Russia to replace USD reserves with Bitcoin

[Supercrypt]

No ones talking about, but I honestly think Russia caused this pump....remember in January we heard they were going to start buying up Billions of Bitcoin in the spring? Well look what happened, Russia has $450 Billion in reserves that they had to spend because the sanctions were making it difficult, lets face it, they bought Bitcoin, a ton of Bitcoin.

Its not a coincidence, the rumors were just true, people labeled them fake because they didn't think it would be so public, well it was true.

Yes, I have also heard the news, that the Russian government will buy a lot of Bitcoin to replace their USD reserves, so if the price of Bitcoin today increases, I think that's because Russia buys Bitcoin with a lot.

It is just a rumor, the same way we have seen so many news in the market too such as tether and many had speculated that it could be the reason why its increasing the price of bitcoin, is the same way they have speculated other factors too like that of Russian own.

As smart as Russia is, they have not declared their support for cryptocurrency, and if they have program of such, they would not announce it and do it codedly the way others have probably been doing it too, but let’s hope the rumor is even true, I also believe that it will really help the price of bitcoin shoot up, but won’t be much that significant.

[upsidedown75]

I seriously doubt this, not that I won't be happy anyway if that news were true. Of course, I will because that's a boost to Bitcoin. But I doubt if Russia will go the way of something as unstable and risky as cryptocurrency as an alternative to dollar. It isn't only Russia having a hard one with the US, China is also currently enmeshed in a trade war with the US. It's really a hard nut to crack. However, let's continue to enjoy the momentary rise of Bitcoin price no matter where the new pump is coming from.

What makes you think it can be impossible for Russia to get involved in cryptocurrency, have you ever seen where government hire experts to trade forex for them using the government reserve? They easily do this openly because forex has regulation, but since crypto is yet to get a regulation, each government may also be doing these trades secretly and they also understand the risk behind it.

That is why they will never use any money that will strongly affect the nation. Have you even ever asked yourself one question, what if this satoshi we are even saying is a code name gives to a Nation, what if it’s one country that really has this idea?

[rattle_rattle]

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!

[Ibizugbe1]

Russia is actually buying Gold (together with China).
And would give US another go at trying to ban BTC!

Bitcoin is free and any nation can buy into it and use it for any legitimate aim which is fine and acceptable. Why will US government try to ban bitcoin? they will only look for a way to play smart and stay on top. We may not know what the US government has been secretly planing about the imminent disaster of the green paper.

[rattle_rattle]

Russia is actually buying Gold (together with China).
And would give US another go at trying to ban BTC!

Bitcoin is free and any nation can buy into it and use it for any legitimate aim which is fine and acceptable. Why will US government try to ban bitcoin? they will only look for a way to play smart and stay on top. We may not know what the US government has been secretly planing about the imminent disaster of the green paper.

Associating BTC with RUS would mean immediate ban.

[geegaw]

No ones talking about, but I honestly think Russia caused this pump....remember in January we heard they were going to start buying up Billions of Bitcoin in the spring? Well look what happened, Russia has $450 Billion in reserves that they had to spend because the sanctions were making it difficult, lets face it, they bought Bitcoin, a ton of Bitcoin.

Its not a coincidence, the rumors were just true, people labeled them fake because they didn't think it would be so public, well it was true.

Yes, I have also heard the news, that the Russian government will buy a lot of Bitcoin to replace their USD reserves, so if the price of Bitcoin today increases, I think that's because Russia buys Bitcoin with a lot.

It is just a rumor, the same way we have seen so many news in the market too such as tether and many had speculated that it could be the reason why its increasing the price of bitcoin, is the same way they have speculated other factors too like that of Russian own.

As smart as Russia is, they have not declared their support for cryptocurrency, and if they have program of such, they would not announce it and do it codedly the way others have probably been doing it too, but let’s hope the rumor is even true, I also believe that it will really help the price of bitcoin shoot up, but won’t be much that significant.

