Should we expect a hike in Bitcoin and other cryptocurrencies soon?

[Princess Leah]

 I just learnt from the news that Vladimir Putin (Russian President) has sanctioned an experimental use of Cryptocurrency for foreign and national transactions and that the Russian Central Bank would oversee the process of Cryptocurrency use and it would be effective from the 1st of September, which is about three days from now.
 
 Well, this could serve as a good news to Cryptocurrency users since Russian as a big country with large economy could influence the market cause since they've been banned from carrying out international transactions with most countries with their local currency, the Cryptocurrency would now make it possible and everyone would switch to using it for international transactions.

 I just hope they use Bitcoin (which is the best alternative) for carrying out international transactions and with that being said, this could cause a hike in various Cryptocurrencies especially Bitcoin, i think the market would be more favorable by September what do you think?

[Igebotz]

Well, this could serve as a good news to Cryptocurrency users since Russian as a big country with large economy could influence the market cause since they've been banned from carrying out international transactions with most countries with their local currency, the Cryptocurrency would now make it possible and everyone would switch to using it for international transactions.

 I just hope they use Bitcoin (which is the best alternative) for carrying out international transactions and with that being said, this could cause a hike in various Cryptocurrencies especially Bitcoin, i think the market would be more favorable by September what do you think?

Russia has been going all buzz on Bitcoin for the last few months, Bitcoin mining is now legal in Russia, they're are planning on building two large crypto exchange, they're creating two stablecoin backed by rupe and now they've passed the law to allow Citizens use Bitcoin for trade for international transactions. This is huge and we could see the price to the moon soon or crash if the westerners decided to pull out if Russia go big on Bitcoin as they hate to see anything benefits Russia.

We're yet to see the price movement because literally everyone is waiting to see if it's good or bad News.

[Promocodeudo]

This is a good development that will have a good effect in the cryptocurrency world, a country like Russia embracing cryptocurrency in its fullest is a welcome development, countries are beginning to see the potentials that are accompanied with cryptocurrency because financial institution has started failing to face their responsibility in building a strong financial system that will be beneficial to the citizen, Russia acted wisely because if we should consider the recent happenings, we will understand that based on the inability of bank to harmonize interest rate, many people has started considering channeling their investment to Bitcoin.

Definitely this is going to be a win for crypto community, Russia as a country that has a good numbers of services the render to different countries so with this step they have taken so far, I think that it will be a boom for crypto enthusiast not only for Russia and thier business associates but for all that believe in crypto.
Major key players in crypto will be loving this news, Russia is one of the country with high level of technology so with this approach they have taken it is going to be something we never expected for Bitcoin because many countries that has been unable to do business with them based their sanctions can now breath well since there is an avenue for that as it stands.

[EarnOnVictor]

This is no doubt good news to the crypto world but it will be impactful to the market minimally because Russia is not a strong driving force in electronic trading and investment, the same will apply to cryptocurrency. How much does Russia's economic news drive the market the way the US, UK and EU news drive it? So this is practical.

I understand Putin at this juncture, the guy is desperate and of course, cryptocurrency is a very good option which he has to explore to its fullest. This is why the Western sanctions are not having so much effect on the country, the world is changing. Again, one of the reasons why this news will not "hold much water" is that only a little difference will happen because Russians are already fully relying on cryptocurrency for their cross-border payments, especially after the Western sanctions take full effect, the government is only making it more legal, but the utility is already there.

I hope they equally know the danger when the transaction increases locally.

[Charles-Tim]

Cryptocurrency would now make it possible and everyone would switch to using it for international transactions.

Someone can send me bitcoin or any other crypto from abroad and I can spend it in naira in less than 30 minutes. 30 minutes is an overestimation because it will not be long up to that before I will convert it to naira. I have used bitcoin,  bitcoin lightning network and altcoins to pay for good and services online. Although, this is not common but I have used it before several times. I have used USDT to fund dollar master card before.

I just hope they use Bitcoin (which is the best alternative) for carrying out international transactions and with that being said, this could cause a hike in various Cryptocurrencies especially Bitcoin, i think the market would be more favorable by September what do you think?

Hope? When you can use it but not everywhere. At least, you can send crypto to family or friend in most countries. Over 95% of the countries in the world do not illegalize cryptocurrencies.

Russia has been going all buzz on Bitcoin for the last few months, Bitcoin mining is now legal in Russia, they're are planning on building two large crypto exchange, they're creating two two stablecoin backed by rupe and now they've passed the law to allow Citizens use Bitcoin for trade and international transactions. This is huge and we could see the price to the moon soon or crash if the easterners decided to pull if Russia go big in Bitcoin as they hate to see anything benefits Russia.

We're yet to see the price movement because literally everyone is waiting to see if it's good or bad News.

Have you heard anything that Russia did before that had negative or positive effect on bitcoin that was obvious? The only two countries that I noticed was United States and China. While the negative influence China had has reduced significantly.

[SmartGold01]

Well, this could serve as a good news to Cryptocurrency users since Russian as a big country with large economy could influence the market cause since they've been banned from carrying out international transactions with most countries with their local currency, the Cryptocurrency would now make it possible and everyone would switch to using it for international transactions.

