Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions

[avtonomro]

Well, I'm not really sure we can considerate this news source really trusted.
I think they are going to speculate too much on this USA-RUSS thing...

[NeuroticFish]

According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019.

It would be interesting, however:
1. I don't think it's true. I don't think that such info would leak out, because it could cost them a couple of millions just because of Bitcoin artificially rising.

2. Let's say they'll buy those coins. And let's say they'll use them for trade, to avoid the ban. They will have to find sellers that accept Bitcoin, which may not be easy and also the sellers will sell that Bitcoin back for fiat. So overall the market may not gain anything. On the other hand, Bitcoin used in international trade.. that would be something I wish to hear about.

[deisik]

It would be interesting, however:
1. I don't think it's true. I don't think that such info would leak out, because it could cost them a couple of millions just because of Bitcoin artificially rising.

2. Let's say they'll buy those coins. And let's say they'll use them for trade, to avoid the ban. They will have to find sellers that accept Bitcoin, which may not be easy and also the sellers will sell that Bitcoin back for fiat. So overall the market may not gain anything. On the other hand, Bitcoin used in international trade.. that would be something I wish to hear about

Well, they may in fact think differently (highly unlikely but still)

For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise

[setialovers]

Its good for bitcoin and cryptocurrency price if Russia buying bitcoin and make it as reserve. It will historical because government start to accept bitcoin and make transaction from it. I hope this happen and become catalyst for crypto price

[0t3p0t]

So does this means we gotta have another whale? This really is an evasive stance  but a good step for the Russian government maybe this is some sort of backing up like that of gold for having a better economy that is so hard to be affected by financial crisis. This will also make noise to the Bitcoin community as one of the most powerful country is now investing on Bitcoin and we all know that prices will surely goes up if that happens.

[figmentofmyass]

For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise

if the fiat money system collapses---if the dollar collapses---where will governments turn to stabilize or reboot their currencies? given pre-fiat history, they'll probably use gold to back their money again, right? i figure that's why russia and china have been stockpiling gold. they're preparing for a post-dollar global economy. indeed, bitcoin could play an important role in that situation too.

[eaLiTy]

I am not sure whether the news is authentic, what ever the truth is bitcoin is the best way to trade and bypass sanctions imposed by some countries and when they start using this way things will change drastically financially and politically and no one country can restrict the other because they do not follow their protocol. In due time we will see the market open up for these sort of international trades.

[aoluain]

I think until we see or hear official reports that russia are buying
up bitcoin we can take it as a "fabricated" story.

But it does open up the discussion of bitcoin being used in this
way to avoid sanctions.

[deisik]

For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise

if the fiat money system collapses---if the dollar collapses---where will governments turn to stabilize or reboot their currencies? given pre-fiat history, they'll probably use gold to back their money again, right? i figure that's why russia and china have been stockpiling gold. they're preparing for a post-dollar global economy. indeed, bitcoin could play an important role in that situation too

That was an easy guess

On the other hand, it is not quite in line with current policy of the Russian Central bank aimed at terminating dollar in Russia (so-called de-dollarization). So why would they care about the dollar if gold was to stabilize their currency? In other words, why would the Russian ruble be destabilized in the first place if it no longer depended on the American dollar? Indeed, you may say that you can't really expect such sophisticated reasoning from Russian financial authorities, and you might be right after all

[kenzawak]

This has been shown to be fake news.

https://www.rbc.ru/economics/09/01/2019/5c36271a9a79472653e32608

I don't speak Russian but from what I got with Google Translator, Russians have changed $100 Billions into Yuans, Yens and Euros. There was no plan of changing them into BTC (or is this about another $100 Billions ?)

Plus :
https://cryptoslate.com/fake-news-russias-alleged-10-billion-bitcoin-investment/

[netto7]

surely it fake news

if they want to buy BTC why need to tell everyone to make BTC pump.

maybe right not they have all BTC they want already

[pugman]

So the rumours were more or less true...Russia is choosing bitcoin(allegedly) over Trump. Guess Trump isn't gonna win the 2020 elections now.


This could all be a manipulative maneuver plotted by someone to drive people crazy like always. Although I would really love to see Russia or any (big)country to buy bitcoins to bypass sanction, just for the sake of improvising the overall productivity in the Bitcoin market, and make some real actual use of bitcoin as a currency.

[exstasie]

So the rumours were more or less true...Russia is choosing bitcoin(allegedly) over Trump. Guess Trump isn't gonna win the 2020 elections now.

True? How do you figure?

It seems like no one ever verified who the original source, Vladislav Ginko, really is. There's no proof that he works for RANEPA and his claims are unverified. More and more, this looks like the ramblings of one crazy person on Twitter being mistaken for official claims. I'm amazed the Telegraph published a story on it with such flimsy evidence.

