For most of the last decade, Venezuela has been discussed as a humanitarian collapse and a sanctions case. That framing misses the part that now matters for markets. Venezuela has become one of the clearest modern examples of what happens when a government loses legal legitimacy and how far courts are willing to go once that loss is established.
This matters because once legitimacy collapses, the protections that normally surround state assets weaken. That process has already played out with oil. Bitcoin is now being pulled into the same legal gravity.
How the Courts Changed the Rules
