Bitcoin acts as a trade tool in Russia and a financial instrument in the US, highlighting its dual role in the global economy.
How Russia Uses Bitcoin to Circumvent Sanctions
Russian oil companies have found a way to bypass sanctions by using cryptocurrencies like Bitcoin, Ethereum, and the Tether stablecoin to sell oil to countries such as China and India. The process involves payment in local currency, conversion to cryptocurrency, and the final exchange into Russian rubles.
US Bitcoin ETFs Face Losses Despite High Prices
In the US, Bitcoin ETFs experienced significant outflows totaling $870 million last week, despite Bitcoin prices remaining stable around $85,000. Investors are concerned about global economic issues and are withdrawing their funds.
Connecting Different Stories Through Bitcoin
Although the situations in Russia and the US seem different, they are connected by Bitcoin. In Russia, it solves practical financial issues by utilizing cryptocurrency advantages for international trade. In the US, it becomes a concern for investors who are withdrawing funds despite stable prices. These stories emphasize Bitcoin's dual role as a trade instrument and an investment tool, eliciting varied reactions.
These developments demonstrate Bitcoin's growing significance as a serious financial instrument for international trade, while also remaining a volatile investment. The ongoing evolution of Bitcoin at the intersection of geopolitics and finance adds to its growing importance.
