Putin believes Bitcoin has value

[adzino]

So many advantages and use of bitcoin, but he thinking about oil trades? Lol, some people are just obsessed with dominating anything. But yeah, its going to take decades and a bunch of countries to accept it (specially those OPEC members) before bitcoin becomes a petrocurrency. The price is currently too volatile to be used for trading oils, a risk no nation would want to take. But at least he believes that bitcoin as some value...

[Hypnosis00]

Then it has to prove himself that Bitcoin has a bigger picture of success and that is the biggest mistake of ignoring this. I guess, these words coming from one of the strongest leaders will have a huge impact on the crypto community. I'd like to see Russia will have the full commitment to crypto and makes this encourage others to adopt as well.

But talking about that Bitcoin can't be used in the oil trade? If that both parties have accepted the mode of payment, I think there is no such problem. The transaction must go on, it was like were using fiat to make a payment but with the use of Bitcoin made it faster.

[Fatunad]

So many advantages and use of bitcoin, but he thinking about oil trades? Lol, some people are just obsessed with dominating anything. But yeah, its going to take decades and a bunch of countries to accept it (specially those OPEC members) before bitcoin becomes a petrocurrency. The price is currently too volatile to be used for trading oils, a risk no nation would want to take. But at least he believes that bitcoin as some value...

Thats what matter most despite of the possible issues or problems that a country might able to face up when making bitcoin/crypto adoption then it would really take some time and lots of discussions about considerations
on certain things and also they might have give out some positive sentiments doesnt mean that it would be final.There's always the probability of reversion of those kind of comments or compliments.
They might seem to be positive but as long they arent making any actions that would justify that then theres always some changed of mind in the end.

[sheenshane]

But talking about that Bitcoin can't be used in the oil trade? If that both parties have accepted the mode of payment, I think there is no such problem. The transaction must go on, it was like were using fiat to make a payment but with the use of Bitcoin made it faster.

It might they think that Bitcoin is good as an asset not for a daily payment or use in a trade or even mixed up in forex trading.

Good to see that there are few countries now seeing how useful Bitcoin is and it might other countries will follow them as next to their steps.  I freshly remember that there are 3 countries aside from El Salvador that has been announced Bitcoin as legal tender in their place and it might Russia will be the next to them.

I smell a huge pump is coming with the Bitcoin price of this news. 

[Poker Player]

It might they think that Bitcoin is good as an asset not for a daily payment or use in a trade or even mixed up in forex trading.

Good to see that there are few countries now seeing how useful Bitcoin is and it might other countries will follow them as next to their steps.  I freshly remember that there are 3 countries aside from El Salvador that has been announced Bitcoin as legal tender in their place and it might Russia will be the next to them.

I smell a huge pump is coming with the Bitcoin price of this news. 

Yes, it seems to me that we are about to enter the country adoption phase. In 2016-2017 we had a big adoption by retail investors. In 2020-21 we are seeing adoption by institutions. Many of the ones that criticized Bitcoin and said it was a scam have moved to buying Bitcoin or offering it to their customers. Maybe little by little we are at the beginning of adoption by countries, which hopefully will be significant for the next cycle, because I don't think things are going so fast this cycle that we are going to have so many countries legalizing it as a currency that we can talk about adoption by countries in this cycle.

[rozak]

Yes, it seems to me that we are about to enter the country adoption phase. In 2016-2017 we had a big adoption by retail investors. In 2020-21 we are seeing adoption by institutions. Many of the ones that criticized Bitcoin and said it was a scam have moved to buying Bitcoin or offering it to their customers. Maybe little by little we are at the beginning of adoption by countries, which hopefully will be significant for the next cycle, because I don't think things are going so fast this cycle that we are going to have so many countries legalizing it as a currency that we can talk about adoption by countries in this cycle.

if bitcoin adoption and regulation for each country for bitcoin in positive form. this could be a very big trend happening in the crypto market.
we can see gradually, several countries or country leaders express how interested in bitcoin and crypto adoption. it is very possible for other countries to also follow the big countries adopting crypto. because most of the problems in each country lie in regulations that still prohibit its use. but if as an investment asset I guess it would be a very good alternative.

[Gyfts]

For those that might actually believe this dictator - Do you think someone that murders his political opponents in order to retain a tight grip on power is going to give up his economy to a digital currency that is free to use? Russia's economy has been in shambles since Putin was put in power, his regime would not survive if Russian citizens detached themselves from central banking. I'm sure he'll talk up Bitcoin with empty words that do not translate into anything meaningful.

[rodskee]

For those that might actually believe this dictator - Do you think someone that murders his political opponents in order to retain a tight grip on power is going to give up his economy to a digital currency that is free to use? Russia's economy has been in shambles since Putin was put in power, his regime would not survive if Russian citizens detached themselves from central banking. I'm sure he'll talk up Bitcoin with empty words that do not translate into anything meaningful.

Great argument here mate , Why would He really accept Bitcoin if this will rule Him out in the future, he might just joining the trend as Bitcoin becomes popular these days and He don't wanna miss the ride but that doesn't mean he literally accepting nor believing this decentralized and very volatile market.
His statement seemingly just favoring the Pro Bitcoin so he won't need to add opponent as the election is near to come again and people in Russia is starting to believe inc rypto currency more deeply these days.

[Darker45]

It was a very general statement which could mean nothing at all. There is no reason to celebrate. By saying crypto has value is simply saying crypto is not totally worthless. It was like saying the technology could be useful. What followed are the more interesting statements. For example, Putin was clearer in saying, “But I don’t believe it can be used in the oil trade.”

There was also a hint that Putin has yet to really wrap his head around crypto. He said, “Cryptocurrency is not supported by anything as of yet.” I mean, does it have to? What does he exactly mean by that?

