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.

[Asiska02]

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.

You have a very valid point here and if the news would have taken effect immediately, the market will all be in green by now but what we’re still seeing is and indecisive market and not sure what direction it’ll lead to later. El Salvador is a small country and that’s why the adoption and the massive buying of bitcoin by their president Nayib Bukele didn’t have more effect on the market. For a country like US, it would have already been something different and has positive impact on the market by now. US is a country that always wants their currency to be the best in the global market, so the thought of them even adopting and making it a legal tender for everything by their citizens will pose a threat to their authoritarian rule. Russia is a big country, but we will just have to wait to see how far they can affect the market with this good step they’ve taken to embrace cryptocurrency.

[Igebotz]

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.

Do you think that Russia's full embrace of Bitcoin will lead to other BRICKS members following suit? This includes China, cause these countries, as well as other non-BRICK members, would need Bitcoin to trade with Russia. This might marginally enhance adoption while also having a positive influence on the price too.

[Princess Leah]

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.

Do you think that Russia's full embrace of Bitcoin will lead to other BRICKS members following suit? This includes China, cause these countries, as well as other non-BRICK members, would need Bitcoin to trade with Russia. This might marginally enhance adoption while also having a positive influence on the price too.

Yeah, you're on point, other BRICKS countries and the rest of other countries would have no option but to trade with them through the use of Cryptocurrency and I believe they'll definitely use Bitcoin mostly for carrying out transactions since it's the most outstanding digital asset, that alone is enough to influence the price though the price of Bitcoin might not exceed the ATH but chances are that it could happen after a while probably by the 2nd or 3rd quater of next year.

 Also, those that are using El Salvador's adoption of Bitcoin as a yardstick against it's influence to the market should understand that Russia is by far richer than El Salvador, Russia got a high amount of rich people in it's country than El Salvador and if they use their national treasures or some part of it to purchase Bitcoin like El Salvador you could image the influence it would bring to the market not to talk on when it's rich citizens start acquiring Bitcoin massively.

[Mr.right85]

Do you think that Russia's full embrace of Bitcoin will lead to other BRICKS members following suit? This includes China, cause these countries, as well as other non-BRICK members, would need Bitcoin to trade with Russia. This might marginally enhance adoption while also having a positive influence on the price too.

Russia going all buzz in Bitcoin or cryptocurrency adoption for a means to foster international trades amongst others.

Is the forum still banned in Russia?
Because, they can’t or rather shouldn’t be making all these moves and the one pro-Bitcoin space is still banned, leaving access only by VPN. That’s messed up though, it’s not hindered participation from the Russian community.

In all, it’s a good move to have Russia want to endorse Bitcoin in this way and as a large economy which they are, it would speak volumes for the network.

[Charles-Tim]

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.

What made bitcoin to increase to $67000 was United States bitcoin ETF that people were expecting. The only time I knew Russia action had effect on bitcoin price was when Vladimir Putin declared war on Ukraine. Bitcoin price fell at the time but bitcoin recovered back that day. Such can be expected during war. Another example was when Iran sent missiles and rocket to Israel. Bitcoin fell at the time but recovered back very fast also. What you thought about what that increased the price of bitcoin was a coincidence and not the actual cause.

Also, I did not notice Russia legalizing crypto mining to have any obvious positive effect on bitcoin. Such positive effect would be very fast in a matter of some minutes to some hours but I did not noticed anything like that.

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.

I was only referring to one of the characteristics of bitcoin which is P2P transactions. If you are a Nigerian or not a Nigerian, that you can send bitcoin to anyone at anywhere in the world that people are living and having Internet connection. I understood you. Also that government do not have to make it as a means of payment before you can use it for something like that. Although, the use can be limited but not limited up to sending it to someone which is one of its purpose. We do not need any government for this.

Do you think that Russia's full embrace of Bitcoin will lead to other BRICKS members following suit? This includes China, cause these countries, as well as other non-BRICK members, would need Bitcoin to trade with Russia. This might marginally enhance adoption while also having a positive influence on the price too.

Chinese government that has not seen bitcoin as a form of currency. I think I will prefer to see on the news about country like US to have bitcoin in reserve which I know many other countries will copy that soon. This would be more positive on bitcoin adoption if many other countries followed Russia but is that going to be what would happen is the question and how influential is Russia on other countries.

Yeah, you're on point, other BRICKS countries and the rest of other countries would have no option but to trade with them through the use of Cryptocurrency

This would be about agreement and not about 'no option'.

Is the forum still banned in Russia?
Because, they can’t or rather shouldn’t be making all these moves and the one pro-Bitcoin space is still banned, leaving access only by VPN. That’s messed up though, it’s not hindered participation from the Russian community.

