Bitcoin plays two different roles in the global economy. In Russia, it helps bypass sanctions through oil trade, while in the USA, funds are being withdrawn despite high prices.
Bitcoin's Use in Russia for Oil Trade
Russian oil companies use Bitcoin, Ethereum, and Tether to sell oil to China and India, circumventing sanctions. Buyers pay in local currency, which is converted into cryptocurrency and then into rubles. In 2024, Russia facilitated this process by enacting new laws for cryptocurrency use in international trade.
Drop in Investments in U.S. Bitcoin ETFs
Over the last week, U.S. Bitcoin ETFs lost $870 million, with $143 million withdrawn on March 13 alone. Despite Bitcoin's high price at $85,000, investors are worried about global economic issues and withdrawing funds.
Link Between Economic Approaches to Bitcoin in Russia and the USA
These two approaches to Bitcoin demonstrate its dual role: practical use in Russia and risky investment in the USA. Russia uses Bitcoin for real trade, while in the USA, it is seen as an asset with unpredictable nature.
Bitcoin shows its dual nature: being a practical tool for international trade and a complex investment asset. Its role in geopolitics and finance continues to grow.
