Putin believes Bitcoin has value

[Rengga Jati]

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.
We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

[Dave1]

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.

I totally disagree though, if he is tolerant then there's something might be for his government.

We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

With or without Russian's inclusion to the so called friendly countries, bitcoin can still reach all time high, can be used by other countries as hedge or legal tender like El Salvador. Don't think that just because a big country like Russia whose government are oppressive by the way means that they can push it higher and higher.

[breathlessz]

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.
We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.
We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

[mindrust]

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.

Putin's acknowledgement is a great accomplishment for bitcoin indeed. He says that it cannot be used for trading oil because the current FIAT monetary system is still intact. When it all goes down, bitcoin will be the king and Putin will have to re-think his options. As far as I know they still use USD for trading oil and USD's days are numbered.

[Marvell1]

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.

Putin's acknowledgement is a great accomplishment for bitcoin indeed. He says that it cannot be used for trading oil because the current FIAT monetary system is still intact. When it all goes down, bitcoin will be the king and Putin will have to re-think his options. As far as I know they still use USD for trading oil and USD's days are numbered.

Partly because the US government has said it will not ban bitcoin. Certainly, Putin does not want to be left behind in the race. Second, Bitcoin can help Russia avoid dependence on the US dollar. In the same statement, Putin stressed that if the US continues to impose sanctions on Russia, It is likely that Russia will abandon oil trading in USD. Currently they still trade oil in USD but apparently, he is implying that bitcoin could be used in the future to replace USD.

[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.

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.

China is attempting to ban Bitcoin, and here Putin is praising it.

Could it be part of the long game? Slowly introduce crypto to the Russian people, then start issuing out CBDC in order to retain control over all finances, sure. But Putin is not advocating for Bitcoin without malicious intent. He is horribly corrupt and has rigged elections to stay in power. Anything that would take dependency away from government is not in Russia's best interest.

Even if Russia were to adopt Bitcoin, I can't imagine it ever replacing their currency. Their economy is too small for significant impact.

[worle1bm]

He has just talked about it's usage but has said it's too early to talk about crypto so don't say they are adopting bitcoin or other cryptocurrencies because there is no such trace in his statement about the same.Many are thinking to adopt various ways to regulate the cryptos but it doesn't mean they all are adopting it immediately.Same is the case with Russia and Putin might have different approach for them but it's still too early to tell what will happen.

[dupee419]

He has just talked about it's usage but has said it's too early to talk about crypto so don't say they are adopting bitcoin or other cryptocurrencies because there is no such trace in his statement about the same.Many are thinking to adopt various ways to regulate the cryptos but it doesn't mean they all are adopting it immediately.Same is the case with Russia and Putin might have different approach for them but it's still too early to tell what will happen.

It doesn't mean that Putin is actually adopting but giving a positive view towards crypto and Bitcoin, if Putin believes that crypto can be beneficial to their economy, he would have said that instead of mentioning the Oil price trade, clearly, people won't use Bitcoin for the oil price trade so I really don't know what his point was in his 2nd statement, I guess he's still trying to find out on what part of his country will actually benefit the citizens and their own government.

[mindrust]

Partly because the US government has said it will not ban bitcoin. Certainly, Putin does not want to be left behind in the race. Second, Bitcoin can help Russia avoid dependence on the US dollar. In the same statement, Putin stressed that if the US continues to impose sanctions on Russia, It is likely that Russia will abandon oil trading in USD. Currently they still trade oil in USD but apparently, he is implying that bitcoin could be used in the future to replace USD.

I know they said that but we still cannot know if Putin will use BTC instead of USD if that happens. My guess is that they are going to try the EURO first. Only if that also fails they'll look for an alternative. Right now EUR and USD are dominating the financial world. Luckily though, EUR won't survive if the USD fails because they are all connected.

[Wildwest]

if putin thinks like that then the russian state will use bitcoin as a transaction tool even though for now they still have big considerations in using it, especially in exporting oil imports which they currently do often, and for now many countries are learning about the crypto world including Russia for them to be able to use it legally and have regulations in using bitcoin and other altcoins, with Putin's opinion the value of bitcoin is currently increasing and this has a huge impact on the market later.

