De-Dollarization: Russia’s Controversial $10 Billion Bitcoin Investment Rumor

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De-Dollarization: Russia's Controversial $10 Billion Bitcoin Investment Rumor

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Reports of a probable investment in Bitcoin by the Russia Federation in values of USD 10 billion, targeted at evading US sanctions, are making headlines.

Most of the reports cite Russian economist Vladislav Ginko, who claimed to work with his state government. He took to Twitter responding to crypto analyst Chris Burniske‘s assessment of blockchain’s value (monetary perspective) relative to global asset values.

Vladislav inferred in his Tweet that Russia’s role in Bitcoin adoption will be highlighted when the country would have invested “almost USD 470 billion [of its] reserves into Bitcoins”, further making a conjecture that he expects USD 10 billion to be the minimum investment by the end of the first quarter of this year.

Vladislav further said that the intended “de-dollarization is actually forced by US sanctions when Russia is going to be almost switched off from US payments for its oil & gas”, referring to the alleged proposed investment in Bitcoin.
Indeed, the US Congress had imposed sanctions on Russia after the assertion of US intelligence agencies claiming that Russia interfered with the 2016 Presidential election and the alleged poisoning of former Russian military officer Sergei Skripal.

Although President Vladimir Putin has recently recognized the place of cryptocurrency in finance, he has given no hint as to when such a venture would be possible within the Russian Federation.

So far, the Russian government has made no official statement regarding the news about the Bitcoin investment. At best it’s conjecture, and if it isn’t, turning to Bitcoin to boycott US sanctions may not turn out so well for the Russian government in terms of trade relations, taking an example of how Iran and Venezuela’s plans to bypass US sanctions using cryptocurrencies are being foiled.

However, the possibility of considering a decentralized currency such as Bitcoin may not be as easily dismissed as news of Russia dumping USD 101 billion for euro and yuan in its recent de-dollarization plan was a laudable attempt to seek an alternative to the Greenback.


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