Putin believes Bitcoin has value - page 5.

Ucy

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Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Excerpt from the link:

Quote

Russian President Vladimir Putin thinks cryptocurrencies have value — but he's not convinced they can replace the U.S. dollar in settling oil trades.

In regards to the bolded part above, guess I understand why he said that.
I think you could solve the problem that may have prompted that part of the statement by regulating supply to help keep price fluctuations moderate without compromising on Bitcoin anti-inflation feature.

Bitcoin is supported by its global users though. Wonder the kind of support the Pres is referring to anyway.

bittraffic

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Its possible that Chinese miners also move there, the hash rate from Russia had ranked up to the 3rd place which the government had no problem with and they don't plan banning cryptocurency.

I once saw a video which Putin explains about blockchain, the president knows more about crypto than what an average joe knew. He must have learned from his council.

The Cryptovator

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Good to see Putin is positive about Bitcoin. Since the US supporting Bitcoin and do not have any intention to ban Bitcoin, so Putin will not ban it as well. Because Bitcoin is the most powerful cryptocurrency and the US is the most powerful country as well. So Putin just expresses that he doesn't want to go against the most powerful currency. Putin wouldn't miss this opportunity. There is some political game as well, China stands against Bitcoin and the US stands on behalf of Bitcoin, and Putin just taking advantage of Bitcoin and that's why he is telling Bitcoin has value.

Baofeng

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Still not buying it though, as per my experience reading news coming from Russian government, they've seen to be releasing statements that is contrasting. So it's hard to accept something as true coming from them, just saying. And we all know how oppressive Russian's regime under Putin. Crypto will give so much freedom for their people and he may not like it on the long run. Again, take everything with a "bag of salt", just saying.

DeathAngel

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Good to see that he’s at least open to the use & acceptance of bitcoin in the future. The last thing we need as we’ve just shrugged off China FUD was another large nation following suit. Hope to see more positivity towards bitcoin from Russian officials in the future.

wissy

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That is not that surprising since Russian government announced their own cryptorubble coin way back in 2017, with Putin backing it up. Also they probably want to counter USA aggressive policy towards bitcoin. I guess they see crypto as a potential leverage in the future against USA.

LimLims

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1xbit.com

Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Everyone has their own perspective.
And i too respect each and everyone’s ideology.
Whatever Putin has said, i am sure he would have done immense research and have said it.
I guess for the statement of Putin also, Bitcoin has slightly rose up.
Let’s see what happens more from Russia’s side regarding Bitcoins.

Husires

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Quote from: teosanru on October 14, 2021, 07:50:12 AM

Why would any country use it for the Oil trade?

The reason for the answer is the nature of the question, as we know that Russia sometimes sells oil for things other than the dollar, so the question was in this form.

Quote

Asked whether bitcoin or another cryptocurrency could be used as an alternative to the dollar in trading oil — a key export for Russia — Putin said it's "too early to talk about the trade of energy resources in crypto."

The answer is logical and it is optimistic. If bitcoin achieves some of the requirements, it may be an alternative to using the dollar for many countries, as it may be the key to international trade between them.

We cannot consider it a positive statement as much as a factual reading.

oHnK

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By now, Putin has come out with a very open opinion on Bitcoin and this is having quite an impact on the current market. To say that Russia is replacing China now, I think this is an exaggeration. Putin is much more stable than the Chinese President in taking his country's policies. If he says it's too early to talk about Bitcoin in oil trading it's only natural because their exports are supported by oil and other commodities. And indeed not many countries are willing to accept bitcoin as a legal tender. Although Russia is indeed looking for an alternative to the dollar because of the sanctions they received in 2014, Putin has not dared to replace the dollar with Bitcoin due to various reasons behind it.

teosanru

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Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Why would any country use it for the Oil trade? especially the countries which receive foreign exchange from their customers in return for Oil. It makes zero sense for them because their currency is gaining strength if they are using it for exports and at the same time gaining foreign exchange too. Even if they realize crypto is important and has a lot of potentials they still won't start using it for trading unless the buyer proposes them or forces them to use it for trading, Yes CDBCs can give rise to different scenarios but they are definitely not going to use main stream cryptocurrencies for this purpose.

Blawpaw

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Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Topic: Putin believes Bitcoin has value - page 5. (Read 524 times)