Putin Moving to Commodity, Bitcoin Backed Currency

Putin Moves to Commodity Currency

Russian President Vladimir Putin gave a speech recently with massive implications for Bitcoin adoption. In the speech he stated that the “very principles of the global economic system have taken a blow.”

Putin criticized western money printing and postured that Russia is moving to alternative stores of value with commodities and potentially Bitcoin (BTC). “Fundamental business notions as business reputation, the inviolability of property and trust in global currencies have been seriously damaged,” he said.

Putin criticized sanctions that the US and Europe had imposed on Russia, adding that “sanctions as a weapon have proved in recent years to be a double-edged sword damaging their advocates and architects just as much, if not more.”

Putin pointed out that due to the poor management of currency by the US Fed and the European Union, both the economies have taken a hit with food, electricity, and fuel prices rising and “quality of life in Europe falling and companies losing their market edge.”

Where Does Bitcoin Come In?

The Russian Minister of Industry and Trade, Denis Manturov, spoke about Bitcoin during the educational marathon “New Horizons” organized by the “Znanie” society. He noted that what really matters is “how it will be regulated” and that Russia legalizing Bitcoin is a matter of time.

It seems that Putin expects the world to move away from sovereign debt as a primary store of value and maybe adopt Bitcoin?

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