Bitcoin Forum

It is being widely reported that some of Russia’s most famous billionaires are investing heavily in Bitcoin, despite a clear ban from the Kremlin.

Roman Abramovich, the owner of Chelsea Football Club, Aleksandr Abramov, the industrial magnate and Aleksandr Frolov the businessman have all been reported to have invested in the cryptocurrency through Blackmoon Crpyto, a subsidiary of Blackmoon Financial.



Full Article: https://coinblip.com/blog/billionaires-russian-buy-cryptocurrency-bankers-speak/

they are billionaires and they are always above the law, unfortunately

"  The news will come as no surprise to those who are aware that a certain level of wealth bypasses all laws. Nevertheless, such movements may prompt the government to bring forward their scheduled announcement on crypto-regulation from mid-2018. "

" The news comes after a government representative, Nikolay Nikiforov, stated earlier this week that Bitcoin would “never” be legalised, sparking protests across Russia. "

well, that just shows how the laws are, poor must respect the law and the rich just do what he want

Is this really the case? Recently, every day we are hearing a different Russian minister saying that they will ban cryptocurrencies, but as far as I know the Russian government has not taken any concrete measures against cryptocurrencies so far.

I don't think clear ban is a fair statement either.
There are definitely some mixed messages.
I think it's more a ploy for control than a problem with crypto or bitcoin.

I'm wondering why they invest in bitcoin, due to its advantages or just don't want to miss the opportunity to be involved in crypto-world.
They are billionaires, who could invest thousands or hundreds of dollars in bitcoin despite this article not mentioned it.
Bitcoin price seems to gain more value, slowly increases over time, it's a good thing instead of the bulls run that will end with big correction.

It's likely a combination of everything. It's a fantastic store of value, it's a fantastic investment opportunity, and it allows them to move value from one place to another without needing an approval of whatever central authority.

Especially the latter seems to be a very popular aspect of Bitcoin for the wealthy elite. Those who hold the most wealth have the most to lose, it's that simple, especially when it comes to entities having a decent exposure in Russia.

It must feel amazing knowing that you can store a certain number of money into something governments and banks can't have access to, and more importantly, can't freeze and seize for whatever stupid reason.

Current scenario of Russia, clearly depicts that while Bitcoin is in arguing state whether it will be legalized or not; Rich businessman continue to enjoy the upper hand of power and are heavily investing in future currency that is Bitcoin. These whole conditions say one thing if Bitcoin is banned in Russia it will be banned for common citizens and not for rich class as they will continue to exploit rules with their power.
The unclear stand of Russian government is creating unnecessary hype, everyday a new statement approaches from Russian media. It is high time either they leave the ground or enjoy the party.

Yeah, just look at the billionaire princes in Saudi Arabia. 😂

In many cases it is true though, look at the Clintons over in the US.

The events in Saudi Arabia should make anyone with any amount of assets consider bitcoin. You can be anywhere and have access without having to worry about accounts being seized or gold being confiscated by the greedy governments.  (Cyprus too.)

This is not a surprise as the opportunity in cryptocurrencies (bitcoin or other alt coins) is enormous. And the technology is still developing and has not peak yet. I think they're making the right move.

There is tons of ICO with Russian people. They clearly are investing heavy, but I do not think their choice is Bitcoin. Maybe for normal Russian. But BIllionare will want to take some risk and they could get a big prize,

Yes, they are Russian citizens, but even if Russia forbid Bitcoin that will not have any effect on their investments, because of they mostly live in other countries, or can allow themselves to move to another country where laws about Bitcoin and digital currencies are not exist at all or have a smooth control form.

This seems to more of a rumor than an actual news, but it's quite possible that rich people around the world are buying Bitcoin - this would perfectly explain why Bitcoin is growing so fast. And I think the main reason why they are doing is not because they want to increase their wealth, but because they are looking for secure, trustless and hidden store of value - recently we had major scandals like Paradise and Panama Papers, which probably made them to look for alternative stores of value.

Wondering aren't they doing illegal things when Russian govt is not in the cypto favor and still if billionaires are investing. This will send a wrong signal among its citizens because if billionaire does not follow the govt rules than even their normal citizens would start replicating the same thing.

In fact, the Kremlin does not prohibit investing in bitcoin. Moreover, the Kremlin can not forbid the oligarchs to dispose of their money. The authorities of Russia do not recognize bitcoin officially, but they are ready to engage in mining. Recently they wrote that the state bank bought all the video cards for mining in the country, provoking their deficit.