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

[cahbagus555]

If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future

[1713985642]

1713985642

[jseverson]

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

It can't, because it's based on very shaky speculation. I'm pretty sure no one wholeheartedly believes this, considering Bitcoin's recent woes and how large the amount is. They probably can't risk all of that, especially because they aren't even doing well financially in the first place. If it does happen though, I'd expect a furious bull run. I mean, Bitcoin as a reserve currency? Sign me up lol.

[deisik]

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

It can't, because it's based on very shaky speculation. I'm pretty sure no one wholeheartedly believes this, considering Bitcoin's recent woes and how large the amount is. They probably can't risk all of that, especially because they aren't even doing well financially in the first place. If it does happen though, I'd expect a furious bull run. I mean, Bitcoin as a reserve currency? Sign me up lol.

As I get it, no one is actually believing in Bitcoin here

And all that noise that people were making nonstop 24/7 about Bitcoin being "digital gold", "the best store of value ever", "world money", it was all thorough bullshit and elaborate lie, right? So is there a soothing light at the end of the tunnel or is it just the freight train coming our way? On the other hand, Russia not doing well financially (with that freight train coming their way) may be desperately looking for a way out ("wunderwaffe"), and in that case we can expect many strange decisions not quite in line with sound reasoning and logic, bordering on insane

[netto7]

If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future

if news is true russia buy $10billion in market BTC price should pump to more than 4-4.5k  but price not going up alway dump and sideway

[superstarbtc]

Don't know whether this news is real or not but it is positive news for the cryptocurrency  industry we can expect positive pump

[markj113]

"Russia GUNNING for bitcoin: Putin aiming to BRING DOWN BTC with CRYPTORUBLE"

https://www.express.co.uk/finance/city/1075398/Bitcoin-news-price-latest-Russia-Vladimir-Putin-cryptocurrency-BTC-crv

[BitHodler]

It can't, because it's based on very shaky speculation. I'm pretty sure no one wholeheartedly believes this, considering Bitcoin's recent woes and how large the amount is. They probably can't risk all of that, especially because they aren't even doing well financially in the first place. If it does happen though, I'd expect a furious bull run. I mean, Bitcoin as a reserve currency? Sign me up lol.

Large entities usually tend to stock up on whatever they plan to buy in, then have news outlets start with what seems to be an empty rumor, where after that the entities themselves confirm the rumors.

It's basically like how people here have been waiting for years to see institutions enter, while they very well may have entered already. By the time they say that they are going to buy Bitcoin, know that they are done buying....

We'll see where this goes, but as it is right now, the mass doesn't take anything of this serious, so there might be a sweet counter move looming where Russia pops up out of nothing.

[creeps]

If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future

This mean there’s another whales who can control the market and its the Government. Well, its good since the price will go up high again but hopefully this market should not be the place for a one government to evade something, this market is offering good service and if Russia push that one maybe the US will make move to regulate more the cryptocurrency.

[jseverson]

As I get it, no one is actually believing in Bitcoin here

And all that noise that people were making nonstop 24/7 about Bitcoin being "digital gold", "the best store of value ever", "world money", it was all thorough bullshit and elaborate lie, right? So is there a soothing light at the end of the tunnel or is it just the freight train coming our way? On the other hand, Russia not doing well financially (with that freight train coming their way) may be desperately looking for a way out ("wunderwaffe"), and in that case we can expect many strange decisions not quite in line with sound reasoning and logic, bordering on insane

I don't think it's a lack of belief, it's more of believing that Russia will not be able to afford to risk that amount for long-term gains. A lot of believers here are in for the long haul so they couldn't care less about how well Bitcoin is doing in the short term -- something that Russia should probably be very concerned about.

Large entities usually tend to stock up on whatever they plan to buy in, then have news outlets start with what seems to be an empty rumor, where after that the entities themselves confirm the rumors.

It wasn't even a news outlet. The reports apparently came from one Russian economist, and everyone just picked up on it. He does have ties to the Russian Government though, which is why he was taken seriously.

