Will Russia buy Bitcoin for $ 10 billion?
PositionThe position of the US dollar as a world reserve currency is increasingly in danger. Last year, China and Russia, together with the Petro-Yuan, sought to implement an alternative to the petro-dollar. At the same time, Russia dumped considerable amounts of US government bonds. And now even Bitcoin comes into play.
US sanctions against Russia resulted in Russia's last review of its financial strategy. Large volumes of US government bonds were bought in 2007, but since 2018 they have repelled significant amounts while investing heavily in gold - Russian gold reserves have risen 4-fold since 2006, while US government bonds have returned to 2006 levels lie.
In addition to yuan and gold, Bitcoin has become another way for Moscow to at least partially offset US sanctions. According to the Telegraph, the Kremlin plans to invest $ 10 billion in Cryptocoins.
In this connection, a personal meeting between Putin and Vitalik Buterin should have come about, so that an investment in Ethereum also seems possible.
We should take this 'insider' story with a grain of salt. Why would Russia signal its intentions before already having a sizable exposure in cryptocurrencies? It just does not add up.
Assuming the 'leak' serves a purpose and is thus purposeful brought to the general public, perhaps the intention is to shake belief in the faith of Western fiat currencies (further), thus increasing the foothold of Russia as major holder of Gold on the international chessboard.
You might be true, it's a discussable subject.
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