Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions

salty

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Quote from: deisik on January 16, 2019, 04:04:32 PM

Okay, guys, I've read the whole article and it was a fun reading. This part was particularly hilarious (as well as ridiculous and preposterous, for the record):

Quote

“We know that Vladimir Putin is a big advocate of blockchain technology,” said Greenspan

I don't know where this Greenspan got such info, but I know for certain that Putin is not using Internet and doesn't even have a smartphone. So there is no way he can be "a big advocate of blockchain technology" as he is simply not familiar with it. On a few occasions, when asked about Bitcoin, he just said that it is a risky asset which can potentially be used in certain areas. That's what his "advocacy" essentially comes down to

As they say, love it or leave it

He declares it on the basis of a meeting of Vladimir Putin and Vitalik Buterin.On the basis of this, of course it is ridiculous to draw conclusions about Vladimir Putin's love for cryptocurrencies,but the fact that he is most likely aware of what cryptocurrencies are I have no doubts.As for sanctions, it seems to me that instead of weakening Russia, these sanctions on the contrary only strengthen it.It is unlikely that Russia would buy so many bitcoins to bypass the sanctions.

deisik

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Quote from: prtty2gal2 on April 26, 2019, 11:13:33 AM

If we are to divide 70 billion dollars by $4000, it means that we need about 17 billion dollars to increase the value of BTC by $1000. Bitcoin closed at $5300 on the 3rd of April giving us total marketcap of about $87 billion dollars, looking at the difference between the market cap on 1st and that of third, it grew by about 17 billion dollars, and don’t you think it is possible what the OP really said?

You evidently miss the whole point

Market cap is simply the result of multiplying the amount of bitcoins mined till now by the price of one bitcoin. It has no relevance to calculating how much money is required to move the price by a unit of price (say, one dollar) for the simple reason that only a tiny amount of coins is actually being traded. In other words, it would take a lot less to move the price 1000 dollars up than what you would expect based on the Bitcoin market cap

prtty2gal2

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Quote from: deisik on April 25, 2019, 12:20:31 AM

Quote from: prtty2gal2 on April 24, 2019, 10:52:33 PM

~snip~

The same question is equally applicable to you

What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins. Regarding this particular surge, we don't know either how much money it required but I'm sure it is nowhere close to that figure (20 billion dollars). Let me guess, 20B is the growth in the market capitalization of Bitcoin, right?

I am not much of a perfect person in mathematics, but if we calculate it this way, I think it is possible that the figure quoted is what will be required to really shoot bitcoin up per $1000, prior to the surge that was experienced from the 1st of April, bitcoin total market cap was around 70 billion dollars @$4000 value.

If we are to divide 70 billion dollars by $4000, it means that we need about 17 billion dollars to increase the value of BTC by $1000. Bitcoin closed at $5300 on the 3rd of April giving us total marketcap of about $87 billion dollars, looking at the difference between the market cap on 1st and that of third, it grew by about 17 billion dollars, and don’t you think it is possible what the OP really said?

Vektrum

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Quote from: Adriano2010 on April 25, 2019, 02:45:58 PM

Well even if this happen, i think they will find a way to cashout if they need on Europe exchanges. How will this help them against US sanction? They will buy what they want with bitcoin only?

Yes, thanks to Bitcoin, they will be able to sell oil, fossil resources to those countries with which Russia cannot trade directly due to sanctions. Also, Russia will be able to buy the necessary goods that have fallen under restrictions and not to attract attention, since Bitcoin wallets from which payments will be made are anonymous. But I think that some countries already use Bitcoin for the same purposes, but not in such large volumes as described in the article.

Adriano2010

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Well even if this happen, i think they will find a way to cashout if they need on Europe exchanges. How will this help them against US sanction? They will buy what they want with bitcoin only?

deisik

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Quote from: stompix on April 25, 2019, 11:23:07 AM

Quote from: deisik on April 25, 2019, 12:20:31 AM

What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins.

