Will the turning to Bitcoin by world leaders drive adoption?

OcTradism

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Quote from: PrivacyG on December 04, 2024, 08:11:58 PM

While this is great considering Bitcoin is getting more acknowledged as a strong Currency, do not have too much false hope for a future that may not be too realistic. Putin will likely only use Bitcoin strictly to circumvent sanctions and avoid using Dollars or Euro. I doubt it will be used or recommended to be used by the general population.

Putin is like Kim Jong Un, and they both know very well that Bitcoin and cryptocurrency blockchains can help them to avoid sanctions and shift their financial, economic operations from US. dollars, Euro and SWIFT to these blockchains that are opened, can not be sanctioned especially Bitcoin blockchain.

Putin can learn from Kim Jong Un by ordering his national staffs to do more cyber attacks to steal bitcoin and cryptocurrencies from projects, platforms and use them to support his war against Ukraine. His words can bring positive news for Bitcoin market, but it's news effects and I don't value Putin's potential contribution to Bitcoin adoption growth too much. Without him and his national policy on Bitcoin, Bitcoin will continue to thrive more in future, it is already globally accepted.

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pinggoki

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Quote from: icalical on December 04, 2024, 04:45:30 PM

Putin's move is to decrease dependence on the USD and euro in foreign trade. And Putin legalizing Bitcoin Mining won't instantly encourage Bitcoin mining in Russia, strict regulations, including mandatory reporting and extreme penalties for miners who don't comply to government rules, that could discourage people who wants to start Bitcoin mining in Russia.

As for mass adoption, while support from influential people like Trump and Putin could lend more legitimacy to Bitcoin, there are other things to consider, such as regulatory uncertainty and market volatility. Practical use cases and economic conditions will likely more influential than political endorsement in driving adoption.

I'm sure that the Russian government would be just fine with amending those regulations, pretty sure that there's definitely something being formulated already in Russia because they can't really stand the embargo for too long, soldiers and weapons needs money and Putin needs to further his wealth right? I don't know if their influence could give bitcoin more legitimacy, I mean, it's not like it's been dysfunctional even before their support, bitcoin has been doing fine even if a lot of governments are against them so I don't know if recognition from this highly influential figures of the world politics really lend any kind of legitimacy to what bitcoin can do because bitcoin already does what they're talking about, they're just realizing the potential now because there's money to be had in bitcoin.

PrivacyG

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While this is great considering Bitcoin is getting more acknowledged as a strong Currency, do not have too much false hope for a future that may not be too realistic. Putin will likely only use Bitcoin strictly to circumvent sanctions and avoid using Dollars or Euro. I doubt it will be used or recommended to be used by the general population.

icalical

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Putin's move is to decrease dependence on the USD and euro in foreign trade. And Putin legalizing Bitcoin Mining won't instantly encourage Bitcoin mining in Russia, strict regulations, including mandatory reporting and extreme penalties for miners who don't comply to government rules, that could discourage people who wants to start Bitcoin mining in Russia.

As for mass adoption, while support from influential people like Trump and Putin could lend more legitimacy to Bitcoin, there are other things to consider, such as regulatory uncertainty and market volatility. Practical use cases and economic conditions will likely more influential than political endorsement in driving adoption.

Ever-young

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Another one: things are really getting interesting these days for Bitcoin. For sure, if governments are publicly accepting and promoting Bitcoin usage, there will be great adoptions that will come with it aside from the price increase it will drive. There is a high chance of the citizens adopting it as long as the government promotes it.

ETF approval alone creates room for bitcoin, as it removes the doubt that some people have about it from their minds, and they now see it as something worth investing in and legal. Just imagine it being legal and publicly recognised by all countries; the adoption will definitely be there.

EL MOHA

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Quote from: AmoreJaz on December 04, 2024, 03:44:41 PM

Don't get too excited. We need more adoption and usage of this currency to have solid ground why it can continue to rise its value. Without solid reasoning behind its existence, the price rise can easily go down hard. So much better to have organic rise and well-established foundation in order to support its market value, to make it viable for long-term investment purposes or better yet, less volatile nature to be employed in the payment sector.

Personally I don’t think the utility value or the usage of bitcoin right should even be discussed right now because its importace is crystal clear the only thing now is an adoption rate increasing and this will definitely be helped by the reduction of sanctions place on it by the government of the various countries. With the recent reports about top country leaders showing support for bitcoin I think if they relax the restrictions it will help the bitcoin awareness reach the people and will help grow the adoption higher

Mpamaegbu

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Of course, yes it will. We see how decisions made by these world leaders shape opinions. Cryptos aren't in any way different from what their decisions and opinions affect, whether negatively or positively. Lately, we've seen how Donald Trump's comments have continued to make Bitcoin soar even when he hasn't been sworn in yet. More people are going to be onboarded on Bitcoin by next year and that will be because of positive vibes from world leaders who are going to toe the line of what Trump will be doing. Back home to my country, the negative attitude of our government on cryptos have made it look like a crime getting involved in it.

Oshosondy

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Quote from: mindrust on December 04, 2024, 03:32:39 PM

This is pretty big news. Putin is way smarter than the Western mainstream media give him credit for. He showed his brilliance many times and yet people still don’t get it.

What kind of brilliance than killing innocents, saying they are defending their territory against NATO.

Quote from: AmoreJaz on December 04, 2024, 03:44:41 PM

Don't get too excited. We need more adoption and usage of this currency to have solid ground why it can continue to rise its value. Without solid reasoning behind its existence, the price rise can easily go down hard. So much better to have organic rise and well-established foundation in order to support its market value, to make it viable for long-term investment purposes or better yet, less volatile nature to be employed in the payment sector.

