Quote from: Mbitr on April 30, 2019, 04:37:11 PM

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

Yeah, in order to avoid sanctions, Russia will use bitcoins...
Logic....zero.

Sanctions don't work the way people imagine.
In order to avoid sanctions, you need a 3rd party that doesn't give a damn about the consequences, you don't need to avoid the $, you just need to have a trading partner who doesn't care about what the US says.

Now, using logic, what is easier to find, a trading partner that would take BTC or one that will deal in $?
Just look at Iran who is every day talking about how bad America is, how the $ will fall and how it has plans to replace it but in reality, more than 80% of the deals it has for oil are in $.

Quote from: STT on April 30, 2019, 10:40:59 PM

Russia already had some gold and China mostly had no gold at all however its become both the worlds largest importer and producer of gold and also has a stake in gold mining operations outside its borders via its command economy

China has 80$ billions in gold, at the same time it imports every year goods for 1.8 trillion, that is around 150 billion a month.
How do you see that working out?

Quote from: STT on April 30, 2019, 10:40:59 PM

Russia will repeat what they have done in the past which is store large amounts of foreign reserves in gold or similar commodity worth.

You mean going bankrupt 3 times in less than 30 years?

Quote from: Script on April 30, 2019, 08:44:41 PM

It is quite logical that the permanent confrontation between Russia and the United States, the permanent sanctions against Russia, force the latter to look for an alternative to the dollar as a means of payment. If the choice is made in favor of Bitcoin, then this will probably give a new impetus to the development of the crypt, not only in Russia, but also on a global scale.

If you're an export of raw materials that are right now experiencing a period of oversaturation such as oil and gas you're in no position to demand how payments are done. You simply comply with the buyer or the buyer will look elsewhere.
So, at this point Russia has only one option, take the so much needed $ and euros and shut up!

This is from TASS the news company owned and run by the Kremlin:
Russian millionaires keep about 70% of their savings in foreign banks, study says
Why do you think that happens?
Russians convert their savings to dollars and euros