Yes. This is a good point.

[Odogwu-Blockchain]

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.

What made bitcoin to increase to $67000 was United States bitcoin ETF that people were expecting. The only time I knew Russia action had effect on bitcoin price was when Vladimir Putin declared war on Ukraine. Bitcoin price fell at the time but bitcoin recovered back that day. Such can be expected during war. Another example was when Iran sent missiles and rocket to Israel. Bitcoin fell at the time but recovered back very fast also. What you thought about what that increased the price of bitcoin was a coincidence and not the actual cause.

Another incidence that caused the downfall of Bitcoin and other cryptocurrency was coronavirus outbreak, this was massive to the point that Bitcoin price remained at the lowest point but it's retraces back to it normal position after a long while. To me, negative news affects the price of Bitcoin and not positive news only have a little effect on the price, do you observe the same thing?

[iBaba]

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.

The adoption of Bitcoin by the Russian government for international trades will bring about a monumental change in the cryptocurrency market especially as it will cause a significant increase in the bitcoin prices in a short period of time because many Russian citizens and businesses will begin to trade bitcoin to escape the existing sanctions and expand their investment base in the digital currency. But I know this will also come with heightened volatility in the market due to the statement made by president Putin, investors and traders may float the market which includes fluctuations in the bitcoin market. These are some of the short term impact it will have on the uptrend of the market.

As for the long term impacts, it will include a fear that will come up from the Western world about the flourishing bitcoin market in Russia. Let me also mention at this point that, if Russia eventually adopts bitcoin for it international trades, a lot of the BRICS countries like China, Brazil, India and South Africa, if not all will fall into place by also adopting bitcoin for their international trades between each other. It won't stop there, other non-BRICS countries may also follow suit bringing about what I call "Nyctophobia", fear of the uncertain tune of events to the western countries like USA. This will bring about the bifurcation of the global financial system as Bitcoin will assume a central position in the world's economy especially for countries looking to set themselves free from the traditional centralized financial system.

In both ways, it will be a gain to the bitcoin market as the prices could see a major price difference. It is okay to mention that what happened with the El-Salvador country is different from what will happen with Russia. El-Salvador is a small country in Central America of less than 10 million people in population. Russia is a well positioned country in the Eastern world and BRICS. If the bitcoin market didn't experience any major uptrend in the market during the El-Salvador case, it will definitely do, with the case of Russia. I'm rest assured of that.

[Odogwu-Blockchain]

In both ways, it will be a gain to the bitcoin market as the prices could see a major price difference. It is okay to mention that what happened with the El-Salvador country is different from what will happen with Russia. El-Salvador is a small country in Central America of less than 10 million people in population. Russia is a well positioned country in the Eastern world and BRICS. If the bitcoin market didn't experience any major uptrend in the market during the El-Salvador case, it will definitely do, with the case of Russia. I'm rest assured of that.

I just read that El-Salvador government buys 1 Bitcoin everyday from the days they accept to get involved into Bitcoin, what an incredible move by the president. He probably have a target and now he's accumulated a total of 162 Bitcoin so far.

[SmartGold01]

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.

What made bitcoin to increase to $67000 was United States bitcoin ETF that people were expecting. The only time I knew Russia action had effect on bitcoin price was when Vladimir Putin declared war on Ukraine. Bitcoin price fell at the time but bitcoin recovered back that day. Such can be expected during war. Another example was when Iran sent missiles and rocket to Israel. Bitcoin fell at the time but recovered back very fast also. What you thought about what that increased the price of bitcoin was a coincidence and not the actual cause.

Also, I did not notice Russia legalizing crypto mining to have any obvious positive effect on bitcoin. Such positive effect would be very fast in a matter of some minutes to some hours but I did not noticed anything like that.

Well to me it's something that worth making the market to increase but however, as we know positive news hardly influenced the market unlike negative ones, if it was negative you would see bitcoin decreasing with huge speed and at some point would stabilized again to sustain the previous price, although at that point it already set fear in the eyes of trader and small investors don't mind selling to take profits from their previous trade/holdings.

[Lida93]

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.

In actual sense we do know that Russia's economy with this move is big enough to drive the price of bitcoin to an optimum peak contributing to the expected bull run by 2025 but the geopolitical indifference in ideologies with the US, EU and the UK under one ideological umbrella promoting one another's prospects and initiative and against that which tend to go in favour of the other pole (Russia's who have chosen to be a one man army). The line of sight about this is that since it's coming from Russia the Western world wouldn't dare to absorb or promote it for it to have that strong impact it ought to have on the crypto market.