[Fortify]

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.

It seems that Putin is walking a fine line between not wanting officials to escape Russia with large amounts of illegally gained money and the fact that Bitcoin is almost impossible to sanction like a lot of other income generation Russia has going on right now. The fact that Bitcoin sits outside the regular banking system controlled by American friendly interests and the fact that Russian hackers can get paid in Bitcoin which is easy to sell are both big positives for the country, more than outweighing the negatives. He has already scared most Russian citizens into the idea that people can be assassinated anywhere in the world, so he doesn't have to fear money running away as much as most other countries like China do.

[cabron]

Partly because the US government has said it will not ban bitcoin. Certainly, Putin does not want to be left behind in the race. Second, Bitcoin can help Russia avoid dependence on the US dollar. In the same statement, Putin stressed that if the US continues to impose sanctions on Russia, It is likely that Russia will abandon oil trading in USD. Currently they still trade oil in USD but apparently, he is implying that bitcoin could be used in the future to replace USD.

I know they said that but we still cannot know if Putin will use BTC instead of USD if that happens. My guess is that they are going to try the EURO first. Only if that also fails they'll look for an alternative. Right now EUR and USD are dominating the financial world. Luckily though, EUR won't survive if the USD fails because they are all connected.

They already tried EUR as far as I know. It's easy for Putin to say BTC has value because he is sanctioned. They always say what is best when it favors them and for now supporting BTC is in his favor which EUR and USD might likely fail due to the heavy printing. Russia has the 3rd highest hash rate means they are really supporting this business. If China decides not to accept USD, they will also be looking at EUR.

[AakZaki]

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.

At least this is a form of support for Cryptocurency. This is one positive news. They will continue to give permission to their citizens to carry out crypto-related activities except for payment instruments. Even if I'm not mistaken they already have the official digital currency Ruble. Maybe this is not a direct support but it does not hinder the development of Bitcoin it is already very good. It looks like they will continue to study Bitcoin and other cryptos.

[oHnK]

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.

At least this is a form of support for Cryptocurency. This is one positive news. They will continue to give permission to their citizens to carry out crypto-related activities except for payment instruments. Even if I'm not mistaken they already have the official digital currency Ruble. Maybe this is not a direct support but it does not hinder the development of Bitcoin it is already very good. It looks like they will continue to study Bitcoin and other cryptos.

Yes, the positive signal from President Putin is enough to make the market appreciate even though there are many other supporting factors.  The conditions for Russia and China, which are rumored to be replacing China, are slightly different because Russia is currently looking for an alternative after the US policy on Russia since 2014.

[eaLiTy]

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"

The value of BTCitcoin is to trade freely on a global level and the countries that are having trade restriction should embrace trading using BTCitcoin and that is the greatest strength to overcome trade restrictions imposed upon them rather than countries starting their own cryptocurrency which is bullshit.

I am expecting more countries accepting cryptocurrency in the coming years and the countries having trade restrictions should take advantage of the situation.

 

[Rufsilf]

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.

That means Russia is open to bitcoin discussion and use bitcoin as medium of payment either local or international. Especially their president Vladimir Putin says something about bitcoin positively and that will have an impact to the market and its value.
For now, they aren't open yet about the oil trade using bitcoin but this can be the start for the Russian citizens to also use bitcoin.
And yes it is possible that the miners will be relocating to Russia.

[blockman]

Yes, the positive signal from President Putin is enough to make the market appreciate even though there are many other supporting factors.  The conditions for Russia and China, which are rumored to be replacing China, are slightly different because Russia is currently looking for an alternative after the US policy on Russia since 2014.

When there are influential people that are telling something positive about bitcoin, the market always reacts. And if someone like Putin tells the same then for sure we're going to see unstoppable market reactions in a positive manner. That's really what we need to have and not those experts in an economy that are telling that bitcoin don't have any value and it's not going to live any longer. But in the end, they are the ones that are even accumulate first than the rest.

