Russia to replace USD reserves with Bitcoin

[Beerwizzard]

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 .

It can't be logical until Bitcoin becomes stable. All those monetary reserves are first of all made to save the money and not to get any profits out of it. So bitcoin can't be reserve currency for such a big country like Russi then first it should become stable  to secure the financial safety of the country and then it should have enough liquidity to make it possible to use this money. For this time we don't even have enough liquidity for that.

[1714490980]

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[ePesoInitiative]

Well, I still believe they are stocking up on gold rather than Bitcoin. But because the Russian government is friendly with crypto, I will not be surprised they had been stocking up on Bitcoin or even Ethereum too because of Vitalik.

[CryptoBry]

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.

When the time will come Bitcoin can be replacing many countries' reserve currency then it can definitely be making big impact to its price and perceived value as it can finally start playing like the functioning digital gold. However, getting there can be a not walk-in-the-park kind of thing as there will always be those who are not convinced of the value of Bitcoin. I am then hoping that soon Russia can be announcing this as an official decision. But I am hoping that USA will not retaliate by strictly regulating Bitcoin in its territory.

[Fabienne_ayy]

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 .

There are serious risks with the industry but we can agree  that there are advantages as well to the new technology

[moynul2050]

this is very great news, I salute the Russian government, if it's true they did it there. I understand that Russia has calculated it carefully because they have legalized crypto currency first.

[shinharu10282016]

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 .

It can't be logical until Bitcoin becomes stable. All those monetary reserves are first of all made to save the money and not to get any profits out of it. So bitcoin can't be reserve currency for such a big country like Russi then first it should become stable  to secure the financial safety of the country and then it should have enough liquidity to make it possible to use this money. For this time we don't even have enough liquidity for that.

One must know that what you said are the basics of how an economy makes money. They can't probably trust bitcoin that big to use it as a reserve currency for a country powerful as them as that can tantamount to fearmongers and FUDs in the cryptomarket and also in the economics world. The liquidity is one of the few things they should consider as this can be a great thing or a disaster in the making.

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 .

There are serious risks with the industry but we can agree  that there are advantages as well to the new technology

The adoption process might progress more but we will never know since the market's stability is one of the things people took note of the cryptocurrency market. Either way, they could be scheming something out of it.

[AjithBtc]

Countries will never get into such a form of backing a country's economy with bitcoin. As the market of bitcoin is highly volatile, it'll affect the economic situation prevailing within the country. As USD has got stable value it is preferred to be the prime backing asset. Maybe when bitcoin gets used same as fiat such a backing process might come to reality.

[Lucius]

This is 4 months old article from to me completely unknown site, which is obviously posting clickbait articles in order to make money from advertisement. That high-profile Russian economist is also unknown, although I doubt it even exists. In fact the whole story about the possible Russia investment in bitcoin is due to sanctions imposed by the US&EU, but it is not any secret that Russia is buying gold and maybe even working on their own cryptocurrency.

Chances that they will start buying bitcoin in large quantities are not realistic, and if this happens it will not be published in some low quality site.

[bitbunnny]

Countries will never get into such a form of backing a country's economy with bitcoin. As the market of bitcoin is highly volatile, it'll affect the economic situation prevailing within the country. As USD has got stable value it is preferred to be the prime backing asset. Maybe when bitcoin gets used same as fiat such a backing process might come to reality.

Exactly, this is probably some fake news. People easily beleive anything these days. No country and especialy not Russia would accept such high risk for back up in Bitcoin and that sompley makes no sense. Not for a moment I didn't beleive that this is credible and trustworthy news.

[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.

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.

A lot of alternatives to USD exists as of now, and crypto doesn't rank among the top 10. And it is beyond stupidity to say that Russia would sell its remaining forex reserves to accumulate an asset, which has lost 85% of its value during the last 15 months. We need to be realistic and remain patient. Else, the crypto community will become the laughing stock in front of the rest of the world.

[stompix]

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.

Yeah, in order to avoid sanctions, Russia will use bitcoins...
Logic....zero.