I do not have too much faith and hope that this rumor is true when its exact ratio seems to be too low because as we know, bitcoin always has an amazing fluctuation rate, and in that fluctuation, it always has huge risks, so if Russia wants to reserve, they will never choose bitcoin, that is a very dangerous action, they will definitely choose safe, it is USD. However, without reserve, they may still have accumulated and invested heavily in bitcoin and crypto when the field always generates too much profit, especially attracting money from different countries, no investment is wasteful

[stompix]

So, at this point we can end the discussions for a while:

https://www.fontanka.ru/2019/05/15/073/

google translate:

Legislative regulation of cryptocurrency is no longer a priority for the state, said Russian Prime Minister Dmitry Medvedev. The excitement around Bitcoin subsided, although it is too early to bury it.

“Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant,” Medvedev said on May 15, speaking at a plenary session during the St. Petersburg International Legal Forum

So, Russian authorities don't give a damn about BTC, probably less than 0.001% of what people here care about what Russia is planning to do. Well, it's nothing!!!!

[ePesoInitiative]

Well, one of these days people will have to own cryptocurrencies to use it or to hold it. For now, we can't imagine crypto being mainstream. There was a time when fax machines were the norm, cellular phones were the toys of the rich, and the internet was mainly for emails.

The tech will evolve to meet halfway to the needs of everyone - that is one thing I'm sure of. So, accumulate everything.

[entebah]

Yes, this is good news for the progress of Cryptocurrency, because big countries like Russia will buy as much Bitcoin as possible, I hear this from some news and articles that I read, I hope this increase in Bitcoin prices will continue to have a positive impact on Cryptocurrency and its use.

[guoyu78]

No ones talking about, but I honestly think Russia caused this pump....remember in January we heard they were going to start buying up Billions of Bitcoin in the spring? Well look what happened, Russia has $450 Billion in reserves that they had to spend because the sanctions were making it difficult, lets face it, they bought Bitcoin, a ton of Bitcoin.

Its not a coincidence, the rumors were just true, people labeled them fake because they didn't think it would be so public, well it was true.

Yes, I have also heard the news, that the Russian government will buy a lot of Bitcoin to replace their USD reserves, so if the price of Bitcoin today increases, I think that's because Russia buys Bitcoin with a lot.

It is just a rumor, the same way we have seen so many news in the market too such as tether and many had speculated that it could be the reason why its increasing the price of bitcoin, is the same way they have speculated other factors too like that of Russian own.

As smart as Russia is, they have not declared their support for cryptocurrency, and if they have program of such, they would not announce it and do it codedly the way others have probably been doing it too, but let’s hope the rumor is even true, I also believe that it will really help the price of bitcoin shoot up, but won’t be much that significant.

I do not have too much faith and hope that this rumor is true when its exact ratio seems to be too low because as we know, bitcoin always has an amazing fluctuation rate, and in that fluctuation, it always has huge risks, so if Russia wants to reserve, they will never choose bitcoin, that is a very dangerous action, they will definitely choose safe, it is USD. However, without reserve, they may still have accumulated and invested heavily in bitcoin and crypto when the field always generates too much profit, especially attracting money from different countries, no investment is wasteful

I totally agree with you on this, because of the volatility nature of bitcoin, it is still very risky to completely replaces a whole country’s reserve with bitcoin, until bitcoin gets to s stage where its value now becomes stable, and then people can confidently use it as store of value before they can really consider using it as reserve, but notwithstanding, it doesn’t mean they still cannot use part of it as investment, there is no investment that is not risky, and they might be wise enough to quickly use part of it to trade then take profit to increase their reserve. So if Russia is to participate in bitcoin, it would be for investment purpose alone.

[desticy]

All this is just talk and politics. It is obvious that it will not be easy to switch from dollar to bitcoin, if only because Russia is now not even ready to take such a step; But money laundering through cryptocurrency is going on there even among government officials.