[pinggoki]

I think the reason why he tried to relate bitcoin into the oil trade is because as of the moment oil and gold are the means of determining whether a country is developed or not, the more oil and gold reserves they have, the more economically powerful a country is. He believes that bitcoin could be used as a substitute for currency but until the time it could be on par with oil in terms of value and use-case he is most likely to sideline it. Bitcoin, albeit a greener option, still falls short on the use-case sector since oil powers everything as of the moment, but as we trend towards a nature-friendly future, not only Russia but many nations which are initially against the use of crypto may change minds and opinions.

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.

The Russian president only said that Bitcoin has value but he also said that Bitcoin cannot be used for oil trading, from the words of the Russian President I think that there is no hope for Bitcoin to be made as legal tender in the country.
From this news we can conclude that the President of Russia does not prohibit bitcoin in his country but the President of Russia also does not accept Bitcoin as a legal tender.
Hopefully in the future the Russian President can accept bitcoin as a legal means of payment so that the poor can be helped by bitcoin and on the other hand so that the price of bitcoin becomes more expensive.

There is still hope I think, we tend to forget the fact that more and more people are revolutionizing towards a future that is not run by non-renewable resources like oil and coal. Thus, once achieved I think we will have good chances that bitcoin could find some space in the Russian economy and be used for their everyday living. We have to consider that the opinion Putin presented is only for the moment and may change for the better, or for worse in the future, once all things are said and done.

[Vaskiy]

Yes, the positive signal from President Putin is enough to make the market appreciate even though there are many other supporting factors.  The conditions for Russia and China, which are rumored to be replacing China, are slightly different because Russia is currently looking for an alternative after the US policy on Russia since 2014.

When there are influential people that are telling something positive about bitcoin, the market always reacts. And if someone like Putin tells the same then for sure we're going to see unstoppable market reactions in a positive manner. That's really what we need to have and not those experts in an economy that are telling that bitcoin don't have any value and it's not going to live any longer. But in the end, they are the ones that are even accumulate first than the rest.

Yes, when influential people reveal something positive about cryptocurrencies, automatically the market turns progressive. Putin and Russia were against cryptocurrency in the earlier years. Now this has changed, because even without any legal framework people continue using it. To avoid unwanted mess, government have taken some positive decisions on cryptocurrency regulations. Now Putin also revealed his positive statement on cryptocurrency in his interview. Another thing more miners moving to Russia. This way what Putin believes is made to be true.

[freedomgo]

I think the reason why he tried to relate bitcoin into the oil trade is because as of the moment oil and gold are the means of determining whether a country is developed or not, the more oil and gold reserves they have, the more economically powerful a country is. He believes that bitcoin could be used as a substitute for currency but until the time it could be on par with oil in terms of value and use-case he is most likely to sideline it. Bitcoin, albeit a greener option, still falls short on the use-case sector since oil powers everything as of the moment, but as we trend towards a nature-friendly future, not only Russia but many nations which are initially against the use of crypto may change minds and opinions.

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.

The Russian president only said that Bitcoin has value but he also said that Bitcoin cannot be used for oil trading, from the words of the Russian President I think that there is no hope for Bitcoin to be made as legal tender in the country.
From this news we can conclude that the President of Russia does not prohibit bitcoin in his country but the President of Russia also does not accept Bitcoin as a legal tender.
Hopefully in the future the Russian President can accept bitcoin as a legal means of payment so that the poor can be helped by bitcoin and on the other hand so that the price of bitcoin becomes more expensive.

There is still hope I think, we tend to forget the fact that more and more people are revolutionizing towards a future that is not run by non-renewable resources like oil and coal. Thus, once achieved I think we will have good chances that bitcoin could find some space in the Russian economy and be used for their everyday living. We have to consider that the opinion Putin presented is only for the moment and may change for the better, or for worse in the future, once all things are said and done.

But knowing how positive Putin about crypto at the present, it will be more likely to gain positive results in the future. Although no one holds the future, but we know in time crypto will be more usable in the years to come and by that time, maybe Putin will already accept crypto not just as a currency, but also for oil trading. And in terms of Russia replacing China, i have high hopes that it will really bound to happen soon as China becomes more unproductive to crypto. Russia will definitely be a good relocation for crypto miners as the President itself is not against with it. So definitely, its an edge.