Indeed it's a gain for Bitcoin as the elite and rich Russians would convert their savings into Bitcoin due to uncertainty and fall of Russian Ruble and this conversion of asset to bitcoin will come back to them with a good appreciation if the market is good and moreover even if the Ruble falls even further then those who have converted it into bitcoin would have more even when they cashout.
Elites will be able to get benefitted by this but what about poors or the one who don't have additional funds like the elites, they will still be suffering, i think it's bit embarrassing to focus on bitcoin's gain due to war when this war has brought misery for millions.
Topic: According to Bill Miller, the collapse of Russia's currency is good for Bitcoin - page 2. (Read 221 times)
March 04, 2022, 05:08:03 PM
March 04, 2022, 02:16:35 PM
I feel that the Ruble has just temporarily collapsed and will recover in the near future which has already helped BTC rise upwards though it hasn't managed to breach the $50K mark yet.
Putin won't be able to drag this war for much longer for economical, financial etc reasons which is why he is trying his best to make Ukraine submit asap who aren't showing any signs of giving up.
Whatever the outcome, BTC will continue bouncing up and down, but won't breach its ATH in my opinion.
Putin won't be able to drag this war for much longer for economical, financial etc reasons which is why he is trying his best to make Ukraine submit asap who aren't showing any signs of giving up.
Whatever the outcome, BTC will continue bouncing up and down, but won't breach its ATH in my opinion.
March 04, 2022, 12:54:50 PM
Some people will indeed see bitcoin as a safe haven when the Ruble collapses. People will look for a stable currency. Some will adopt gold, some will adopt crypto, maybe some are already holding some physical USD/EUR. Anything is better than RUB right now. Maybe not real estate because you know nobody would want to buy real estate from a country that's in war.
March 04, 2022, 12:37:05 PM
I can't find any information in English to give you a better understanding, but I think with the help of an interpreter you can read Russia's sentiment towards bitcoin.
Despite the sanctions that Russia has received from the world, the central bank's attitude towards bitcoin has not changed.
https://www.interfax.ru/business/826014
https://forklog.com/tsb-rf-ne-smyagchil-otnoshenie-k-bitkoinu-na-fone-sanktsij/
Despite the sanctions that Russia has received from the world, the central bank's attitude towards bitcoin has not changed.
https://www.interfax.ru/business/826014
https://forklog.com/tsb-rf-ne-smyagchil-otnoshenie-k-bitkoinu-na-fone-sanktsij/
First link from Google Translate and I believe this part was very clear "The use of digital currencies as a means of payment on the territory of the Russian Federation will continue to be prohibited."
And quote from second link
Quote
The Bank of Russia still advocates a complete ban on the circulation and mining of cryptocurrencies.
I see what you are saying, So, all this still clearly shows that Russia might not be anywhere near that approval or adoption yet.
March 04, 2022, 11:43:41 AM
I thought it was interesting at first as a philosophical question, but by the time I'd read all the pseudo economists on social media circa 2017 chest-thumping about Bitcoin maximalism and how the crypto empire would reign in the ashes of fiat -- while of course probably never actually using Bitcoin other than to hold in expensive custodial solutions -- I think that the economy always harms regular people first. And for as long as regular people use Bitcoin, their first thought when facing financial ruin isn't to go out and buy more Bitcoin to hoard. If anything, any Bitcoin they might have would be going toward putting food on the table, roof over head. That's what I'd do (and in some ways already have done).
March 04, 2022, 08:23:44 AM
Russia still has some operational banks, and it's not like using Bitcoin will help unfreeze their reserves, which are blocked by Western sanctions. But as the situation becomes more dire and sanctions are strengthening, it might be the only solution for Russia, both regular people and government officials. Of course, selling their wealth for fiat would prove very difficult through any reputable means, and I don't think Russia will go as far as full crypto adoption. Bitcoin requires infrastructure, digital literacy, and also requires admitting, basically, that ruble, their local fiat, is collapsing. Admitting it would be admitting that they're losing, at least economically, and that what's happening now is a hit on Russian economy that it never faced before. So they'll pull lots of resources into making it look like ruble is holding up, at least for people who live in Russia. That's why I don't think they'll officially abandon it and fully adopt Bitcoin or any other crypto as a national currency.
March 04, 2022, 07:14:05 AM
Can't say right now on what Russia is strategizing but it's likely a win-win situation for Bitcoin if they legalized it considering how low the Rubble got. We don't know what's Putin plan ahead of all these because somehow we know that he'd expect sanctions over his actions, better be it for the best of all.
March 04, 2022, 06:35:59 AM
Quote
Bill Miller, a billionaire investor, says that Russia would likely turn to Bitcoin to reclaim control of their resources. Western sanctions have now blocked Russia's foreign exchange reserves. Bitcoin is frequently regarded as a superior "digital gold" that can partially or completely replace national currencies.
