Russia could very soon add bitcoin to its cash reserves. According to Vladislav Ginko, a Russian university lecturer, the country is considering to invest massively in bitcoin as a way to avoid new sanctions by the United States. The move could happen ‘within a few weeks’, according to Ginko in an interview with Micky.
Ginko has had government ties that go back over twenty years. He claims that US sanctions will force the Russian elite to dump their US assets and dollars. For example, the central bank of Russia has 466 billion dollars, and they need to diversify in case the relationship with the United States goes sour. He believes bitcoin will be ‘save haven’ in those cases.
Russia isn’t the only country exploring ways to reduce its dependence on the American dollar. China, Iran and Venezuela are also working on the same problem. Russia as already been stockpiling gold over the past few years, tripling their gold reserve, and they want to work closely with China.
Putin has been talking about the impending breakup with the US dollar. He stated the Russia is not ditching the dollar, but the dollar is moving away from Russia. Putin is looking for ways to decrease his dependence on the dollar, and bitcoin could be one of the solutions.
Also published on Medium.