Tuesday, 02 June 2020

Russia to Buy Billions of Dollars Worth in BTC Next Month, Russian Economist Says

The Russian government is unwilling to allow the unilateral economic sanctions imposed by Donald Trump’s government to further affect its economy and may be considering a forceful measure to combat American power in this current diplomatic war.

According to Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration, the Russian government could be considering the acquisition of 470 billion dollars in Bitcoins as a way to switch part of its reserves from fiat to cryptocurrencies.

The well-respected economist states that such plan would have a staged execution given its magnitude, however, despite not having been confirmed, his estimates indicate that in this very quarter of the year, Putin’s administration would be interested in purchasing at least 10 billion dollars.

The Next Big Thing in Crypto

In a tweet responding to Chris Burniske on the problem of the low adoption of cryptocurrencies compared to other financial markets, Ginko mentioned that one of the factors that could contribute to increasing capitalization is the acquisition of tokens by governments. In that tweet, he said he expects the Russian government to invest “at least $10 billion in the first quarter of this year.

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