But yeah, same dude also speculated that Bitcoin will reach $2m by the end of 2019. He could very well be a sitting on a good amount and wants to make some cash. We won't know for sure though, I guess.

[nur rochid]

If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future

This mean there’s another whales who can control the market and its the Government. Well, its good since the price will go up high again but hopefully this market should not be the place for a one government to evade something, this market is offering good service and if Russia push that one maybe the US will make move to regulate more the cryptocurrency.

of course if it becomes real, it will be an encouragement for countries that first legalize bitcoin. with the many races in positive news it will drive the progress of bitcoin and of course it will increase the price

[exstasie]

It wasn't even a news outlet. The reports apparently came from one Russian economist, and everyone just picked up on it. He does have ties to the Russian Government though, which is why he was taken seriously.

That's not even a sure thing. I think we all got bamboozled. Nobody has been able to verify whether Ginko really works for RANEPA. All of this speculation was built on a few Twitter posts and zero fact-checking.

[deisik]

As I get it, no one is actually believing in Bitcoin here

And all that noise that people were making nonstop 24/7 about Bitcoin being "digital gold", "the best store of value ever", "world money", it was all thorough bullshit and elaborate lie, right? So is there a soothing light at the end of the tunnel or is it just the freight train coming our way? On the other hand, Russia not doing well financially (with that freight train coming their way) may be desperately looking for a way out ("wunderwaffe"), and in that case we can expect many strange decisions not quite in line with sound reasoning and logic, bordering on insane

I don't think it's a lack of belief, it's more of believing that Russia will not be able to afford to risk that amount for long-term gains. A lot of believers here are in for the long haul so they couldn't care less about how well Bitcoin is doing in the short term -- something that Russia should probably be very concerned about

But the same question may be asked why they are buying gold then

Russia has been actively buying gold for over a decade by now, since 2006 to be exact:



And given that the gold market is not every elastic overall, i.e. you can't sell industrial-scale amounts of gold without crashing the prices (as something like that had probably happened in 2008), so it is not something that Russia should care about in the short term. Personally, I'm inclined to think that it is just a waste of money anyway as gold won't help the Russian government even in the long-term either. But from this perspective, Bitcoin is not much different from gold (likely just as useless)

[jseverson]

-snip-

That's a fair point. I never looked at it that way. I still think gold is the (much) superior option short-term though, as you don't risk it losing ~80% of its value in the span of less than a year. Either way, there's really no way for us to know what these people are doing behind the scenes lol.

That's not even a sure thing. I think we all got bamboozled. Nobody has been able to verify whether Ginko really works for RANEPA. All of this speculation was built on a few Twitter posts and zero fact-checking.

Yeah lol it's not as much a "report" as an out of nowhere claim. It did get him a small spotlight though, so good for him.

[deisik]

-snip-

That's a fair point. I never looked at it that way. I still think gold is the (much) superior option short-term though, as you don't risk it losing ~80% of its value in the span of less than a year. Either way, there's really no way for us to know what these people are doing behind the scenes lol

Gold is good for private investors (and not so much for nation states)

And only as a store of value, i.e. if you are looking to earn money with it, it is definitely not the best (or even second best) choice and option. People buy gold to store their wealth in it, but you should have already acquired that wealth in the first place and not be looking to multiply it. And physical gold is definitely a long-term investment, with investment horizons possibly exceeding decades. If you want to use gold as a short-term investment (for whatever reason), you'd better look into gold derivatives as you will save yourself a lot of overhead expenses that possessing physical gold invariably involves (buying it, storing it, and then selling it)

[guoyu78]

I guess the idea was believable so that is why it got picked up but I doubt Russia is that much technological place to think about it. Using bitcoin to evade sanctions is a short term solution and wouldn't really solve a long term ally problem to begin with, USA and Russia needs to get along well, more for Russia then USA because Russia keeps having economical problems whenever Oil prices go down and it all depends on USA oil companies to jointly drop the price to kill off all Russian economy.

