Quote from: qwertyup23 on Today at 10:09:34 AM

Quote from: BenjaminGlover on March 04, 2022, 08:55:55 AM

Quote

Bill Miller, a billionaire investor, says that Russia would likely turn to Bitcoin to reclaim control of their resources. Western sanctions have now blocked Russia's foreign exchange reserves. Bitcoin is frequently regarded as a superior "digital gold" that can partially or completely replace national currencies.

What are your thoughts and opinions on this? I would love to hear it!

The impact of having heavy economical sanctions in a country can quite be costly- it will be relatively harder and difficult for the people in Russia to transact and purchase goods within their area. Inflation will rise and all of the costs of goods would definitely spike-up due to having scarce resources on their countries.

This is where BTC can step in. Its application can somehow support Russian citizens to purchase goods outside their country by transacting and using BTCs. I do think that BTC can have an impact to this war especially on its price.

Oil wealth countries due to the mismanagement or due to the reach for power end up losing their sovereignty. The first country to experience this in recent days Venezuela.

With Venezuela the scenario is different and improper governi.ng body caused a big economic crisis. Slowly it looks like recovering, but the real recovery needs time. Now Russia have been experiencing out of its invasion on Ukraine. Venezuelans are well aware of bitcoin and even the small stores accept bitcoin. Maybe Russians could follow venezuelans to overcome the upcoming crisis.