Since crypto’s nascency, a number of industry insiders have claimed that Russia and Bitcoin are perfect matches for each other. And while the nation’s view on the world’s first cryptocurrency has changed over the years, hearsay indicates that the nation itself is looking into divesting into BTC.

Kremlin May Purchase Bitcoin 

Speaking to Micky, an up-and-coming crypto-friendly media outlet, Vladislav Ginko, a professor at Moscow’s Russian Presidential Academy of National Economy and Public Administration, a state-funded higher education provider, claimed that he expects Moscow to take active stakes in Bitcoin.

More specifically, Ginko noted that stringent U.S. sanctions will push his nation to use BTC on the global financial stage. He explained that Russia’s elite will also be forced to liquidate their U.S.-based assets and fiat for BTC, specifically in a bad to escape the American vise. Speaking on the matter more in-depth, the Russian economist stated:

“The Central Bank of Russia sits on $466 billion of reserves and has to diversify in case there are limited opportunities to do it (in the future).”

He added that he expects this diversification to occur by February, which is when U.S. Congress will supposedly impose more sanctions on the European/Asian powerhouse.

While, many initially doubted these comments, claiming that Micky’s source as an imposter, the outlet purportedly confirmed their interviewee’s identity and position.  And a tweet from Ginko, who purportedly has deep ties with the Kremlin, himself cleared the water as well.

In response to Placeholder Ventures partner Chris Burniske’s take on blockchain’s underlying potential, Ginko noted that true cryptocurrency adoption will come when Moscow starts to invest $10 billion in BTC during Q1 of 2019.

Some have argued that Ginko is speaking out of his ass, so to speak.

While many optimists have latched onto the Russia news, it has since been mostly debunked. Tim Copeland of Decrypt Media, an outlet backed by ConsenSys, recently wrote an op-ed on the matter, claiming that this newfound narrative is bonkers.

In the opinion-centric piece, Tim explained that Russia isn’t, in fact, coming to save the cryptocurrency realm from falling prices, a dismal global outlook, and the like.

While the Decrypt staff writer did mention bullish comments on the matter, which included positive quips from Anthony “Pomp” Pompliano, Michael “Shill Nye,” and eToro’s Mati Greenspan, Tim noted that Putin’s “comments [on sanctions] were suggestive.” Not only did Putin not mention Bitcoin, but cryptocurrencies as well.

Although the former KGB agent purportedly met Ethereum founder Vitalik Buterin to discuss… something, Putin has been quiet on the topic of “magic Internet money” for a while now.

In Tim’s eyes, the numbers and rationale just don’t add up. Even if Ginko’s call for $10 billion of Russia-sourced fiat to flow into BTC was accurate, that would put more value into the cryptocurrency market than what is already present (look at Alex Krüger’s thread on fiat multipliers for context).

There likely isn’t even enough liquidity for $10 billion to enter this market. So while Ginko seemed confident, maybe his head is in the clouds…

8 COMMENTS

  1. Basically it’s a good news for bitcoin and others coins. Some of the country already they have adopted blockchain technology. The technology has very good future’s for the requirements. So adapting to new climate that’s I feel bear a good life.

    • I invested 60000euro into binary options but it got to a stage and i was unable to make withdraws.I was proactive and contacted lawyers along the way i thought going on with lawyers could take a long time. I contacted two recovery firms but they were proposing absurd commissions and upfront payments, i later got contact of a recovery firm online through Email,
      CREDITSOLUTION63 that didn’t require upfront fees and they are willing to take just 10% of the total money recovered after the whole recovery process. They’ve commenced the recovery process and everything is looking good at the moment.
      Email: CREDITSOLUTION63 at GMAIL dot COM
      NO UPFRONT PAYMENT!

  2. Thanks to Mr Joseph who help me become a millionaire by connecting my wallet to his mining stream i am so happy today i can get what i want i just got a new house,He make me earn 0.3 BTC daily, you can earn BTC also by email him and request for his help and he will also connect you to his stream right Away 24hoursbitcoinminer@gmail.com

  3. After l lost my job in September 2019, I started looking for investments to double my savings, so while I was researching I found some good information on bitcoin trading/mining/investments. I saw a post about this team and they are highly recommended by a lot of people on different bitcoin forums and blogs so i was convinced and I sent them a message via their email contact at,( cryptoinvestmentyield AT gmail DOT com ) and after signing up with them, I make 100% profit daily Don’t be surprised yet! You could make a 100k weekly depending on how much you start with.

  4. After l lost my job in September 2019, I started looking for investments to double my savings, so while I was researching I found some good information on bitcoin trading/mining/investments. I saw a post about this team and they are highly recommended by a lot of people on different bitcoin forums and blogs so i was convinced and I sent them a message via their email contact at,( cryptoinvestmentyield AT gmail DOT com ) and after signing up with them, I make 100% profit daily Don’t be surprised yet! You could make a 100k weekly depending on how much you start with.whatsapp is 16317433959

  5. No doubt Bitcoin has being the trend of today and it doing a lot in the world cause many prefer saving up in their portfolio not banks anymore, why save up without getting profit, ignorance and lack of knowledge has made many of us loose our Bitcoin cause of we do the right things at the wrong times, I lost $12,000 USD last summer due to saving up with trying to increase my BTC and when I tried, I lost almost everything so I decided to stop and keep up with my day job until I signed up with Coinshield limited. Now trading has being so much easier and profitable, and now am recovering my losses and making more profit without giving out access to my account or any of my details. I strongly will advice all who has being in my position to join Coinshield limited and stand a chance to shield their coins from any kind of loss.
    watch this youtube video;
    https://www.youtube.com/watch?v=ydIp4Feshsk
    Thank me later

  6. Invest with 500$ and get a returns of 5,000$ within seven business working days.
    Why wasting your precious time online looking for a loan? When there is an opportunity for you to invest with 500$ and get a returns of 5,000$ within seven business working days. Contact us now for more information if interested on how you can earn big with just little amount. This is all about investing into Crude Oil and Gas Business.

    Email: totalinvestmentcompany@gmail.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here