The Russian president finally uttered the word “Bitcoin” at the Moscow Economic Forum. A day to be marked with a white stone.
Russian Calling
Vladimir Putin reacted to Donald Trump's threats against countries that intend to get rid of the dollar. The next president of the United States tweeted at the end of last week:
“The idea that BRICS countries can distance themselves from the dollar while we sit back is over. We demand that these countries commit not to create a new currency, nor support another currency to replace the dollar, otherwise they will be subject to 100% tariffs. »
[Notre article complet sur le sujet : « Trump, le Dollar et le Bitcoin »]
The Russian president recalled that “things have changed a lot on the economic front over the past four years, both in the United States and in the rest of the world.”
“His successors did much to undermine the foundations of the dollar as the world’s reserve currency”did he spearadding that America uses the greenback “as a weapon to harm other countries”.
“The share of the United States in the world economy is decreasing and it is natural that the influence of the dollar is also reduced”he slipped.
This distrust is not surprising when we know that the United States and Europe have frozen the equivalent of 300 billion euros belonging to Russia. Russian banks were also disconnected from the SWIFT network and the Visa and Mastercard networks.
The West is using its control over the international monetary system to try to collapse the Russian economy, where inflation remains very painful (9%).
It was therefore only a matter of time before Moscow endorsed bitcoin, which Vladimir Putin has just done.
Bitcoin? Da.
Despite the hostility of the Russian central bank, the bitcoin industry has grown strongly in Russia. Igor Runets, CEO of BitRiver (Russia's largest miner), believes that Russian computing power will surpass that of the United States in the coming years.
Russia already controls 17% of computing power (“hashrate”) and the growth of the industry is even stronger there than in the United States. BitRiver has hired nearly 200 people over the past eleven months.
Russian miners will be able to redouble their ambition now that Vladimir Putin has declared that no one can stop bitcoin:
“Who can ban bitcoin? Person. […] It's a new technology. No matter what happens to the dollar, these tools will grow whether we like them or not, because everyone wants to reduce costs and improve reliability. »
It is likely that Russia was waiting for the United States to embrace bitcoin first. There was no need to scare the beast…
All eyes are now on his friend Xi Jinping. The lifting of the anathema in China will certainly be the catalyst that propels bitcoin to $200,000.
This outcome was inevitable. Bitcoin is set to become the international reserve currency of the next millennium. Its stateless, uncensorable and absolutely finite money supply makes it a potential reserve currency.
Bitcoin can ease geopolitical tensions by providing the world with a way to trade on a level playing field. And if the United States has to buy some before anyone else to calm things down, so be it.
Don’t miss our article: “American miners invoke bitcoin in the face of dedollarization”.
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