Quote from: bitterguy28 on February 24, 2022, 05:10:34 AM

Quote from: Tony116 on February 24, 2022, 03:22:02 AM

Quote from: BenjaminGlover on February 12, 2022, 10:56:24 AM

Russia approved bitcoin as a form of money in order to hedge against the Russian ruble's depreciation and the Biden sanctions. What are your thoughts?

Putin is in favor of establishing bitcoin as a kind of money since he is threatening war and Biden's economic penalties will harm the ruble. He might still use bitcoin to transact in the global economy. I'd want to hear everyone's thoughts on this. Thanks for your response in advance

Since 2014, Russia has reduced its holdings of USD, instead hoarding gold and currencies such as Euro and Yuan. Putin had a plan to reduce dependence on the US dollar many years ago, disagreement between the US and Russia over Ukraine recently. I'm not surprised that Russia accepts bitcoin and crypto. Based on gold reserves, crude oil and crypto, all form a solid shield to help the Russian economy avoid a crisis before the economic sanctions of the US and its close allies.

Russia as we knew had been in against US so what can we expect from this country ? supporting Yuan shows how China and Russia getting their feet together .
so the chance of accepting bitcoin is there specially nowadays.

and soon we will be seeing the adoption of Bitcoin same as Ukraine their rival country .

Russians have already started buying and this is one of the reasons we are seeing massive movements in bitcoin prices. Also, the world has realized that in a war situation, only the cash in hand and crypto in decentralized wallets are the safest way to store the wealth. The banks and plastic cards are useless in this situation. People are unable to use debit or credit cards if the governments/banks ban their usage in crisis situations.