 I just hope they use Bitcoin (which is the best alternative) for carrying out international transactions and with that being said, this could cause a hike in various Cryptocurrencies especially Bitcoin, i think the market would be more favorable by September what do you think?

Russia has been going all buzz on Bitcoin for the last few months, Bitcoin mining is now legal in Russia, they're are planning on building two large crypto exchange, they're creating two stablecoin backed by rupe and now they've passed the law to allow Citizens use Bitcoin for trade for international transactions. This is huge and we could see the price to the moon soon or crash if the westerners decided to pull out if Russia go big on Bitcoin as they hate to see anything benefits Russia.

We're yet to see the price movement because literally everyone is waiting to see if it's good or bad News.

Do you know that it was this Bitcoin mining that was legalized in Russia months or weeks ago that causes the sudden hike of bitcoin price moving from 49k to about 67k thereabouts and it shocked me to have created topic to know, but I now I see the reason. Of course there's every possibility for the price change above it's previous level to something very promising though I am not sure if the price would passed the previous ATH because to me that is surely will be expected by next year maybe Q2 or Q3 2025. This news may only give it a little lift between 59k to 70k so I don't really expect something much will happen in the market. Anyway this is good to hear at least all other cryptocurrency will receive a fresh air to soar.

[Oshio-man]

I just learnt from the news that Vladimir Putin (Russian President) has sanctioned an experimental use of Cryptocurrency for foreign and national transactions and that the Russian Central Bank would oversee the process of Cryptocurrency use and it would be effective from the 1st of September, which is about three days from now.

This new moved will definitely impact the people of Russia positively, and it will make their foreign investors to improve in income making from their international investment because many investors will prefer to make cryptocurrencies to buy crude oil and other products from Russia and pay with bitcoin or other cryptocurrencies and this new policy that will start from September this year 2024 will boost the Russian economics.
 

I just hope they use Bitcoin (which is the best alternative) for carrying out international transactions and with that being said, this could cause a hike in various Cryptocurrencies especially Bitcoin, i think the market would be more favorable by September what do you think?

Bitcoin must be included among the cryptocurrencies, if the president want to achieve his goal in this new policy because bitcoin has more population than other cryptocurrencies in the whole world and before you can see 10 investors that is holding cryptocurrencies to buy products from Russia, 7 of those investors must be bitcoin investors which the president of Russia will like to include bitcoin to make everything to work well for the favour of their economics.

[Odogwu-Blockchain]

I just hope they use Bitcoin (which is the best alternative) for carrying out international transactions and with that being said, this could cause a hike in various Cryptocurrencies especially Bitcoin, i think the market would be more favorable by September what do you think?

I don't really think it will affect the price of Bitcoin now but in future, do you remember when El Salvador accepted the use of Bitcoin?, what happened after the big new, do you observe any changes. Or should we say El Salvador is a small country that their capacity cannot pull and skyrock the market.

If Russia is considering the acceptance of Bitcoin for transaction, then don't expect the price of Bitcoin to spike up immediately, the price would rise based on their continuous and consistently demanding Bitcoin for transaction.

[Princess Leah]

I don't really think it will affect the price of Bitcoin now but in future, do you remember when El Salvador accepted the use of Bitcoin?, what happened after the big new, do you observe any changes. Or should we say El Salvador is a small country that their capacity cannot pull and skyrock the market.

If Russia is considering the acceptance of Bitcoin for transaction, then don't expect the price of Bitcoin to spike up immediately, the price would rise based on their continuous and consistently demanding Bitcoin for transaction.

I understand the point you're trying to make but you shouldn't leave out the fact that their a tendency of that happening it's under probability and also the economy of Russia is by far greater than that of El Salvador and yes one would be right to say what you've just stated.

 Remember most of the top Cryptocurrency whales are from Russia infact the founder of Ethereum is from Russia, Telegram CEO Pavel Durov is from Russia those two might not be operating in that country but they have other top Business men and industries that are in Russia who would be happy to jump into using Cryptocurrency to enable transaction as the globe with other business partners since they've been affected by the ban which distrupt them from trading with the Euro or their local currency across the globe, that alone is enough to influence the market, though it might not spike up immediately.

Someone can send me bitcoin or any other crypto from abroad and I can spend it in naira in less than 30 minutes. 30 minutes is an overestimation because it will not be long up to that before I will convert it to naira. I have used bitcoin,  bitcoin lightning network and altcoins to pay for good and services online. Although, this is not common but I have used it before several times. I have used USDT to fund dollar master card before.

I think you misunderstood the point I was trying to make, I wasn't referring to Nigerians in that statement you quoted but rather to the Russian citizens. However I understand the point you're trying to make and rather than converting a digital asset sent to me to Naira I'll rather convert it to USDT which is more better, our economy is terrible and saving in Naira is as good as being useless.

 Also it depends on the amount of bitcoin or any other cryptocurrencies sent to you or do you want to tell me that you can squander $10- 30k worth of bitcoin in space of 30 mins? If what you spent it on won't yield profit or ain't beneficial then such lifestyle ain't worth it.