Re: To what extent are Russians capable of storing their riches in Bitcoin?

However, is this even possible? What would a Russian do in this situation? Are they able to just transfer their Rubles to exchange, purchase Bitcoin, and then transfer it to a wallet?

Since Russia banks are out of SWIFT, Russians will not be able to transfer their rubles to most of the exchanges, hence I think that they don't have much of other choices than finding other individuals inside Russia willing to sell Bitcoin for RUR.

While they can't use most centralized exchange, their option isn't that limited. They still can rely on decentralized website and P2P/OTC medium such as Bisq and HodlHodl to find Bitcoin seller though.

Let me ask all of you the same question, how is this possible???

Because if poeple would sell their rubles for Bitcoin as the ruble becomes worthless, it means somebody is selling those bitcoins for rubles, right?
I don't see a Frenchman opening a bank account and having rubles sent to him in exchange for his BTC, right?

Now, if the Russians would first convert their rubles to USD or EURO, what would be the point for them to risk their money in bank transfers or on exchanges that might cut the service one second after they made the deposit and now keep those fiat notes traditional under bed or carpet style?
Not to mention how the hell are they going to get those foreign currencies.

To me, this seems like that famous Cyrpus bank run where Cypriots were buying bitcoins because the banks closed down. Wink

I'm almost certain this is a what-if pump that has almost nothing to do with the actual situation on the ground.