The rumors came when we didn't have any real hope of any price rise for the short term, so people clung to anything and hoped for the best making headlines out of anything insignificant, Russia, Samsung, Amazon,BMW, etc etc and now that we have a rise thy think they nailed at least one of it

Then it should work in reverse as well

That is, when the price falls back to February levels (down to 3.5k or below), people will be desperately looking for another explanation and most certainly someone will come up with the speculation of Russia selling their stash of bitcoins for the need of cash (or whatever other reason would feel plausible at the moment). The bottom line is that if something goes right, thank Russians for that, otherwise blame them

Quote from: alyssa85 on April 25, 2019, 11:06:10 AM

Quote from: Snaic on April 22, 2019, 11:02:04 PM

If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.

Remember that if they bought, they'd buy over-the-counter direct from a miner, instead of using exchanges. So they'd likely not move the price much

Did anyone suggest they could just buy a few miners and mine a couple bitcoins themselves instead of buying them?

Harlot

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So did the russian government actually started this bull run? Because all things checks out the news said they started buying in February this year which BTC showed already signs that it was being overbought now if Russia have contributed around 10 Billion dollars that is more than enough to pump the prices from 3,000$ to the 5,000$ level area. Because besides this news I cannot see any other news that has the reason to directly jump the prices of Bitcoin.

stompix

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Quote from: alyssa85 on April 25, 2019, 11:06:10 AM

Remember that if they bought, they'd buy over-the-counter direct from a miner, instead of using exchanges. So they'd likely not move the price much.

We mine 1800 BTC a day, 10 billion$ mean 2 million BTC or the mining reward for more than 3 years for all miners.
No over the counter deal would accommodate this, we're talking about 1/9 of the total circulating supply and probably 1/7 or 1/6 of the whole coins that people still have access.

Before the price rise, we would see warning signals from the banks involved in moving such sums.

Quote from: deisik on April 25, 2019, 12:20:31 AM

What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins.

The rumors came when we didn't have any real hope of any price rise for the short term, so people clung to anything and hoped for the best making headlines out of anything insignificant, Russia, Samsung, Amazon,BMW, etc etc and now that we have a rise thy think they nailed at least one of it.

The problem is that even if they can't prove their theory, we can't dismantle it either, so at this point is turning into a futile maybe, what if, it is, no it isn't discussion.

alyssa85

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Quote from: Snaic on April 22, 2019, 11:02:04 PM

If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.

Remember that if they bought, they'd buy over-the-counter direct from a miner, instead of using exchanges. So they'd likely not move the price much.

Xampeuu

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Quote from: prtty2gal2 on April 24, 2019, 10:52:33 PM

Quote from: Snaic on April 22, 2019, 11:02:04 PM

If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.

What assurance do you have that they have not done so already, if you take not, you will see that the OP posted this topic around January if I am right, there was an event on the 1st f this month that short the price of bitcoin up, and we have a record that over 20 billion dollars investment that period made this happen.

Till now, you and I are still yet to know exactly what happened and what made the price of bitcoin shoot so high, because I know that ordinary individual cannot afford to pump such money into BTC, it can only be large entity or institution, with this now, I cannot rule out the fact that it might be them that did the investment silently.

besides large institutions, of course, the effect of this increase has triggered investors to invest. maybe many of the investors are buying together, and this happens some time, so we can see the prices rise again

deisik

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Quote from: prtty2gal2 on April 24, 2019, 10:52:33 PM

Quote from: Snaic on April 22, 2019, 11:02:04 PM

If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.

What assurance do you have that they have not done so already, if you take not, you will see that the OP posted this topic around January if I am right, there was an event on the 1st f this month that short the price of bitcoin up, and we have a record that over 20 billion dollars investment that period made this happen

The same question is equally applicable to you

What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins. Regarding this particular surge, we don't know either how much money it required but I'm sure it is nowhere close to that figure (20 billion dollars). Let me guess, 20B is the growth in the market capitalization of Bitcoin, right?

prtty2gal2

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Quote from: Snaic on April 22, 2019, 11:02:04 PM

If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.

