Russia to replace USD reserves with Bitcoin

[Mbitr]

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 .

[Genemind]

I think the U.S. sanction has something to do with Russia getting involved with funding Venezuela. They have started diversifying it's assets and of their choices is bitcoin. It seems that numbers of countries are starting to move away from depending on U.S. dollar and fining alternatives, and starting to consider bitcoin as one of it.

This will have a huge impact on not just bitcoin but also the whole crypto market.

[avikz]

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 .

If, only if it happens then we will definitely see a very bullish price trend for bitcoin but it's still at a specualtion mode and the article only says, what will happen if Russia starts replacing their USD reserve with bitcoin! It's least likely to happen!

Russia is ruled by strict communist laws and kept themselves in a very secretive way! The only sideline chance is their ongoing issues with US but it's not so big that they will have to take such drastic step! Don't bank high on this!

[Vishnu.Reang]

I don't think that we'll gain anything by posting fake news. All it can do is to tarnish the reputation of this forum and that of crypo-currency in general. It is true that Russia is selling the US treasury bonds in its possession. They are selling the bonds and purchasing bullion and other assets. But there is no indication that they are even remotely interested in crypto.

[The Sceptical Chymist]

Russia has made it know that it’s not against cryptocurrencies, but rather that digital currencies to carry inherent risks. Still, there are many within the country that believe Russia will begin to diversify its reserves with Bitcoin as early as February.

I'm not sure what to make of the above quote from the aritcle.  There are enough weasel words in there that it seems to belong in a zoo, or deep in the forest at best. 

Wouldn't surprise me, though.  US-Russia relations have been historically tense, and I don't doubt that Russia would be looking for something other than the USD to keep as a stable currency.  But bitcoin?  I do have doubts as to whether those two currencies are interchangeable, and I'm wondering whether there needs to be an "either-or" mentality on Russia's part.  It might make more sense to hold both.  But in any case, a big world power like Russia holding bitcoin as a reserve currency would be huge news--IF it were true.  This could be nothing more than rumor and hype.

[alyssa85]

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 .

If they were going to do it, they wouldn't announce it in advance. That would just spike the price.

Also: there arn't enough circulating bitcoins to meet any country's reserves, and certainly not enough to replace the dollar.

They may hold a small reserve of bitcoins so they can move money to their client states without attracting attention from the Americans, but they won't hold much. It's easier for them to hold gold, not least because there is a lot of gold available to hold as a reserve.

[cabron]

I don't think that we'll gain anything by posting fake news. All it can do is to tarnish the reputation of this forum and that of crypo-currency in general. It is true that Russia is selling the US treasury bonds in its possession. They are selling the bonds and purchasing bullion and other assets. But there is no indication that they are even remotely interested in crypto.

Its logical to find an alternative and not depend on USD. If the future says crypto is getting much attention, it shall be considered an alternative not just for the Russia. They'd rather be looking into it than dependent to whatever is on the table. Fake or not. Look into where this market is going, it just can't be this way for the rest of its existence.

[Mbitr]

It’s certainly no argument that this is mere speculation like a lot of the posters on this shred believe, myself too. But it is strange that I’ve heard this at least 3 times in the last few weeks, and as they say “ There’s no smoke without fire” .
If the Russian government even just dip their toe in the Bitcoin market, it will cause waves.

[okala]

The US government have been unfriendly with cryptocurrency and that have been seen with the suspension of trading in some exchanges tokens and that is an attack on the adoption of cryptocurrency and Russia being a cryptocurrency friendly region will have to adopt cryptocurrency and looking away from the US dollars and optioning in to alternative asset.

[gentlemand]

It's one geezer who's been dribbling the same shit for months with zero sign of it being true.

Every country that is not the US would probably love to get one over on the US so there are a mountain of conventional options before they even dream of BTC, and they're not dreaming that in the slightest.

