This is coming on the heels of threats to cut Russia off from the SWIFT system that were made just days prior. Russia is particularly well positioned to evade sanctions, considering the treasure trove of forex reserves it holds, valued at north of $600 billion only five months ago.
Do these actions implicate interest in a strategy of broader Bitcoin adoption by one, or both, superpowers?
It doesn’t seem like a far-off reality. Russia’s Central Bank had suggested a ban on Bitcoin, and Putin (backed by other members of government) pushed back, suggesting that Russia stood to gain advantages with bitcoin and mining
Putin seems to understand the value that bitcoin brings in providing incentives to create expanded and robust power production (by all sources), including the environmental positives that bitcoin mining yields by providing a use case for flare gas. On top of that, bitcoin has likely been proven desirable in its censorship resistance potential in the face of threats by western nations hoping to cut Russia off from the SWIFT system.
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