In recent years, Bitcoin and cryptocurrencies have gained recognition from global leaders, with reports indicating that U.S. President Donald Trump is considering acquiring significant amounts of Bitcoin.
Stay ahead of Donald Trump, the White House, and Wall Street by subscribing to Forbes’ CryptoAsset & Blockchain Advisor where you can “discover blockchain opportunities that may yield 1,000% or more gains!”
The price of Bitcoin has skyrocketed to approximately $80,000, climbing from around $50,000 at the same time last year. However, a notable trader has predicted a major shift is already underway.
As traders rush to capitalize on countries that may soon follow the U.S. into Bitcoin, reports have surfaced that Russia is utilizing cryptocurrency to trade with China and India, bypassing international sanctions—as the Bank of Russia begins allowing a “limited circle of Russian investors” to purchase Bitcoin and crypto.
Subscribe now to the free CryptoCodex—A five-minute daily newsletter for traders, investors, and those curious about crypto, designed to keep you informed and ahead of the Bitcoin and crypto market surge
Both Russian President Vladimir Putin and U.S. President Donald Trump have shifted their perspectives on … [+]
Getty Images
Reports from Reuters indicate that Russian oil companies are leveraging Bitcoin and other cryptocurrencies like Ethereum and the stablecoin Tether to convert rubles into China’s yuan and India’s rupee.
According to the report, Bitcoin and crypto are increasingly preferred trading mediums among Russia’s oil firms, to the point that they would continue to be utilized even if sanctions were lifted and the U.S. dollar regained its prominence.
Additionally, Russian oligarchs and billionaires facing severe financial constraints following the invasion of Ukraine are believed to have turned to Bitcoin and crypto as early as 2022.
This week, the Bank of Russia announced plans to allow a “limited circle of Russian investors” to buy and trade Bitcoin and other cryptocurrencies.
“Following the directives from the President of Russia, the Bank of Russia has submitted proposals to the government regarding the regulation of cryptocurrency investments,” a translated statement indicated.
“This new status will apply to citizens whose investments in securities and deposits surpass 100 million rubles or whose income in the previous year was over 50 million rubles.”
Subscribe now to CryptoCodex—A daily newsletter for those curious about crypto at no cost
The rise in Bitcoin’s price in recent years has been bolstered by countries such as the U.S. and Russia … [+]
Forbes Digital Assets
Russia’s central bank has gradually shifted from its previous hardline stance against Bitcoin and cryptocurrencies, having endorsed a law last year that allowed businesses to engage in crypto for international transactions.
Support for Bitcoin and crypto in Russia is growing as Donald Trump’s administration seeks to designate Bitcoin as a strategic reserve asset, halting the proposed sale of Bitcoin and crypto assets that the U.S. has confiscated.
This week, a leak indicated that a key official in Trump’s Bitcoin and crypto team mentioned that the administration aims to accumulate as much Bitcoin as possible—this is seen as a measure to reverse a Bitcoin price decline triggered by unmet expectations regarding Trump’s crypto reserve plans.
In December, information surfaced that Russian lawmakers were advocating for the establishment of a Bitcoin strategic reserve akin to Trump’s proposal.
Previous statements from President Vladimir Putin have noted the appeal of Bitcoin as an alternative to foreign currency reserves after the West seized some of Russia’s funds due to the Ukraine conflict.