[rijaljun]

That plan is too good for Bitcoin. But I don't know if it's really a good plan or not from Russian government perspective. When it becomes a real decision, it would push Bitcoin value to the next level I'm pretty sure. But, currently Bitcoin is a high risk asset and I think this plan would take a long time before really taken as a decision.

[Yakamoto]

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 .

I truly don't think that Russia is going to take their USD holdings and put it into Bitcoin. As much as we may wish for it to happen, Russia has not been friendly to cryptos and I can't see the trend reversing anytime soon. In addition to that, Bitcoin would be far too volatile of an asset for the Russians to willingly hold for long periods of time. Chances are they're going to buy commodities from other sanctioned states like Venezuela and "avoid" the sanctions that way. I don't think a sudden investment of Russian money into Bitcoin is logical or likely. There probably won't be any new bullish trend in the near future aside from what we were already experiencing.

[hatshepsut93]

Some no-name says that in his mind it makes sense for Russia to invest in Bitcoin, and suddenly people start treating it as actual news, despite the fact there is absolutely zero actual action happening right now. We all hate it when someone spews baseless FUD, but baseless moon/FOMO is just as bad, it creates false expectations that may lead to only short-term boost, which will be followed by a quick and painful drop when the realization that it all was fake finally comes.

[klaaas]

Wont trust it for a bit on thoughts alone, lets wait first until russia openly supports it. Would be nice to see putin say he supports Bitcoin do. ; )

[Kemarit]

LOL, do you actually believed that Russia will go full crypto nuts? They even can't decide and impose proper regulations about crypto.  . I've been calling for Russia in the last two years are anti-bitcoin, so I don't understand articles popping up once in a while and try to picture them as something very friendly to crypto. They could actually investing on assets like Gold and other precious metals, but crypto just to circumvent the US sanctions? Nah, Putin is intelligent not to put their reserves in Bitcoin.

[Script]

It is quite logical that the permanent confrontation between Russia and the United States, the permanent sanctions against Russia, force the latter to look for an alternative to the dollar as a means of payment. If the choice is made in favor of Bitcoin, then this will probably give a new impetus to the development of the crypt, not only in Russia, but also on a global scale.

[Adriano2010]

Yes maybe the US sanction forcing them to find a new way to store money, but i also don't think they will totally replace the USD with bitcoin and only use bitcoin, but maybe they will only use some bitcoins and if this happen the price can grow.

[STT]

Russia will repeat what they have done in the past which is store large amounts of foreign reserves in gold or similar commodity worth.    For the last 10 years both Russia and China have had a very strong bias towards gold over other holdings such as US dollar bonds.     Russia already had some gold and China mostly had no gold at all however its become both the worlds largest importer and producer of gold and also has a stake in gold mining operations outside its borders via its command economy

I think Russia is more positive then previous on crypto but I dont think they store any public funds in BTC.   I believe they might have secondary operations involved in crypto operated by friends of the state as it were but to say they will hold reserves in BTC instead of dollar I think is not correct.   Any large player being involved like that would be on the front newspaper globally and it would be very noticeable, 3rd party companies maybe

[microbb8]

Just an assumption and believe this news is no reason. I would not invest in crypto in the hope of growth based on this news.

[Haunebu]

LOL, do you actually believed that Russia will go full crypto nuts? They even can't decide and impose proper regulations about crypto.  . I've been calling for Russia in the last two years are anti-bitcoin, so I don't understand articles popping up once in a while and try to picture them as something very friendly to crypto. They could actually investing on assets like Gold and other precious metals, but crypto just to circumvent the US sanctions? Nah, Putin is intelligent not to put their reserves in Bitcoin.

I agree. I am observing more and more of these threads popping up these days which explain how BTC will replace FIAT completely which I honestly find laughable since BTC was always intended to serve as an alternate payment option and nothing more.

I know that more and more people want to see BTC adoption grow, but fake news won't help in any manner.