Moreover, Putin is also giving weight on crypto's heavy reliance on massive energy consumption.

[bittraffic]

For those that might actually believe this dictator - Do you think someone that murders his political opponents in order to retain a tight grip on power is going to give up his economy to a digital currency that is free to use? Russia's economy has been in shambles since Putin was put in power, his regime would not survive if Russian citizens detached themselves from central banking. I'm sure he'll talk up Bitcoin with empty words that do not translate into anything meaningful.

It's actaully best for a dictator to use cryptocurrency to surveillance the people in the country. Look how China is doing. Using their CBDC is to look into the account and money spending of their people through their CBDC makes Xiing Ping more in control of their people's behavior.

He doesn't have to control social media feed because he knows his people, how much money they have in their accounts, and can bankrupt with just one click. Gaining power is difficult when he sticks with this old system. How many tyrants are dead because of it. Luckily for Putin, people are still liking him.

[DapanasFruit]

You are right. Putin has just learned that Bitcoin, its mining and other related business can be helping its economy. I read sometime that Russia has this special economic zone that allows cryptocurrency-related businesses to start and flourish. Once the government can see a big success rate with that zone there is a big possibility that Russia will slowly allow the integration of cryptocurrency into its economy. This is coming and not a question of IF but when. Of course, we are happy that at least there is no big ban here just like what China is pursuing. Russia can be a big market for crypto and I think there are now many Russians who are holding them.

[lovesmayfamilis]

I'd like to get a direct source for that, cause in this article the words "bitcoin" and "cryptocurrency" are interchangeably used. I've seen many times titles like "country X supports Bitcoin" and then you read the article and they are actually talking about CBDC or stablecoins.

I hope people won't start saying that "Russia will make Bitcoin a legal tender" and include it in that fake list of countries that will adopt Bitcoin next.

Everything is correct. Bitcoin was not mentioned anywhere in the journalist's question. Exactly, like Putin's answer did not name exactly the use of Bitcoin. If you all remember that back in 2020, Putin signed a law on digital assets, where it was said that from 2021 it would be possible to conduct transactions in cryptocurrency, but it is prohibited to use it as a means of payment.
Putin's comment says that everything that develops, and in this case, the cryptocurrency as a whole, has a right to exist. But it is very early to talk about contracts in cryptocurrency and use it for oil trading.

[michellee]

Crypto and oil trade are different as oil trade can be included in the commodity and oil has a physical form while crypto does not. Sometimes, the government says different things about one thing while they can agree with it behind the scenes and not in public.

But if Russia seems to want to adopt a friendly of crypto, that will give a strong position for crypto in Russia, crypto can grow and it will reach the people. Russia could replace China's position in crypto as China is not friendly to crypto and if that can happen, we might see a change in the crypto world. Of course, that will have an impact on crypto.

[kryptqnick]

I think Putin just doesn't want to seize the opportunity, that's all. He might not like Bitcoin, but given that cryptos are already popular in Russia, China is cracking down on cryptos, and crypto mining in the US is getting way more popular, he wants to benefit from the window of opportunity, created by China basically leaving the industry. So it's better to have something new and with high potential in Russia than allow the US to dominate one more economic area, right? I mean it from Russia's perspective, of course. So saying something negative about cryptos is just not a good political option for him anymore, but it doesn't mean he wants to deal with the risks due to BTC's volatility or to spend the country's resources on properly managing and regulating cryptos. Hence the vague statement, Putin's favorite kind of statements.

[gleisson05]

Putin believes the internet can be downloaded in an office folder. C'mon, you can't seriously listen to whatever this man says about crypto.

[dkbit98]

Sure he thinks that Bitcoin has value and especially for countries that have some kind of international sanctions like Russia and Iran have for example.
All those countries can mine Bitcoin without any limitations and use it for international trading for anything they want, and this is how it should be with money.
Putin or anyone else can't control or print more Bitcoin so they can't change supply like they are doing with fiat currencies and steal from people with inflation.

[o48o]

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

I don't see this as crypto friendly statement, but more as a neutral statement. He didn't really specify in what sense Bitcoin has value, because of course most of them have value, they are traded for christ sake, it's the very definition of value. Saying that they don't have value would just be lying at this point.

But to go further on what he meant; like he instantly withdrawed his statement just to say: “But I don’t believe it can be used in the oil trade.". That says enough about where we are now imho. Also being neutral to cryptos at this point seems like they are playing mind games between US and Russia. They all know that there could be decentralized solution for value, and that sort of disrupts the current value power balance.

[TheNineClub]

I don't think Putin needs to understand crypto, there is no reason he would need it. I mean, I understand BTC and crypto, in general, is a great thing, but it's not some magical solution that will better anyone who adopts it. So small steps taken are all right, but not sure if Putin saying something has value will do anything much to the ecosystem. Small steps.

[cheezcarls]

I remember the time that Russia said cryptocurrency trading is allowed but not as means of payment (in other words legal tender). At least they could still trade cryptos, but it would be better if they could expand its use cases like as a medium of exchange. It’s good for Putin to say that Bitcoin has value, but that’s just the first step. Hopefully in the future, he would consider allowing cryptos as mode of payment but should be regulated very well like registering as an operating payment system (OPS).

[DarkDays]

That is not that surprising since Russian government announced their own cryptorubble coin way back in 2017, with Putin backing it up. Also they probably want to counter USA aggressive policy towards bitcoin. I guess they see crypto as a potential leverage in the future against USA.

The way I view it, Putin is an opportunistic man and with crypto about to erupt through nations he's making the right moves for his country.

Yes, there might also be in spite of the competition from other countries, and to stand above them namely USA and China but at least he is not dismissing of something that has been staring politicians in the face for the past year or so. We'll see how far he goes with it...