[shoreno]

Yes, this is good news for the progress of Cryptocurrency, because big countries like Russia will buy as much Bitcoin as possible, I hear this from some news and articles that I read, I hope this increase in Bitcoin prices will continue to have a positive impact on Cryptocurrency and its use.

This can probably be the reason for the next price increase of bitcoin but only if the rumors were turn out to be true  .  Like what others are saying , its not easy to replace a local currency like usd to be fully replaced by a cryptocurrency such as bitcoin because i think not all can be able to use bitcoin normally  ,what about other people that dont have an adequate knowledge ?  I think bitcoin will still remain as an alternative currency next to fiats 

[BlueStackz]

Yes, this is good news for the progress of Cryptocurrency, because big countries like Russia will buy as much Bitcoin as possible, I hear this from some news and articles that I read, I hope this increase in Bitcoin prices will continue to have a positive impact on Cryptocurrency and its use.

Hahahah, how can it be when they have still not regulated cryptocurrency, you should know that most government are so strict about their own law and would not engage in what they have not openly declared to the public. This story of Russia is just going to be a rumor and I dint see the possibility of them REPLACING their reserve with bitcoin.

I dint even see their investment in bitcoin as positive because they will only end up manipulating the market and crashing it below the normal price, if they put in bitcoin to the tune of $10m, and it yield them 50% increase, do you think they will not sell off all their holdings to take profit?

[samcrypto]

So, at this point we can end the discussions for a while:

https://www.fontanka.ru/2019/05/15/073/

google translate:

Legislative regulation of cryptocurrency is no longer a priority for the state, said Russian Prime Minister Dmitry Medvedev. The excitement around Bitcoin subsided, although it is too early to bury it.

“Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant,” Medvedev said on May 15, speaking at a plenary session during the St. Petersburg International Legal Forum

So, Russian authorities don't give a damn about BTC, probably less than 0.001% of what people here care about what Russia is planning to do. Well, it's nothing!!!!

Russian government will not do this one because they know that cryptocurrency can also be control by any other country which makes them more on risk. The volatility keeps the country away on cryptocurrency, but I don't agree that cryptocurrency has decreased on popularity because bitcoin are still doing a great job to pump and soon the market will see that one. Russia will never do this kind of decision, they can't just leave USD reserve.

[efxtrader]

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

[pushups44]

I doubt Russia will openly invest in bitcoin, and they are probably not investing in it at this time. We do know Russia is investing heavily into gold to diversify away from the U.S. dollar. Also, it's entirely possible that Russian oligarchs are accumulating massive amounts of bitcoin at this time. Perhaps as bitcoin gains greater legitimacy in the future Russia will use it as a means of bypassing sanctions.

They all have their covert operations, and so long they have not legalized bitcoin, they will never openly declare their intention to do so, but that does not mean that they are not investing or trading with it underground.

If government can trade forex and also invest in GOLD with little volatility, now that they have got the chance to make enough money through BTC volatility, they will sure do it using experts, and where will they get the money they are using from if not from the reserve, so it is possible someone somewhere got exposed to the secret which they will deny.

I agree that it's entirely possible that Russia is covertly amassing bitcoin to bypass U.S. sanctions. There is speculation that the recent run-up of bitcoin has been driven by sovereign buying, which if true would not shock me. If I had to guess, it's a nation other than Russia doing the buying, but it would not shock me if it turned out to be Russia.

[Decksperiment]

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

I agree! I think its too early to tell that Russia is contemplating on this matter since USD is an international currency and its not easy to replace or implement any replacement to it especially if we are talking with it involving multinational economies. Unless BTC becomes a popular alternative to USD and mass adoption is full blown, then I think Russia maybe getting a hard time doing it or could suffer ill effects related to its alleged plan if they try to pursue it.

[Rabbot]

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.

[sinta23]

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

[PuertoLibre]

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.

High profile person can suggest such ideas but in the economy, it can cost more than dollar averaged spendings. Bitcoin is not world reserve currency and its value depends on the other variables.  Economists usually agree with diversifying the government assets to different financial worldwide assets.