Russia to replace USD reserves with Bitcoin

[Supercrypt]

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.

I agree with you on this, they might not really make it a reserve since the market is still very volatile and quite risky, but at the other hand, it is a game of luck, it will favor them more if they do so now that the market is just recovering, imagine that they put part of their reserve in BTC now, let’s say 10 billion dollars, and BTC multiplies by 10x tomorrow, it means their reserve would have become 100 billion dollars. We can see that bitcoin has indirectly solved their economy crises without them knowing.

I am sure they would have explored this option with the help of experts and will look for the right time to come in; those are part of the reason why I believe that the bull  run of BTC is very close by.

[Harlot]

Even if they do I don't think that they'll be there to hodl Bitcoin in the long term but just to pump and dump. Obviously with their big money moving in they themselves know that they have the ability to influence the prices and the also know that the market confidence decreases quickly once Bitcoin reaches to a certain point. They'll be smart to do so since even if they have a big influence in the market Bitcoin still is a volatile cryptocurrency to hodl like a fiat currency.

[Kevin77]

I don't know if it will be a smart move or not. Having a lot of bitcoin on your reserves is a great idea and I totally support it but having zero dollars in your reserves is not a smart idea. Can't they find a way to do that both at the same time? Like maybe exchange some of your dollars (not all, maybe 20% at most) to bitcoin and buying more with your own fiat (what was Russian fiat? ruble?) and changing some euros, sterling and other stuff as well (maybe even Chinese yuan) to bitcoin as well.

So, if you combine all of your reserves to get more bitcoin you will both have a lot of bitcoin on your reserves but still have a ton of fiat currency as well. It just makes much more sense right now to do that. I know it wouldn't send a political message but would be smart economically.

[LeGaulois]

It's just an old rumor which at the end is not true. Also, remember the country is anti crypto. In opposite, Russia is replacing USD with gold, not Bitcoin, it bough for 46 trillion last year

edit:
@stompix
Sorry, I confused trillions with billions. And also just to add. Russia bought over 600 tons of gold since 2015... just 3-4 years...

[stompix]

It's just an old rumor which at the end is not true. Also, remember the country is anti crypto. In opposite, Russia is replacing USD with gold, not Bitcoin, it bough for 46 trillion last year

I really doubt it.
Not with an overall federal budget of 200 billion$.
Their entire gold reserve is valued at 80 billion$ and last year they've bought something around 9 billion$.

I agree with you on this, they might not really make it a reserve since the market is still very volatile and quite risky, but at the other hand, it is a game of luck, it will favor them more if they do so now that the market is just recovering, imagine that they put part of their reserve in BTC now, let’s say 10 billion dollars, and BTC multiplies by 10x tomorrow, it means their reserve would have become 100 billion dollars. We can see that bitcoin has indirectly solved their economy crises without them knowing.

Yeah...too bad that when you try to sell 1 billion worth of it it will drop the price at half of what you bought for :PPP
Look at the graphs and see what a 1-2 million worth of BTC dumped on the market is doing to the price and multiply it by 1000.

[Reid]

Looks like a fake one.

But, it could happen. We can speculate for now and maybe a time will come that it might end up into how we want it.
Russia is not in a good looks with what is US doing all over the world.
Well, who is not? They are creating war because of their main product which is weaponry.

Let us not just post this kind of links though, better read thoroughly. You could see some sentences that cannot be understood.

[TIDOVEE]

do you think russia is in position to do that? and if it be, well, it will be a great welcome development foir bitcoin and crypto currency at large, that is a proof of russia launching crypto into the future and with that, some other countries may imbibe it.

[UNOE]

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 .

That would be interesting to see from Russia, especially it would be interesting what will do other countries after Russia investing in Bitcoin. Maybe other countries will follow same path and Bitcoin becomes trully digital gold. I heard rumour that Russian oligarchs which are one of the richest people in Russia are heavly investing into Bitcoin and other cryptocurrencies, but I did not see their wallets and I do not know is that really true.

[STT]

It's just an old rumor which at the end is not true. Also, remember the country is anti crypto.

I dont think Russia is anti crypto at least not like it was initially, its technology and some valid business but they are anti anything not under their control so not exactly in favour of BTC usage I guess.   I just see them as nationalist and protective of their currency, commodity and trade.    Gold is their preference as its more global then what US dollar and world reserve FIAT forex has become, with its strong bias to Washington DC

[Sirait]

at this time we must be more careful about responding to a news, because we all have heard the news that Russia is clearly outright rejection of Bitcoin. but whatever it is I'm still waiting for official statements from Russia about this news from more trusted official media such as BBC media or others.