However, whenever these countries go head to head the world takes a step back in history which means sanctions are a problem that needs to be solved and not evaded. People probably took a look at the news and the tweet and said this could be a way but it is far from a solution.

[Ucy]

This would be interesting considering that Bitcoin has become fairly stable for quite some time now. Will it affect the price positively or negatively.

Well, I guess more governments coming into the scene could further strengthen the stability.

[jseverson]

Gold is good for private investors (and not so much for nation states)

And only as a store of value, i.e. if you are looking to earn money with it, it is definitely not the best (or even second best) choice and option. People buy gold to store their wealth in it, but you should have already acquired that wealth in the first place and not be looking to multiply it. And physical gold is definitely a long-term investment, with investment horizons possibly exceeding decades. If you want to use gold as a short-term investment (for whatever reason), you'd better look into gold derivatives as you will save yourself a lot of overhead expenses that possessing physical gold invariably involves (buying it, storing it, and then selling it)

You may have misunderstood my point. I wasn't saying it's better as an investment short-term, just that it's one of the best options for them if they want to diversify i.e. keep their money's value. They're not turning away from the USD to make money after all.

[deisik]

Gold is good for private investors (and not so much for nation states)

And only as a store of value, i.e. if you are looking to earn money with it, it is definitely not the best (or even second best) choice and option. People buy gold to store their wealth in it, but you should have already acquired that wealth in the first place and not be looking to multiply it. And physical gold is definitely a long-term investment, with investment horizons possibly exceeding decades. If you want to use gold as a short-term investment (for whatever reason), you'd better look into gold derivatives as you will save yourself a lot of overhead expenses that possessing physical gold invariably involves (buying it, storing it, and then selling it)

You may have misunderstood my point. I wasn't saying it's better as an investment short-term, just that it's one of the best options for them if they want to diversify i.e. keep their money's value. They're not turning away from the USD to make money after all

In fact, you said that gold is the superior option short-term

But that's a minor transgression, really. The much bigger one is that gold is not good even for long-term investment or holding (call it what you like) for nation states unless you control the world gold trade (read, can set prices as you see fit). And it is definitely not Russia which controls it. Buying gold is a poor man's choice, only at a national level. Russia is freezing their resources in gold which means losing time and opportunity

If anything, they should invest these resources in their economic development instead. But the latter seems to be beyond their "capacity", and all they can do now is buy gold and a basket of foreign currencies with the dollars they receive from selling mineral resources such as crude oil, metals, natural gas, etc

[pieppiep]

it seems like a very good step to be able to make the price of bitcoin become expensive because bitcoin only has a supply of 21 million bitcoins, whereas if Russia wants to buy bitcoin with that much amount of money it certainly will make the price expensive because the supply will be more limited , so hopefully this statement is genuine and can be implemented properly.

[jseverson]

In fact, you said that gold is the superior option short-term

But that's a minor transgression, really. The much bigger one is that gold is not good even for long-term investment or holding (call it what you like) for nation states unless you control the world gold trade (read, can set prices as you see fit). And it is definitely not Russia which controls it. Buying gold is a poor man's choice, only at a national level. Russia is freezing their resources in gold which means losing time and opportunity

Okay, let me reclarify my position. I never once mentioned anything about gold or Bitcoin as an investment. I was talking strictly within the context of Russia diversifying from the USD, keeping their money's value given the choice of gold vs Bitcoin. In this case, I said, gold would be much better than Bitcoin short-term because it is less prone to tanking -- something which may concern Russia in Bitcoin's case because they aren't exactly doing  well. When their shit hits the fan, which may happen soon, they'd probably want to hold the more reputable asset as far as the global economy goes. I concede that it may not be actually good like you're saying, but at the very least, I'd say it's less bad than Bitcoin. Either way, I agree to disagree.

If anything, they should invest these resources in their economic development instead. But the latter seems to be beyond their "capacity", and all they can do now is buy gold and a basket of foreign currencies with the dollars they receive from selling mineral resources such as crude oil, metals, natural gas, etc

I completely agree.