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Author Topic: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions  (Read 588 times)
Harlot
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April 25, 2019, 04:30:20 PM
 #81

So did the russian government actually started this bull run? Because all things checks out the news said they started buying in February this year which BTC showed already signs that it was being overbought now if Russia have contributed around 10 Billion dollars that is more than enough to pump the prices from 3,000$ to the 5,000$ level area. Because besides this news I cannot see any other news that has the reason to directly jump the prices of Bitcoin.

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April 25, 2019, 05:00:41 PM
 #82

What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins.

The rumors came when we didn't have any real hope of any price rise for the short term, so people clung to anything and hoped for the best making headlines out of anything insignificant, Russia, Samsung, Amazon,BMW, etc etc and now that we have a rise thy think they nailed at least one of it

Then it should work in reverse as well

That is, when the price falls back to February levels (down to 3.5k or below), people will be desperately looking for another explanation and most certainly someone will come up with the speculation of Russia selling their stash of bitcoins for the need of cash (or whatever other reason would feel plausible at the moment). The bottom line is that if something goes right, thank Russians for that, otherwise blame them

If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.

Remember that if they bought, they'd buy over-the-counter direct from a miner, instead of using exchanges. So they'd likely not move the price much

Did anyone suggest they could just buy a few miners and mine a couple bitcoins themselves instead of buying them?

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April 25, 2019, 07:20:12 PM
 #83

Anything is possible, any country can buy Bitcoin is not a crime. But we will never know. So we just have to keep track of bitcoin prices.

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April 25, 2019, 07:45:58 PM
 #84

Well even if this happen, i think they will find a way to cashout if they need on Europe exchanges. How will this help them against US sanction? They will buy what they want with bitcoin only?

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April 26, 2019, 02:19:07 PM
 #85

Well even if this happen, i think they will find a way to cashout if they need on Europe exchanges. How will this help them against US sanction? They will buy what they want with bitcoin only?
Yes, thanks to Bitcoin, they will be able to sell oil, fossil resources to those countries with which Russia cannot trade directly due to sanctions. Also, Russia will be able to buy the necessary goods that have fallen under restrictions and not to attract attention, since Bitcoin wallets from which payments will be made are anonymous. But I think that some countries already use Bitcoin for the same purposes, but not in such large volumes as described in the article.

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April 26, 2019, 04:13:33 PM
 #86

~snip~

The same question is equally applicable to you

What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins. Regarding this particular surge, we don't know either how much money it required but I'm sure it is nowhere close to that figure (20 billion dollars). Let me guess, 20B is the growth in the market capitalization of Bitcoin, right?
I am not much of a perfect person in mathematics, but if we calculate it this way, I think it is possible that the figure quoted is what will be required to really shoot bitcoin up per $1000, prior to the surge that was experienced from the 1st of April, bitcoin total market cap was around 70 billion dollars @$4000 value.

If we are to divide 70 billion dollars by $4000, it means that we need about 17 billion dollars to increase the value of BTC by $1000. Bitcoin closed at $5300 on the 3rd of April giving us total marketcap of about $87 billion dollars, looking at the difference between the market cap on 1st and that of third, it grew by about 17 billion dollars, and don’t you think it is possible what the OP really said?  
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April 26, 2019, 08:25:41 PM
 #87

If we are to divide 70 billion dollars by $4000, it means that we need about 17 billion dollars to increase the value of BTC by $1000. Bitcoin closed at $5300 on the 3rd of April giving us total marketcap of about $87 billion dollars, looking at the difference between the market cap on 1st and that of third, it grew by about 17 billion dollars, and don’t you think it is possible what the OP really said?  

You evidently miss the whole point

Market cap is simply the result of multiplying the amount of bitcoins mined till now by the price of one bitcoin. It has no relevance to calculating how much money is required to move the price by a unit of price (say, one dollar) for the simple reason that only a tiny amount of coins is actually being traded. In other words, it would take a lot less to move the price 1000 dollars up than what you would expect based on the Bitcoin market cap

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April 26, 2019, 08:50:38 PM
 #88

Okay, guys, I've read the whole article and it was a fun reading. This part was particularly hilarious (as well as ridiculous and preposterous, for the record):

Quote
“We know that Vladimir Putin is a big advocate of blockchain technology,” said Greenspan

I don't know where this Greenspan got such info, but I know for certain that Putin is not using Internet and doesn't even have a smartphone. So there is no way he can be "a big advocate of blockchain technology" as he is simply not familiar with it. On a few occasions, when asked about Bitcoin, he just said that it is a risky asset which can potentially be used in certain areas. That's what his "advocacy" essentially comes down to

As they say, love it or leave it
He declares it on the basis of a meeting of Vladimir Putin and Vitalik Buterin.On the basis of this, of course it is ridiculous to draw conclusions about Vladimir Putin's love for cryptocurrencies,but the fact that he is most likely aware of what cryptocurrencies are I have no doubts.As for sanctions, it seems to me that instead of weakening Russia, these sanctions on the contrary only strengthen it.It is unlikely that Russia would buy so many bitcoins to bypass the sanctions.

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