Following the US's official recognition of bitcoin as a reserve currency, Russia may take steps to create its own strategic reserve.
Rising Tension
The United States has officially adopted Bitcoin as a reserve currency. Crypto council members, including Bo Hines, express a strong desire to acquire as much bitcoin as possible. Senator Cynthia Lummis introduced the 'Bitcoin Act' advocating the purchase of 200,000 BTC per year through gold sales. This proposal gained support from a dozen senators. The Coinbase CEO highlighted that bitcoin could become a significant part of governmental reserves at the World Economic Forum.
Domino Effect
Countries like the Czech Republic, Bhutan, El Salvador, and the UAE are showing interest in including bitcoin in their reserves. Russia is considering similar steps with State Duma Deputy Anton Tkachev suggesting the creation of a strategic reserve, while President Putin views cryptocurrency as an alternative to traditional currency reserves.
Russia and Bitcoin
Vladimir Putin and experts like Igor Runets believe that a strategic bitcoin reserve could benefit the Russian financial system. The disconnection from SWIFT and freezing of reserves have directed Russia toward cryptocurrency. Russian oil companies are already using bitcoin for trade with China and India, pointing toward potential global adoption of bitcoin as a reserve currency.
Global financial shifts are driving countries, including Russia, to consider strategic reserves in cryptocurrency, potentially reshaping global economic structures.