Not sure how Trump ties into anything, but I always figured him for a one-term president. He quickly alienated his base and he's very ineffective and inarticulate. He makes a strong case for a Democrat to take office in 2021.

[reynald70]

Yes, I read in an article about the Russian government that they would buy a lot of Bitcoin to save their Fiat reserves in Bitcoin, but until now I still doubt the news, because I believe it is only FOMO which aims to provoke panic buying.

[el kaka22]

It won't work. I mean bitcoin is great and all but Russia will not be capable of spending 10 billion dollars in bitcoin for anything of value, what are they going to do book hotels on Expedia and get the money back to their country ? The problem is not what money they use, it is the sanctions that do not allow them to do shady stuff and as long as they want to use money on shady stuff bitcoin is as close to as possible but at the time of cashing out it will still create a problem.

The day USA decides to freeze all assets of certain dangerous Russian people even tough whoever decided to freeze the assets will have their life on the line for such a thing it will also stop Russia to do shady stuff like they did with NRA. They literally got into an important NRA level position and gave money to shady politicians, this should always be held accountable and bitcoin won't help them on that.

[awik p]

Yes, I read in an article about the Russian government that they would buy a lot of Bitcoin to save their Fiat reserves in Bitcoin, but until now I still doubt the news, because I believe it is only FOMO which aims to provoke panic buying.

at least with this news will provoke investor confidence to buy bitcoin, and this activity I feel is positive, especially when the news can be realized, of course it will provide a good global effect for the development of bitcoin. we know that Russia is one of the big countries that first legalized BTC. so that it will have a great effect on the world

[virasog]

Well, I'm not really sure we can considerate this news source really trusted.
I think they are going to speculate too much on this USA-RUSS thing...

Forget about the truth of the news. Actually markets of crypto moves with the news. In the past I have seen many WRONG negative news which resulted in fud and dump of bitcoin prices. Before the time, the news is validated, the people already dump their coins which is not the right approach though.

Now with this positive news , it will be taken as a motivation by the investors and they will surely start buying more bitcoins before bitcoin price rises more. Overall I think we are moving towards positive direction and hope fully this year will be much better than the last year.

[netto7]

Well, I'm not really sure we can considerate this news source really trusted.
I think they are going to speculate too much on this USA-RUSS thing...

Forget about the truth of the news. Actually markets of crypto moves with the news. In the past I have seen many WRONG negative news which resulted in fud and dump of bitcoin prices. Before the time, the news is validated, the people already dump their coins which is not the right approach though.

Now with this positive news , it will be taken as a motivation by the investors and they will surely start buying more bitcoins before bitcoin price rises more. Overall I think we are moving towards positive direction and hope fully this year will be much better than the last year.

right now i not see news like this have effect to make BTC price pump too much.

only news like exchange hack can make BTC price dump more than everything

[nur rochid]

Well, I'm not really sure we can considerate this news source really trusted.
I think they are going to speculate too much on this USA-RUSS thing...

Forget about the truth of the news. Actually markets of crypto moves with the news. In the past I have seen many WRONG negative news which resulted in fud and dump of bitcoin prices. Before the time, the news is validated, the people already dump their coins which is not the right approach though.

Now with this positive news , it will be taken as a motivation by the investors and they will surely start buying more bitcoins before bitcoin price rises more. Overall I think we are moving towards positive direction and hope fully this year will be much better than the last year.

right now i not see news like this have effect to make BTC price pump too much.

only news like exchange hack can make BTC price dump more than everything

indeed there has just been news of hacking on the exchange, and of course this is very detrimental. but we aspire if Russia provides good news, hopefully it will be real and prices will rise

[deisik]

It won't work. I mean bitcoin is great and all but Russia will not be capable of spending 10 billion dollars in bitcoin for anything of value, what are they going to do book hotels on Expedia and get the money back to their country ? The problem is not what money they use, it is the sanctions that do not allow them to do shady stuff and as long as they want to use money on shady stuff bitcoin is as close to as possible but at the time of cashing out it will still create a problem

To make things clear, I totally agree with your view

With that said, though, it can be said that Russia is going to buy Bitcoin as they see and appreciate its true potential as a future unit of account in international trade as well as a universally accepted and highly valued store of value (on par with or even exceeding gold in this role). This sounds kinda implausible or impossible to you, right? So what are you doing here then? I guess you can't have it both ways, i.e. to value Bitcoin high personally and refuse this option to someone else or some other entity. Or, maybe, you don't actually believe in the stories you are telling (note that I don't mean you personally, of course, so no offense should be taken)

The day USA decides to freeze all assets of certain dangerous Russian people even tough whoever decided to freeze the assets will have their life on the line for such a thing it will also stop Russia to do shady stuff like they did with NRA. They literally got into an important NRA level position and gave money to shady politicians, this should always be held accountable and bitcoin won't help them on that.

This is not a politics board, but while we are at it, Russia isn't doing anything what all other nation states (including the US) haven't been doing for centuries