Russia cut off from Swift is fantastic opportunity for bitcoin

[Maidak]

This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.

This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.

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[DoublerHunter]

This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.

This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.

^ In my own, they will not legalize BTC for sure because it becomes a conflict with their own currency.
Probably it could be an alternative currency but they were not legalizing it since the Russian government already hated BTC a long time ago.
This is what I am hoping for that someday they will realize how BTC is very useful and even if can't regulate it at least during sanctions there is an alternative currency that remains neutral for both countries Ukraine and Russia.

[Ozero]

This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.

This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.

Now Russia is taking all measures to prevent capital flight from the country. The toughest international sanctions imposed have led to the fact that almost all foreign business with its investments has left Russia. In addition, a significant part of Russian citizens also began to export currency, given that the national ruble began to depreciate rapidly. Therefore, the government feverishly began to take measures to somehow strengthen its ruble. Citizens can no longer buy foreign currency, with the exception of the Chinese yuan.
Under these conditions, Russia is unlikely to fully legalize cryptocurrency. This step would be contrary to the current anti-crisis tasks of the government.

[Abiky]

This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.

This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.

If Putin doesn't want to adopt Bitcoin in opposition of Ukraine and USA, it's probable he'll choose another cryptocurrency to keep Russia's economy afloat. Anything that would help Russia evade sanctions imposed by the West and the EU would be considered ideal for the country's self-sustainability. Either Putin adopts another cryptocurrency or he orders Russia's Central Bank to create a new Digital Ruble (a CBDC). I'm pretty sure China will help Russia economically in order to make it rise from the ground up. If Russia's economy is restored regardless of the sanctions, then the West (and the EU) would've ultimately failed. Who knows what the future holds for Russia and Ukraine? Just my thoughts

[hatshepsut93]

If Russia will embrace Bitcoin, it will do more harm to Bitcoin than good. The world is "cancelling" Russia right now, there are many cases where anything associated with Russia gets boycotted, even if it isn't directly tied to Russia's war. If Bitcoin will be viewed as Russia's payment system, you can bet it will eventually get restricted in the West.

Instead of thinking "something bad in the world is an opportunity for Bitcoin", try thinking about how it can also harm Bitcoin, because such things could easily happen.

[Renampun]

I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.

I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.

bitcoin is a currency there is no manipulation, and also very decentralized...

without SWIFT then all Russian citizens who are accustomed to using banks for transfers or other activities internationally will be cut off, and with bitcoin, it is a way out to transfer internationally freely and safely. bitcoin only -> Russia's way out to stay in touch with the outside world, especially transactions.

[Yasien Sayidiman]

I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.

I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.

Yes Sir, I hope bitcoin is good for current situation, but Why Putin don't push Russian people to save money in form Bitcoin?
if Putin is big believer FIAT Standard why they fight NATO? all of them is FIAT standard is it?

If Russia will embrace Bitcoin, it will do more harm to Bitcoin than good. The world is "cancelling" Russia right now, there are many cases where anything associated with Russia gets boycotted, even if it isn't directly tied to Russia's war. If Bitcoin will be viewed as Russia's payment system, you can bet it will eventually get restricted in the West.

Instead of thinking "something bad in the world is an opportunity for Bitcoin", try thinking about how it can also harm Bitcoin, because such things could easily happen.

nice answer , now I'm understood why bitcoin still bearish.

then how about if Tsar bomba drop ? how much price Bitcoin , dreaming buy bitcoin dip :kiding:

[moderator's note: consecutive posts merged]

[lixer]

I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.

I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.

bitcoin is a currency there is no manipulation, and also very decentralized...

without SWIFT then all Russian citizens who are accustomed to using banks for transfers or other activities internationally will be cut off, and with bitcoin, it is a way out to transfer internationally freely and safely. bitcoin only -> Russia's way out to stay in touch with the outside world, especially transactions.

The crypto itself might be decentralized, but the exchanges and the connection between crypto and your bank account is centralized. Which means that if Russians wants to turn billions into crypto, they would have to use banks.

In their own nation, they could make it legal and supported, but then they would only have crypto, where could they cash that out to fiat again? Not in another nation, that would be hard because of the sanctions. All in all, it is not impossible to turn ruble into crypto into euro or dollars, there are ways you could do that but between being very expensive and also possibility of your fiat getting frozen, it is very risky.

[Abiky]

The crypto itself might be decentralized, but the exchanges and the connection between crypto and your bank account is centralized. Which means that if Russians wants to turn billions into crypto, they would have to use banks.

In their own nation, they could make it legal and supported, but then they would only have crypto, where could they cash that out to fiat again? Not in another nation, that would be hard because of the sanctions. All in all, it is not impossible to turn ruble into crypto into euro or dollars, there are ways you could do that but between being very expensive and also possibility of your fiat getting frozen, it is very risky.

Not necessarily. It's still possible to turn crypto to Fiat in-person or through P2P exchanges. You don't need banks as long as there are ways to exchange crypto to Fiat in a decentralized manner. As you've said before, what governments can only do is restrict centralized exchanges and wallet providers from conducting business with Russia. But they cannot stop decentralized exchanges because of the way they are designed.

I believe Russia will rely on crypto from now on in order to keep its economy afloat. No one knows what's in Putin's mind right now, so the only thing we can do is speculate. Who knows what the future holds for Russia's economy? Just my opinion

[Molinology]

Due to Russia’s cut off from swift has left russian with only bitcoin as an option for making international transactions. This has resulted in Russians buying bitcoin at $ 20,000 above the market price.