Vladimir Putin Might Have A Use Case For Bitcoin
Russian president 4 life Vladimir Putin thinks Bitcoin could be used as an alternative to the greenback.
Vladimir Putin has a new interview that has been posted on the Russian government website.
In it, he states that cryptocurrency “has the right to exist and can be used as a means of payment."
Many people will debate what this means, but a pretty big non-story IMO.
— Pomp ?? (@APompliano) October 14, 2021
During an interview at an event for Russian Energy Week, Vladimir Putin said that it’s “too early to talk about the trade of energy resources in crypto.” Putin was referring to the potential use of cryptocurrency to circumvent U.S. sanctions.
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- The US is able to levy sanctions around the world because the US dollar is a global reserve currency. Since it’s used to settle trade contracts between many countries, the U.S. dollar is used as a chokepoint.
- “I believe the U.S. makes a huge mistake in using the dollar as a sanction instrument,” Putin told Hadley Gamble of CNBC.
- Russia doesn’t appear to be in any danger of taking China’s approach to cryptocurrency. “But everything develops, everything has the right to exist,” he said speaking broadly about crypto’s potential.
- Putin thinks crypto has value but “It’s too early to say about the oil trade in cryptocurrency” because it’s not backed by anything.
- The US dollar hasn’t been backed by gold since it moved to a fiat system in 1971. US dollar’s value is derived from, “changes in supply and demand, as well as the strength of the government behind it.”
- Many believe the greenback is what is thanks to the US Military.
- Recently, Jerome Powell said that the Federal Reserve has no plans on banning cryptocurrency.
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Text source: CryptosRus