Even if we leave this out of politics and governmental adoption, bitcoin already has a solid ground already. Also my post is not about excitement but implying that we should let something like that begin first.

Churchillvv

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I think adoption to the mass adoption has started before now, if it hadn't started then all this leaders wouldn't have been speaking of bitcoin. We can say that I will have a better and positive effect on bitcoin this bull run as it will help to spake more gains than the 2021 bull season.

As it is already bitcoin is past it's advertisement stage so and we are now in its early adoption and since high profile countries are dealing with bitcoin and planning making it a reserve than we are in good shape or we are making a big move.

Brilliant presidents always make brilliant moves.

AmoreJaz

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Quote from: Oshosondy on December 04, 2024, 03:24:32 PM

Quote from: sokani on December 04, 2024, 02:20:00 PM

We've many topics about Donald Trump on the forum and he's been putting in good words about Bitcoin. With the world leaders, US president-elect Donald Trump and president Vladimir Putin now pro Bitcoin, do you think this would have any effect on mass adoption?

Let Donald Trump begins it with making bitcoin a strategic reserve. Or let other nations begin it first. This will help in the adoption and the price of bitcoin will increase. If bitcoin is the talk in the world and if countries start to buy it, will can see a massive pump in bitcoin price and likely we may see $1 million earlier like in the next one decade.

Don't get too excited. We need more adoption and usage of this currency to have solid ground why it can continue to rise its value. Without solid reasoning behind its existence, the price rise can easily go down hard. So much better to have organic rise and well-established foundation in order to support its market value, to make it viable for long-term investment purposes or better yet, less volatile nature to be employed in the payment sector.

But all in all, the sentiments are already positive as the newly-appointed SEC is pro-crypto. It may for sure drive noncrypto users to have positive approach towards this market. And besides, we don't need to convince people to get into this market. Would be better if they found it on their own and experience the benefits of dealing with it.

mindrust

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This is pretty big news. Putin is way smarter than the Western mainstream media give him credit for. He showed his brilliance many times and yet people still don’t get it. The West will also have a smart leader next year who knows exactly what bitcoin is and what it can accomplish. In the end the real winners will be the bitcoin hodlers. Thanks god Kabala the disastrous mess didn’t get elected. Because of Trump bitcoin has almost reached $100k but it is still early to make celebrations. Let’s come back when bitcoin hits a million usd.

Oshosondy

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Quote from: sokani on December 04, 2024, 02:20:00 PM

We've many topics about Donald Trump on the forum and he's been putting in good words about Bitcoin. With the world leaders, US president-elect Donald Trump and president Vladimir Putin now pro Bitcoin, do you think this would have any effect on mass adoption?

Let Donald Trump begins it with making bitcoin a strategic reserve. Or let other nations begin it first. This will help in the adoption and the price of bitcoin will increase. If bitcoin is the talk in the world and if countries start to buy it, will can see a massive pump in bitcoin price and likely we may see $1 million earlier like in the next one decade.

Jegileman

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Quote from: sokani on December 04, 2024, 02:20:00 PM

We've many topics about Donald Trump on the forum and he's been putting in good words about Bitcoin. With the world leaders, US president-elect Donald Trump and president Vladimir Putin now pro Bitcoin, do you think this would have any effect on mass adoption?

World leaders move to adopt bitcoin will definitely make bitcoin a more adoptable currency in the future. A lot of people will have more trust in it and with the urge by world leaders to adopt crypto, we will see more mass adoption and use of it in the future and may serve as alternative to the current monetary system. USA and Russia are two big countries that their support for bitcoin will drive more adoption to it and possibly become a legal currency in the whole world and can be used for international transactions more between countries and not just as a reserve.

Quote from: Alphakilo on December 04, 2024, 02:56:38 PM

Bitcoin if adopted by the BRICS nations would cause the Dollar to not seem as relevant as it is right now. But this isn't about the dollar but about saving all of our economies. Still bitcoin if adopted with a solid fundamental economies will make us miss the dollar.

Even as many things have been pointing against dollar. The likes of bitcoin and the BRICS currency, I don’t see dollar losing its relevant sooner, it may take a while as the stance dollar has now cannot just come to an end and be powerless within a short time of having this alternative currencies to be used in place of them in the future.

Alphakilo

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He is right, no one can ban Bitcoin the worse that can be done is to regulate it, criminalized it. And times without number we have seen these happen in several countries. Bitcoin if adopted by the BRICS nations it would boost it's adoption world wide.

Bitcoin if adopted by the BRICS nations would cause the Dollar to not seem as relevant as it is right now. But this isn't about the dollar but about saving all of our economies. Still bitcoin if adopted with a solid fundamental economies will make us miss the dollar.

sokani

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During an interview with Tusker Carlson early this year, president Putin said before the Russia/Ukraine war, that about 80% of Russia foreign trade was in US dollars and Euro. So the sanctions placed by the western countries made Russia to begin to look for ways to circumvent them and Bitcoin was the answer. As we know, recently, president Putin has signed crypto bill into law legalizing Bitcoin mining, as well as crypto taxation. He's also urged BRICS to adopt crypto. Today, during a speech at the world trade center in Moscow, he said nobody can ban Bitcoin. You can watch the video here.

We've many topics about Donald Trump on the forum and he's been putting in good words about Bitcoin. With the world leaders, US president-elect Donald Trump and president Vladimir Putin now pro Bitcoin, do you think this would have any effect on mass adoption?

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