Bitcoin is now working in two different ways worldwide. In Russia, it aids in avoiding sanctions, while in the USA, investors withdraw money from Bitcoin funds.
Bitcoin in Russian Oil Trade
Russian oil companies have begun using cryptocurrencies like Bitcoin, Ethereum, and Tether to sell oil to countries such as China and India. The process involves selling oil for local currencies, which are then converted into cryptocurrencies and finally into Russian rubles. This allows Russia to continue its oil trade despite Western sanctions.
Loss of Investments in Bitcoin in the USA
Meanwhile, in the USA, the opposite is occurring. Bitcoin funds, which allow people to invest in the cryptocurrency without directly buying it, lost $870 million over the last week. Investors are concerned about economic problems and world events, leading to fund withdrawals, even though the Bitcoin price remains high.
The Connection Between Two Stories
Despite the differences, both stories are linked through Bitcoin. In Russia, it solves a practical problem of cross-border payments, while in the USA, Bitcoin acts more as a risky investment. Thus, Bitcoin shows its dual nature as a practical tool for international trade and an unpredictable investment vehicle.
These developments highlight Bitcoin's growing importance in the global economy as a practical solution for international trade challenges and a complex investment vehicle with unique market behaviors.