Sanctions don't work the way people imagine.
In order to avoid sanctions, you need a 3rd party that doesn't give a damn about the consequences, you don't need to avoid the $, you just need to have a trading partner who doesn't care about what the US says.

Now, using logic, what is easier to find, a trading partner that would take BTC or one that will deal in $?
Just look at Iran who is every day talking about how bad America is, how the $ will fall and how it has plans to replace it but in reality, more than 80% of the deals it has for oil are in $.

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

China has 80$ billions in gold, at the same time it imports every year goods for 1.8 trillion, that is around 150 billion a month.
How do you see that working out?

Russia will repeat what they have done in the past which is store large amounts of foreign reserves in gold or similar commodity worth.      

You mean going bankrupt 3 times in less than 30 years?

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.

If you're an export of raw materials that are right now experiencing a period of oversaturation such as oil and gas you're in no position to demand how payments are done. You simply comply with the buyer or the buyer will look elsewhere.
So, at this point Russia has only one option, take the so much needed $ and euros and shut up!

This is from TASS the news company owned and run by the Kremlin:
Russian millionaires keep about 70% of their savings in foreign banks, study says
Why do you think that happens?
Russians convert their savings to dollars and euros

[Spaffin]

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.

Russia has invested more than ten billion dollars in Venezuela, of which about 7.5 billion dollars in oil production in this country. Therefore, it is trying with all its forces, including military means, to support the ruling regime of Maduro.
It is possible that in order to evade international sanctions, Russia will invest in Bitcoins and other cryptocurrency. This has been said for a long time. However, the Putin regime will do this in an environment of high secrecy. It seems that we still will not find out about it from open sources.

[mensahkkofie]

I dont believe in the news article in the OP above. It is just mere speculation and assumptions. Well, crypto is full of speculations and we can  only hope and expect the best to happen.

[Ranly123]

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 this would happen, supply for Bitcoin will be sucked by the Russian reserves and making the price unaffordable for low profile investors. I don't think this could ever happen in our present times though.

[freedomgo]

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 this would happen, supply for Bitcoin will be sucked by the Russian reserves and making the price unaffordable for low profile investors. I don't think this could ever happen in our present times though.

No such thing as not affordable because it's based on supply and demand, investors will invest if they believe demand could increase.
If they will buy a huge volume of bitcoin, then good for us here since we are early investors, that would also help the market to recover, but then again, it's just an article, let's just take it lightly.

[IzukuMidoriya]

While I'm not fond of Russia (supported Trump due to the lack of a better libertarian candidate), this is kind of interesting. First time I've seen a whole country put massive investments in Bitcoin, let alone any altcoin. Neat.

[millgates]

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 .

Its too risky. It is better for russia to invest its reserve in gold which is more stable and stronger. By the way any cpuntry need USD to buy oil that mined by Saudi Arabia so every countru needs USD. This is unfair, isn't?. But if russia may well start to invest its reserve in bitcoin then the price of bitcoin could reach 100.000 usd .

[ausbit]

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!

If you know the secret decision these people make internally and execute without the knowledge of people, it will shock you; don’t be surprised that they have already done the investment.

I also read somewhere recently on this forum as regards this matter, about them planning to buy cryptocurrency that is worth 10 billion dollars, and that was towards the beginning of this year, is there still any explanation yet as to the jump in price of BTC that moment? I am not completely saying that they are the ones that moved the market then, but we cannot completely override the possibility.

[coin-investor]

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 .

Strange news to me I read one article here in Bitcoin  I just don't remember the title, that the Russian hates Bitcoin, so why the bug turn around, if it happens this would be one of the biggest news this year, so we need to start holding as many Bitcoin of our own, as the Russians are coming for a big pump.

[omone1]

I think it's a fake news, Russia won't do that, they are not going to replace the USD with bitcoin in their reserve. What Putin said was that "they will have to find a way around the USD when doing business because of the US sanctions" this will even be limited to very few Russian sector and not even all sectors. They may agree with transact some business with a country like China without using the USD.