Russian instructor Vladislav Ginko, who has close ties with the Kremlin, said Russia would begin to convert some of its reserves to Bitcoin against new US sanctions.
A Russian university lecturer, who has a relationship with the government, said the Kremlin will soon begin investing a significant amount of money in Bitcoin to avoid new US sanctions. He also said such a move could take place within a few weeks.
’10 billion in the first quarter’
Ginko said, in The real factor for Bitcoin adaptation will be when the Russian government, where I work, has started to convert its almost $ 470 billion reserve into Bitcoin. I expect them to invest at least $ 10 billion in the first quarter of this year.
Russian National Economy and the Presidential Academy of Public Administration Vladislav employees Ginko, Russia believes that the new US sanctions push to diversify with Bitcoin cash reserves.
Ginko’s relationship with the government dates back more than 20 years. Ginko also recently appeared on various Russian media platforms and talks about the adoption of Bitcoin as a safe haven.
Ginko said about the subject:
Ilebilir US sanctions can only be mitigated by the use of Bitcoin. Due to US sanctions, the Russian elites are forced to invest heavily in Bitcoin, leaving the US dollar. The Central Bank of Russia is currently controlling a reserve of $ 466 billion and has to diversify these reserves so as not to be in a difficult situation in the event of limited opportunities in the future.
Reducing the dollar dependency
With Russia, China, Iran and Venezuela are looking for ways to reduce dependence on the US dollar. In November 2018, Russian President Vladimir Putin announced that Russia had no choice but to reduce the use of dollars in international trade in the face of new sanctions.
Putin also said the following:
“We don’t have a goal to move away from the dollar. Dollar is moving away from us. Those who make such decisions do not squeeze on their own feet, and squeeze them into a more sensitive area on the upper part of the body.
If the Russian government and the Russian elite invest significantly in Bitcoin, the price of Bitcoin may experience a sudden rise. As a result of the devaluation in Beijing, the arrival of Chinese citizens to Bitcoin brought such an increase in 2018.
Meanwhile, the Kremlin is stocking gold as a shield against economic sanctions. As economic rivalries continued with the US, by August 2018, Russia had tripled its gold reserves.
The Kremlin also establishes close economic relations with China to develop a payment system independent of the dollar.