Russia Adopting Bitcoin (BTC) is Only Good For CBDCs

Bitcoin Magazine shared: Bloomberg: Russia and its billionaires may turn to bitcoin, crypto to evade sanctions.

Community Response:

They can turn to beanie babies to evade sanctions. Or cash. Or gold. Or anything else besides bank dollars. This is sensationalist bullshit.

Gee, what currency can’t be? * Frozen * Seized * Confiscated * Sanctioned * Debased * Inflated * Printed.

There’s only one, and it’s Bitcoin. Other currency holders, move your wealth into the greatest innovation since the Internet. Or not and see how that works out for you.

A thought I have been pondering and a fear I have in the short term for Bitcoin and crypto:

The recent declaration by Russia being pro-Bitcoin was probably planned out so they can circumvent sanctions by the EU for their actions. This could increase the FUD and delegitimize digital assets once again, forcing the US and hesitant countries to make rash decisions to make the assets illegal for holding, due to the potential use by Russia. IDK interesting thought?

This news is not convincing, and the reason for that is that Russian investors will not be able to deposit/withdraw money for buying BTC/CRYPTO because the depositing is suspended because of SWIFT. Consider heavy money transferring issues.

All this shit was right in front of our eyes, Russia legalizing BTC asap like that meant they were about to use it a lot. All this is noise for me. Selling BTC here makes absolutely no sense from a macro point of view.

The point of the sanctions is that the US, Europe, South America, and the Middle East will no longer be trading partners with Russia. That’s where the pain will be. Doesn’t matter if they have the BTC, no one to trade with.

That’s why the US will never let ₿ be a legal tender. That’s been my debate for a long time. It’s happening now. The US will lose sanctions ability if they do so. Not happening.

Expect the onslaught of negative press for BTC as critics pounce on this new angle to attack digital currencies – Meanwhile, in Russia, it’s the analog version they’re stockpiling yet I don’t see any bad press directed at gold!

Russia owns 12% of all crypto.  But who is going to risk accepting their crypto though?

For real. They will dilute Bitcoin, what you think the US will do when Russia does that.

The very moment they use their crypto to evade sanctions, they will need to access the fiat market, thus either through banks or centralized exchanges. These are the primary target of the sanctions too.  crypto is not criminal, people are.

Lol, good luck. Maybe try Monero if you don’t want to get tracked.

Russians are rich so that sounds like a big pump incoming.  I’d better spend the rest of my Tether on Bitcoin before it’s too late then.

You know that! Let’s hope the people, and find Freedom from BTC Russia Get on your feet and say no WAR.

They still have to sell them at some point. Russian Gov, businesses, and high-value individuals now can’t trade or convert to the £ $ € currencies.

This is not good for Bitcoin, maybe in the short term, but on a wider scale, this would incentive CBDCs or backing of another asset by any of the countries providing sanctions.

Value is a social construction. Western powers would open their arms to those other assets to deny RU an advantage. How? Easy one piece of legislation making eth (maybe avax :)) or a CBDC legal tender (as long as they have a big stake).

And that is exactly the excuse western powers would need to criminalize Bitcoin.

Maybe bitcoin and other cryptos should do something about it Or ppl should boycott bitcoin should it fail to act.

Bitcoin isn’t a single entity its spread far and wide by millions of anon parties around the world, you can’t tell it to or ask it to do anything.

Bitcoin is now everyone’s destination when things go south or when they fall out with their government or government around the world. But in the end, people should realize that Bitcoin is neutral and just a tool that anyone can use, and it serves everyone. BTC is always to the rescue.

Well said. Bitcoin is money for your enemies and your friends. Neutral. Unseizable and uncensorable property – something which seems so alien to the layman.