$150 billion outflow from Russia..maybe this is why Russia dislikes bitcoin!

[cuddaloreappu]

The Russian Economy Ministry expects the money drain could reach $100 billion by the end of this year, while the World Bank forecasts the capital outflows may top $150 billion in 2014.

Since the Ukraine crisis large amount of money is leaving Russia..If at least 20% this is done through bitcoins, imagine the upswing, bitcoin would easily touch 5000$ per coin..

http://wbponline.com/Articles/View/29360/russia-s-economy-likely-shrinking-money-outflow-surges

http://www.emergingmarkets.org/Article/3341510/Russia-capital-flight-to-hit-100bn-as-Ukraine-crisis-escalates.html

[ShakyhandsBTCer]

Bitcoin would actually help countries avoid this type of problem.

Money leaving russia means that it's currency is weaker. If it did not have a currency (instead used bitcoin) then prices of goods it imports and exports would not go up and down based on the state of it's economy.

[Beliathon]

Money leaving russia means that it's currency is weaker. If it did not have a currency (instead used bitcoin) then prices of goods it imports and exports would not go up and down based on the state of it's economy.

This argument doesn't really hold water until the price of Bitcoin stabilizes though. No?

[Catmoonglow]

This is more likely to slow Russia down than it is to slow Bitcoin down.

[bellgarath1]

Well that is what happen with any gov't keeps taking from it's people to the point of total frustration.  They find a way to try to keep some of what they have.   In this case BTC is helping them do that.  And that is great for anyone that is mining.

Jerry

[ajareselde]

The Russian Economy Ministry expects the money drain could reach $100 billion by the end of this year, while the World Bank forecasts the capital outflows may top $150 billion in 2014.

Since the Ukraine crisis large amount of money is leaving Russia..If at least 20% this is done through bitcoins, imagine the upswing, bitcoin would easily touch 5000$ per coin..

http://wbponline.com/Articles/View/29360/russia-s-economy-likely-shrinking-money-outflow-surges

http://www.emergingmarkets.org/Article/3341510/Russia-capital-flight-to-hit-100bn-as-Ukraine-crisis-escalates.html

do u actualy believe your own words ?!
i would love to see that happen, but noone is willing to risk their savings to something that can be ireversibly stolen.
sadly, bitcoin is in a downtrend, not only by price, but in popularity also, mostly gox`s fault.

[ShakyhandsBTCer]

Money leaving russia means that it's currency is weaker. If it did not have a currency (instead used bitcoin) then prices of goods it imports and exports would not go up and down based on the state of it's economy.

This argument doesn't really hold water until the price of Bitcoin stabilizes though. No?

If your local currency is almost certainly going to fall by 20-30% due to upcoming war and economic instability, wouldn't you rather keep your money that only has a chance that the price will go down by 20%?   

Another issue is control. If you have your money in fiat then the government could potentially seize it. In times of war seizure of money is more common as the government needs to pay for it's war machine.

[cyberpinoy]

This outflow is not uncommon in worlds in active wars, it happens to every country atthe beginning and during war, they take their money out of local currency investments and put it in "Safe haven" currencies, what this does is secure its value, so if during or after the war the currency has been davalued they dont lose anything in the circumstance. Don't be alarmed or excited by this situation it is common sense international economics at play.

Oh and FYI you can bet that a very VERY small amount, if any of this is going into bitcoins, these are top dog, high dollar investors moving their investments in safe havens, and in the eyes of high dollar investors, bitcoin is not even on their list as a safe haven yet, I would say their money is going into gold, silver palladum or other precious metals or jewels, somehitng that has a more intrinsic value that can be used after these tensions with Ukraine subside.

[ChuckStrawberry]

Can't get a connection between this huge outflow and bitcoin liking/disliking