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
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
Nope. Russia will need to buy 80billion USD to cover for the trade balance sheet imports. It would be totally stupid buying 80 billion in BTC since there is not that much available on exchanges and will need to keep buying at prices of 500k and 1million USD if so much Rubble finds an entrance to exchanges or any OTC desks.
It could buy a few million here and there, and those selling will get visits from the feds.