White House national security adviser John Bolton said it’s in America’s best interest to declare Venezuelan President Nicolas Maduro illegitimate.

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“We want to be sure that everyone on the political level around the world and at the business level, anybody who has interest in the Western Hemisphere, this is a potential major step forward to a lot of progress in our part of the world,” Bolton told FOX Business’ Stuart Varney on Thursday.

Tens of thousands of protesters took to the streets of Venezuela on Wednesday demanding socialist President Nicolas Maduro, who was sworn in for a second term two weeks ago, step down.

President Trump, on Wednesday, formally recognized opposition leader Juan Guaidó as the legitimate leader of Venezuela. In response, Maduro cut diplomatic ties with the U.S. and ordered American diplomats to leave the country within 72 hours.

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Vice President Mike Pence said the U.S. will stand by Venezuela and praised Guaidó for declaring himself the country’s interim president.

“Today, freedom broke out in Venezuela with the recognition of a new interim president in Juan Guaidó,” Pence said Wednesday during an exclusive interview on FOX Business. “A courageous man who stepped forward, the president of the National Assembly, who took the oath of office.”

Bolton added that the United States is “looking at all options” but “making sure” to find ways to deliver revenue streams “to the legitimate constitutional authorities in Venezuela.”