The concept of bitcoin as a reserve asset is growing in the U.S. and countries like Russia affected by Western sanctions. Russian State Duma deputy Anton Tkachev sent a letter to Anton Siluanov, Minister of Finance, to propose examining the possibility of creating a strategic bitcoin reserve like nation-states hold international fiat reserves.
In a letter obtained by the Russian news outlet TASS, Tkachev asks to evaluate the feasibility of this proposal and if approved, to send it to the Russian Federation government for its implementation.
Tkachev highlights the benefits of the hypothetical implementation of a strategic bitcoin reserve, underscoring the advantages an asset like bitcoin might offer over other fiat alternatives. In the same letter, he explains:
Modern challenges entail the need to introduce not only new payment systems, but also alternative instruments for storing reserves that do not depend on individual countries.
Tkachev remarked that while this would be the first time a country officially introduces a bitcoin reserve, the idea is being discussed openly in other nations. As Tkachev said, several proposals have been introduced in Brazil and the U.S. seeking approval for this objective but none have been passed yet.
Tkachev also presented bitcoin as an asset that can have another purpose for Russia, allowing the nation to reap the benefits of its expected future appreciation. “In January 2020, its value was $10,000. Despite attempts to discredit and devalue the cryptocurrency, its value is steadily growing. In January 2022, about $40,000. In December 2024, its value was already $100,000,” he underlined.
Recently, Putin explained how bitcoin and other cryptocurrencies were resilient technology solutions capable of sidestepping external restrictions and regulatory interventions. “For example, bitcoin, who can ban it? Nobody,” he acknowledged.
Read more: Putin Declares Bitcoin Unstoppable Amid Dollar’s Waning Global Grip
