Bitcoin currently serves two different roles worldwide: in Russia, it is used to bypass sanctions in oil trading, while in the USA, investors are pulling funds out of Bitcoin funds despite high prices.
Russian Oil Trade Using Bitcoin
Russian oil companies have discovered a new way to sell oil bypassing sanctions by using cryptocurrencies like Bitcoin, Ethereum, and Tether. The process is simple: companies sell oil to buyers from China and India, receive payment in local currency (yuan or rupees), then convert this money into cryptocurrency and eventually Russian rubles. This method helps support the oil industry, valued at $192 billion, despite Western trade blocks.
US Investments: The Situation with Bitcoin ETFs
In the USA, amid rising Bitcoin prices, investors are withdrawing funds from Bitcoin ETFs, which lost $870 million last week. Experts refer to this as 'renewed selling pressure.' Withdrawals occur despite the current high Bitcoin price, possibly connected to investors' concerns about broader economic issues and world events.
Connection Between Different Aspects of Bitcoin Use
These two scenarios illustrate Bitcoin's different roles: in Russia, it serves as a practical solution, while in the USA, it's a risky investment tool. These examples showcase Bitcoin's dual nature: a useful tool for world trade and an unpredictable investment asset.
Developments in Russia and the USA highlight Bitcoin's dual nature in the global economy - as a practical tool for international trade challenges and a complex investment vehicle with unique market behaviors.
