The new year has been awfully kind to cryptocurrencies and especially Bitcoin, as the prices have escalated above the $4,000 range and stayed there for more than a week. Moreover, Russia plans to replace its cash reserves with investment in Bitcoin in a few weeks.
Vladislav Ginko of the Russian Presidential Academy of National Economy and Public Administration told Micky that the Kremlin will be forced to invest in Bitcoins if the U.S. goes through with its new sanctions.
“US sanctions may be mitigated only through Bitcoin use… Because of US sanctions Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. Central bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it (in the future).”
He confirmed that the Bitcoin adoption and the investment by the Kremlin could happen within weeks. Ginko continued that this was because Bitcoin is resistant to Office of Foreign Assets Control.
Ginko has been appearing in the Russian media talking about Bitcoin adoption and is said to have ties with the government dating back to more than 20 years.
Many people in the community are speculating that the next bull run for Bitcoin and other cryptocurrencies will be triggered if Russia successfully adopts Bitcoin.
Chris Burniske tweeted:
“A money like #bitcoin is likely to be the greatest *single instance* of value capture within the programmable value universe, which is why many of the top #cryptoassets today are battling for this position.”
Ginko replied to this thread saying:
“Chris, I believe sitting here in Moscow, Russia, that the real factor of Bitcoin apotion will be when Russian government I’m working for will start investing almost $470 billion reserves into Bitcoins. I expect that it’ll be at least $10 billion in the first quarter of this year.”
Furthermore, Ginko stated:
“Huge reserves must be invested in smth right now and the one reasonable option is Bitcoin since it’s resistant to US sanctions of OFAC.”
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