What are your thoughts and opinions on this? I would love to hear it!
Bitcoin can support Russian economy - possible!
Bitcoin can replace Rubble - impossible
It is very much possible for Russia is adopt bitcoin post war days to take its economy back in track due to various sanctions. They can even encourage mining activities within their territory to fight the bad times.
But if there is a question of replacing rubble, that's not going to happen! Russia has several resources available that are valuable to the rest of the world. So Russia can simply stop accepting any other currencies except Rubble for any export.
March 04, 2022, 06:27:20 AM
For now, at least. Russians will have to convert their riches into something else, and as of the moment bitcoin offers a great opportunity for them. Those with huge investments affected by the war will certainly do everything to save their assets, and the easiest they can get their hands on is bitcoin.
No one wants that conflict to happen, but one way or another it has to happen, and bitcoin just so happens to benefit somewhat from this war.
No one wants that conflict to happen, but one way or another it has to happen, and bitcoin just so happens to benefit somewhat from this war.
March 04, 2022, 06:10:16 AM
At this point, anything is possible! It could be a good opportunity for the cryptocurrency world, the revenge for all the bad things that the great investors of the classic markets have said so far. On the one hand, I am very sorry for the people who are risking their lives right now, for those who have died and for the environmental disasters caused by this crap called war.
March 04, 2022, 05:57:23 AM
These things are showing that now the world is coming on the platform of cryptocurrencies. If there is no hope so the hope is Bitcoin.
March 04, 2022, 05:36:21 AM
It'd make people realize at the very least how Bitcoin can save you from a collapsing currency, that is if they can even realize it in the first place. That was probably why some rich people weren't really afraid of what the war could bring to their economy, since they can just use Bitcoin to save the value of their assets. I still don't think it's going to be of any help in Russia trying to salvage their economy though, it'd be at most, a helpful asset for the rich to still be rich.
March 04, 2022, 05:11:12 AM
I can't find any information in English to give you a better understanding, but I think with the help of an interpreter you can read Russia's sentiment towards bitcoin.
Despite the sanctions that Russia has received from the world, the central bank's attitude towards bitcoin has not changed.
https://www.interfax.ru/business/826014
https://forklog.com/tsb-rf-ne-smyagchil-otnoshenie-k-bitkoinu-na-fone-sanktsij/
Despite the sanctions that Russia has received from the world, the central bank's attitude towards bitcoin has not changed.
https://www.interfax.ru/business/826014
https://forklog.com/tsb-rf-ne-smyagchil-otnoshenie-k-bitkoinu-na-fone-sanktsij/
March 04, 2022, 04:47:20 AM
I guess we've seen millionaires and billionaires moving their wealth to bitcoin way before the war. it's just it's magnify again because of the recent event. Bitcoin has already proven itself to be a good hedge against inflation and you can preserve your wealth in it. So wise Russian and even Ukrainians are flocking into BTC right now, no hesitation.
March 04, 2022, 04:09:07 AM
It's certainly "good" in a way that Russians will be able to move out of the already crashed Russian Rubble or to be ready for potential situations such as this, or for some people to finally realize that bitcoin is made for situations such as this. That not because your local currency is doing "fine" currently, doesn't mean that it will be fine forever.
March 04, 2022, 04:02:41 AM
Quote
Bill Miller, a billionaire investor, says that Russia would likely turn to Bitcoin to reclaim control of their resources. Western sanctions have now blocked Russia's foreign exchange reserves. Bitcoin is frequently regarded as a superior "digital gold" that can partially or completely replace national currencies.
What are your thoughts and opinions on this? I would love to hear it!
There is a strong possibility that Russia can be using Bitcoin to go around the economic sanctions that it is facing right now and into the future. However, we have to understand that all of these things had have been planned ahead by Putin as he is a truly smart though now so ruthless politician, tactician and a warrior. Another aspect that we should look at is that there can be a China-Russia axis as a result of this because China could not live without the oil from Russia...and if you look at it now even USA have not yet cut off the oil ties with Russia and all that we hear of strong speeches coming from White House is lacking the teeth and all because under Biden they forego of energy independence because of the pressure coming from the left-leaning Democrats. The way it is now, sadly it is Putin's game and should we be celebrating if he will decide to make Bitcoin so legal in his country once and for all?
March 04, 2022, 03:55:55 AM
Quote
Bill Miller, a billionaire investor, says that Russia would likely turn to Bitcoin to reclaim control of their resources. Western sanctions have now blocked Russia's foreign exchange reserves. Bitcoin is frequently regarded as a superior "digital gold" that can partially or completely replace national currencies.
What are your thoughts and opinions on this? I would love to hear it!
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