Vladimir Putin Has Finally Uttered the Word “Bitcoin” at the Moscow Economic Forum

A day to be marked with a white stone.

Russian President Vladimir Putin has finally uttered the word “Bitcoin” at the Moscow Economic Forum. A day to be marked with a white stone.

Russia Calling

Vladimir Putin reacted to Donald Trump’s threats against countries that intend to get rid of the dollar. The next president of the United States tweeted at the end of last week:

“The idea that BRICS countries can distance themselves from the dollar while we sit idly by is over. We demand these countries commit to not creating a new currency or supporting another currency to replace the dollar, otherwise they will be subjected to a 100% tariff.”

[Our full article on the subject: “Trump, the Dollar, and Bitcoin”]

The Russian president reminded that “things have changed significantly economically over the past four years, both in the United States and around the world.”

“His successors have done a lot to undermine the foundations of the dollar as the world reserve currency,” he remarked, adding that America uses the greenback “as a weapon to harm other countries.”

“The U.S. share in the global economy is declining, and it is natural that the influence of the dollar is also reducing,” he slipped.

This distrust is not surprising considering that the United States and Europe have frozen the equivalent of 300 billion euros belonging to Russia. Russian banks have also been disconnected from the SWIFT network and from Visa and Mastercard networks.

The West is using its control over the international monetary system to try to undermine the Russian economy, where inflation remains very painful (9%).

Thus, it was only a matter of time before Moscow endorsed Bitcoin, which Vladimir Putin has just done.

Bitcoin? Yes.

Despite the hostility of the Russian central bank, the Bitcoin industry has grown significantly in Russia. Runets, CEO of BitRiver (the largest Russian miner), estimates that Russia’s computing power will surpass that of the United States in the coming years.

Russia already controls 17% of the computing power (“hashrate”) and the industry’s growth there is even stronger than in the United States. BitRiver has hired nearly 200 people in the last eleven months.

Russian miners will now be able to double their ambitions now that Vladimir Putin has declared that no one can stop Bitcoin:

“Who can ban Bitcoin? No one. […] It’s a new technology. No matter what happens to the dollar, these tools will grow, whether we want them to or not, because everyone wants to cut costs and gain reliability.”

It is likely that Russia was waiting for the United States to embrace Bitcoin first. It was necessary not to scare the beast…

All eyes are now on his friend Xi Jinping. Lifting the anathema in China will certainly be the catalyst that propels Bitcoin to $200,000.

This outcome was inevitable. Bitcoin is poised to become the international reserve currency of the next millennium. Its stateless, uncensorable, and absolutely finite monetary mass makes it a potential reserve currency.

Bitcoin can ease geopolitical tensions by offering the world a way to trade on equal terms. And if the United States needs to buy it before anyone else to calm the situation, so be it.

Don’t miss our article: “American miners invoke Bitcoin in the face of dedollarization”.

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Bitcoin, geopolitical, economic and energy journalist.