Russia to replace USD reserves with Bitcoin

[zidanw]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

Fake news. The source of this rumor, the "Russian economist", is not working in government. Basically, he is just a teacher.

Is that just fake news, friend? but if this is true it will be very fantastic news. and I'm sure BTC will grow even more

yes, in my opinion it's just fake news because it won't be possible for a country the size of Russia to replace USD reserves with bitcoin. of course if it really happened the whole world would be surprised by this and surely bitcoin would soar.

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[Netnox]

yes, in my opinion it's just fake news because it won't be possible for a country the size of Russia to replace USD reserves with bitcoin. of course if it really happened the whole world would be surprised by this and surely bitcoin would soar.

It is a fake news and I am surprised that this thread is alive after so many days. This is not just a lie, but it is a lie that even retarded people will have difficulty in believing. Forget about Russia, not even libertarian countries such as Switzerland will be ready to convert a part of their forex reserves to a volatile and decentralized asset, such as Bitcoin.   

Admins, please lock this thread. No point in beating the dead horse again and again.

[Irviyandi]

If indeed this is true then this is a very good thing for the future of bitcoin because the country has entrusted their investment place in bitcoin which is still a lot of doubt by developing countries, and I really hope that bitcoin is accepted in all circles of society and many entrepreneurs  invest in this bitcoin

[7788bitcoin]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

Countries who have sanctions could make use of bitcoin to overcome those restrictions and countries like Iran, Russia and many other countries could take advantage of that and have a trade with other countries, i am not sure how they will replace the entire dollar reserve which is not a smart move in any way but then looking forward if there is a reserve for the virtual currency, then it will be a good move to over come those restrictions.

[legenduim]

Russia is actually buying Gold (together with China).
They are buying Gold because is a proven store of Value.
I can see the allocating a few percentage points of buying digital gold.
This would be a lot of sense for them, and had a massive impact on BTC markets.
And would give US another go at trying to ban BTC!

I will believe that many people in the Russian government hold Bitcoins, but I do not think that they will turn the whole country to Bitcoin. Gold - yes. Cryptocurrencies - maybe, but mostly for their own needs.

[sana54210]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

Fake news. The source of this rumor, the "Russian economist", is not working in government. Basically, he is just a teacher.

Is that just fake news, friend? but if this is true it will be very fantastic news. and I'm sure BTC will grow even more

yes, in my opinion it's just fake news because it won't be possible for a country the size of Russia to replace USD reserves with bitcoin. of course if it really happened the whole world would be surprised by this and surely bitcoin would soar.

You know people are used to juts coming up with lots of news to create FOMO in their own little way and the people coming up with such definitely have a very big investment in bitcoin and would do everything positive to sponsor great articles in favor of bitcoin even if it is untrue in order to create the hype.

So when I see some of these news, I accept it whole heatedly but don’t act on it because I know that some of them are not real, most of the news you have seen, how many of the people involved has really come out to official make a statement for or against it, none of them, and as they say, everything becomes a rumor until it is confirmed to be true.

[ePesoInitiative]

Whatever happens or whatever happened, the current debt-based world order cannot continue any longer. The world's financial system cannot sustain itself indefinitely. The US government just cannot create dollars out of nothing. Something has to give eventually. Russia, China and some other nations knows this and are preparing for it.

[richmcrich]

Russia is actually buying Gold (together with China).
They are buying Gold because is a proven store of Value.
I can see the allocating a few percentage points of buying digital gold.
This would be a lot of sense for them, and had a massive impact on BTC markets.
And would give US another go at trying to ban BTC!

I will believe that many people in the Russian government hold Bitcoins, but I do not think that they will turn the whole country to Bitcoin. Gold - yes. Cryptocurrencies - maybe, but mostly for their own needs.

Yes you are right and even government themselves will sure hold crypto to some extent which would be strictly for investment purpose too but to say they will openly declare their intention to the world, absolutely no. They would not dare it when running a government is not being done by a man. 

SO if they have to put money In crypto, which I don’t dispute the fact that they can take that risk because they have the money to do so. Imagine them investing up to $100 million dollars, do you think it will affect them in any way? This is money 1 man in some government steals and doesn’t affect them, so they don’t have to change their reserve to bitcoin for them to really make money from cryptocurrency.

[raven7886]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

For a country or government, i am little doubt about this news. Bitcoin could be a digital asset but to be government reserve, i think its too far and need more time because for government, its more safe to collect more gold than bitcoin. Bitcoin is risky assets compare gold and gold already known for centuries

Take volatility out and bitcoin becomes the best digital asset to hold but because of its volatile nature, Gold still the most reliable one temporarily. So Russia may have the plan to also hold it as asset against the future if they believe strongly in the system, but like you said, it will be bit impossible to hold it as reserve.

When it comes to something that has to do with national issue, one man cannot make such decision alone, and I am sure that In making decision to do so, a lot of members of government will surely oppose it, and until there is general regulation, countries may not fully engaged themselves with crypto.

[South Park]

USD is really only the global reserve currency because of how strong the United States military is.  Its backed by terror and not sound economics.  I have suspected that many governments around the world have started to mine and accumulate btc themselves in case the dollar collapses.

There are many reasons why the USD is still the reserve currency of the world, to begin with a reserve currency is not something that can be replaced quickly, it is a slow process and it is happening as we speak, second the US economy for a long time was the only economy large enough and so it was convenient to use the dollar to settle debts and contracts, another reason was that the dollar was as good as gold for a long time but this changed during the 70s and now is not backed by anything.