Bitcoin plays significant roles worldwide. Russia uses cryptocurrency for oil trade, while in the U.S., investors are cautious due to economic instability.
Russia and Bitcoin: Circumventing Sanctions
Russian oil companies have started using Bitcoin and other cryptocurrencies to sell oil to China and India, bypassing Western sanctions. The process involves converting local currencies into cryptocurrencies, which are then exchanged for Russian rubles. In 2024, Russia passed new laws to facilitate the use of cryptocurrencies in international trade.
U.S. Bitcoin Funds Lose Money
In the U.S., the Bitcoin ETF market is witnessing significant outflows of funds. Last week, these funds lost $870 million. Despite Bitcoin's high price, about $85,000, investors withdraw funds due to economic uncertainties. Ethereum funds also see reduced investments.
Bitcoin's Global Role in the Economy
Bitcoin demonstrates two faces: in Russia, it is used as a trade tool and to bypass sanctions, whereas in the U.S., it's regarded as a risky investment asset. This highlights its potential value both for real transactions and as a high-risk investment.
The situation with Bitcoin in Russia and the U.S. illustrates its dual nature as a trading tool and investment. These trends may signal future changes in the global cryptocurrency market.