What assurance do you have that they have not done so already, if you take not, you will see that the OP posted this topic around January if I am right, there was an event on the 1st f this month that short the price of bitcoin up, and we have a record that over 20 billion dollars investment that period made this happen.

Till now, you and I are still yet to know exactly what happened and what made the price of bitcoin shoot so high, because I know that ordinary individual cannot afford to pump such money into BTC, it can only be large entity or institution, with this now, I cannot rule out the fact that it might be them that did the investment silently.

Snaic

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If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.

Renaldi blackspadeteam

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I was late in hearing this news, it seems like this is good news for the increase in Bitcoin prices if Russia buys $ 10 billion in bitcoin,
sometimes news like this is a consideration for crypto traders in trading on the market

onrise

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Quote from: raidarksword on January 25, 2019, 03:04:12 AM

This is a great news for us crypto enthusiasts and supporters because it could open a great deal of opportunities that could boost the bitcoin's price even greater that we wanted since last December. With the support from Russia for sure this could shake the tides in the market and hoping to see green once again.

This could be the reason that we are seeing spike in the btc prices as people would have realized that market will rise and better to buy now and hold it for future as prices will shoot much quicker and better to be part of this opportunity.

wuvdoll

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Yeah, it can't be Russia, at least not this, it would have made a lot more increase in the price if it was Russia. Think about it, an average volume of 2 billion dollars in volume suddenly becomes 12 billion dollars in a day and then 10+ of it is just purely buy orders.

The price would have been like 6k+ at least if not even more. This is just a regular increase in the price that we constantly get, check out the last 2 months or so, price has moved above 4k countless times in the past 2 months, it is just natural that it went up this way again, it will probably go back down again and up again and down again and continue to do this until something big happens. If Russia wanted to buy bitcoin it would had a lot more affect on the price than all of this and would have increased it like hell.

Caladonian

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Quote from: Hydrogen on February 19, 2019, 04:54:24 AM

This news story published in january 2019 claimed russia would buy $10 billion in bitcoin as early as february 2019.

I see the price of bitcoin is up. Did the rumors turn out to be true? Shocked

No clear evidence if that thing really happened or it's still on it's ongoing process, but that huge amount can be felt right away if the rumors
is true, this small rise can't proved that amount of possible investment that will be moved inside crypto market, it's just because we are
seeing positive movements we are all speculating and finding the reason behind.

Will wait for any news about this, better to have a good reliable source of information.

Mister1k

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I am not aware that whether the news is real or not, whatever the fact of the matter is bitcoin is the most ideal approach to exchange and sidestep sanctions forced by a few nations and when they begin utilizing along these lines things will change definitely monetarily and politically and nobody nation can limit the other in light of the fact that they don't pursue their convention.

In due time we will see the market open up for these kinds of universal exchanges. Lets expect to see the market bump to reach high grocing level.

awik p

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Quote from: whiteblue on February 19, 2019, 05:29:03 AM

Quote from: Hydrogen on February 19, 2019, 04:54:24 AM

This news story published in january 2019 claimed russia would buy $10 billion in bitcoin as early as february 2019.

I see the price of bitcoin is up. Did the rumors turn out to be true? Shocked

if in January Russia buys that much bitcoin then it seems that the graph that occurred at the bitcoin price in January should show an increase in price or flash pump, but maybe the purpose of that statement might be that Russia starts buying bitcoin in January and so on with capital money as much as $10 billion so the price increase is slow step by step.

I think also like that, where we see now the price is crawling up and capitalization is also rising. maybe it's true, starting from January russia began to buy and target up to $ 10 billion, with this incident at least we can see the effect at this time, hopefully this becomes a positive sentiment for the bitcoin market

sidkz

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YES this is really good news, and it's nice to hear that they are considering such an option to invest in cryptocurrency, but of course it will have a positive effect on cryptocurrency.
It is possible that other countries in this example will also use cryptocurrency for investment,
the main thing that someone started and then the rest will catch.

Topic: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions (Read 892 times)