’s economy. Venezuela produces the most substantial amounts of oil-barrels in the world. Its oil backed cryptocurrency has struggled to remain relevant considering the fluctuating price of oil in the past few months.