- Russia proposes a national Bitcoin reserve to counter sanctions and bolster international trade.
- Global interest in Bitcoin reserves rises amid its $100K surge and shifting geopolitical dynamics.
As a seasoned researcher with over two decades of experience studying global financial markets and emerging technologies, I find the recent developments surrounding national Bitcoin reserves intriguing. The proposed plans by Russia and the potential moves by other nations, such as China, are not just a reflection of the cryptocurrency’s remarkable surge past the $100K milestone but also a response to shifting geopolitical dynamics.
Worldwide, there’s increasing curiosity about the potential for creating a Bitcoin reserve following heated debates in the U.S., spearheaded by President Donald Trump.
Russia plans to create Bitcoin Reserve
Remarkably, a Russian legislator has put forward an idea for establishing a country-wide Bitcoin reserve as a means to lessen political risks and the impact of potential sanctions.
Anton Tkachev, a representative from the Novye Lyudi party in the State Duma, has officially made a request to Finance Minister Anton Siluanov, proposing a Bitcoin storage system similar to conventional national reserves, which are kept in regular currencies.
Making this move emphasizes the growing understanding worldwide that Bitcoin could be a valuable strategic financial asset, demonstrating its significance on the global financial landscape.
Remarking on the same, Tkachev in an appeal noted,
Since many nations under sanctions have restricted access to conventional global payment methods, cryptocurrencies are increasingly serving as the primary means of facilitating international commerce.
As a researcher, I recently observed that during his latest appearance at the Moscow Investment Forum, President Vladimir Putin of Russia expressed an acknowledgement of Bitcoin’s transformative capabilities. This represents a notable change in his previous stance, shifting from open opposition to a more cautious recognition.
Is China following in US and Russia’s footsteps?
Besides this, Changpeng “CZ” Zhao, the previous head of Binance, has also shared his thoughts on the international conversation about Bitcoin’s stored reserves.
At the Bitcoin MENA conference held in Abu Dhabi on the 9th of December, Zhao suggested that smaller countries could potentially spearhead the adoption of Bitcoin as a reserve currency. However, he underlined that this shift is expected to happen gradually rather than immediately.
Additionally, he suggested China might create a reserve for Bitcoin, yet emphasized that the feasibility of this action remains uncertain given the ambiguity surrounding their government’s viewpoint towards cryptocurrencies.
Zhao added,
Before Trump took office and the strategic Bitcoin reserve was activated, I believe it’s too early to tell how other countries will react. Once both events occur, we can better assess international actions.
What is fueling this?
It appears that the worldwide enthusiasm for creating Bitcoin reserves is mirroring the digital currency’s impressive climb beyond the $100,000 mark, momentarily reaching $102,000, only to subsequently dip again.
Currently, I find myself observing that the value of Bitcoin is standing at approximately $97,325.53, representing a minor dip of about 1.65% in the last 24 hours, as per CoinMarketCap’s latest report.
In terms of the United States, there’s a divided outlook among investors regarding the market, since bets placed on Polymarket suggesting that ex-President Trump would establish a Bitcoin reserve within his initial 100 days have fallen to 28%.
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2024-12-10 14:15