[wuvdoll]

I think yuan would be much better for Russia if you think about it. Russia used to be a fully communist country and to say that they became democracy would be ignorant, they are still ruled with an iron fist on Putins orders and they still have a lot of communist propaganda and like it very much, they are very much against capitalism.

Even in Ukraine which is probably Russians biggest enemy capitalism is not fully emerged yet. So, china while fighting against USA economically could very much love the help from Russia to increase the value of Chinese yuan against dollars, if Russia ends up with buying yuan with all their dollars that would make yuan more valuable and make dollar lose value. That could both help Russia with sanctions via China and help China get stronger against USA.

[jonaire99]

Some wealthy russians are reportedly bought a significant amount of bitcoin but the Russian government has nothing to do with it. The Russian government have been known to be anti bitcoin and some of their leaders are advocating strict regulation against the use of cryptocurrency. So it is impossible for the Russian government to buy bitcoin to become their reserve instead of USD.

[Sithara007]

Some wealthy russians are reportedly bought a significant amount of bitcoin but the Russian government has nothing to do with it. The Russian government have been known to be anti bitcoin and some of their leaders are advocating strict regulation against the use of cryptocurrency. So it is impossible for the Russian government to buy bitcoin to become their reserve instead of USD.

I agree. This is just another piece of fake news. For sure Russia is home to a large number of Bitcoin users. A number of exchanges and other crypto-related businesses are based in Russia. But the government has adopted a somewhat hostile stance towards the crypto-currency. I can understand the reason, and therefore I won't blame the government. The Russian Ruble has lost almost 60% of its value since 2014, and the government is afraid that people will use BTC as a tool to protect their wealth.

[futile-resistance]

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.

An economist I will know that it will be impossible, government cannot place the whole system of the country in a system that is still being developed, I don’t doubt the fact that they would have been smarter than other countries to quickly take advantage of bitcoin to make more money in preparation for the upcoming recession.

The step they can take since they believe in the system is to take part of the reserve to also invest in order to multiply it. If you look at the money stated by op, it is too small to be the whole reserve of Russia, if they even lose that money; it will not have that much impact on the economy.

[Naida_BR]

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 .

Very interesting news.
It will be a totally good sign for our community and the cryptocurrency industry but I wonder how much instability is going to be created around the world.
I can see that these games between Russia and the US are very dangerous that can cause irreparable damage to the world economy.

[salty]

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.

I agree with you on this, they might not really make it a reserve since the market is still very volatile and quite risky, but at the other hand, it is a game of luck, it will favor them more if they do so now that the market is just recovering, imagine that they put part of their reserve in BTC now, let’s say 10 billion dollars, and BTC multiplies by 10x tomorrow, it means their reserve would have become 100 billion dollars. We can see that bitcoin has indirectly solved their economy crises without them knowing.

I am sure they would have explored this option with the help of experts and will look for the right time to come in; those are part of the reason why I believe that the bull  run of BTC is very close by.

Bitcoin will never be stable.Russia will not invest the money in bitcoin.This is contrary to the country's strategy.Yes this year will be tested in some areas the use of new technologies including cryptocurrencies.But I think it is not necessary to associate this event with the purchase of a large number of bitcoins.As far as I know, Russia as of 2014 has become the largest buyer of gold but not bitcoin.Although to ignore this news is so not worth it.We don't know what's going on in the corridors of power.

[BitHodler]

Bitcoin will never be stable.

Stable enough is good enough. What currency or asset in the world is stable? It's all relative in the end. 10% Bitcoin down movement = $10 billion. 1% gold down movement = $75 billion. Who suffers more from the volatility?

Russia will not invest the money in bitcoin.This is contrary to the country's strategy.

I don't think anyone here has even a slight clue about what Russia's 'strategy' really is. Almost everything you see in the news and read about is propaganda. Russia has its own agenda, and they will do whatever they think is necessary.

If secretly buying Bitcoin is part of that, they will. If secretly buying more gold is part of that, they will. I prefer to wait for actual events to take place because actions speak louder than words

[ice18]

Too many speculations but no one can predict how bitcoin can be really used as a reserve by one powerful country like Russia, if the future is on digital money which is the cryptocurrency then we cant deny that it will happen in the future just like when btc is in its first year no one predicted that this market will worth billion dollars.   

[Opnsrc]

Most people there do not know about Bitcoin, and it will be very weird IF the country decides to refuse USD and turn to cryptocurrencies. However, they are thinking about their national crypto.

[GreenStox]

well a lot of articles that tell support for bitcoin started to emerge and with this I think it will indeed give a good influence on bitcoin price movements because more and more traders will be affected to buy bitcoin.