In a fascinating turn of events, investment firm VanEck has shown that China and Russia are increasingly using Bitcoin to settle some of their energy deals. This practice, as unveiled by VanEck’s Digital Assets Research Head Matthew Sigel on April 8, exhibits a trend across countries seeking a way out from the US dollar in light of increased geopolitical risks.

While China and Russia are making the most ambitious moves, they are not the only nations to be looking towards cryptocurrency to unlock the potential of international trade. Bolivia, for instance, is to import electricity in cryptocurrency form, while French energy giant EDF is considering Bitcoin mining for surplus electricity. These moves indicate that Bitcoin is maturing from its speculative origins and beginning to assume a more functional purpose as a monetary device—particularly for nations looking to move away from the dominance of US-driven financial systems.

Bitcoin’s role within international energy transactions is an indication that the cryptocurrency is being accepted by industries and nations that are looking for alternatives to conventional financial systems. It’s not about the technology; it’s about the political and economic currents that are pushing these choices. Nations are becoming more interested in how they can avoid using the dollar in trade, and Bitcoin is an alternative that could take some of the reliance on the US dollar and its corresponding geopolitics out of the equation.

Sigel also referred to a significant driver of the increased popularity of Bitcoin: the decline in strength of the US dollar. When the Federal Reserve makes policy changes, particularly dovish actions and liquidity injections, Bitcoin usually experiences a beneficial impact. Historically, such US monetary policy changes have had the tendency to drive individuals into assets such as Bitcoin, particularly during times of uncertainty. The US Dollar Index (DXY), which tracks the strength of the dollar, has fallen over 7% since the start of 2025, and this may continue to fuel the story that Bitcoin is a good hedge against a weakening dollar.

Similarly, Bitwise Chief Investment Officer Matt Hougan noted that the Trump administration’s strategy towards the dollar may be further driving global markets to decouple from the dollar as the reserve currency. He contends that this shift may result in a more dispersed reserve system, where assets such as Bitcoin and gold play a greater role in global finance.

This change, if sustained, could redefine how countries and companies approach money and commerce. Bitcoin, which was initially a fringe investment, may become part of more conventional financial systems, particularly as more nations test digital currencies. It’s an interesting trend, with significant implications that might alter the game in global finance.

As the dollar declines and the world struggles with a more fragmented global financial system, the use of Bitcoin as a store of value and a means of international trade is bound to increase. The application of Bitcoin in energy transactions, particularly by major economies such as China and Russia, heralds a possible turning point in the conduct of global trade—away from conventional systems and towards the future of digital currencies.