Bitcoin takes on different roles globally: aiding Russia in circumventing sanctions and losing appeal in the U.S.
Russia's Use of Bitcoin in Oil Trade
Russian oil companies have found a way to continue selling oil to countries like China and India, using cryptocurrencies to bypass sanctions. Buyers pay in their local currencies, which are converted to cryptocurrency and finally to rubles, allowing Russia to maintain substantial oil trade volumes of $192 billion.
Issues with Bitcoin ETFs in the U.S.
In contrast, American Bitcoin-focused investment funds are experiencing losses despite high cryptocurrency prices. $870 million flowed out over the past week, with $143 million on March 13 alone. This is linked to economic instability and global events.
Connecting Bitcoin's Global Stories
These Bitcoin narratives illustrate its dual role. In Russia, it resolves practical issues in international trade, whereas in the U.S., it's viewed as a volatile investment. This contrast highlights the wide-ranging applications of the same cryptocurrency in a global context.
These parallel events highlight Bitcoin's evolving role in the global economy as both a practical solution for international trade and a complex investment vehicle. Bitcoin's influence on the geopolitical and financial landscape continues to increase.
