On Thursday (December 26), Bitcoin surged close to $100,000, then slightly retreated to around $98,770. The Russian government announced that companies in the country are allowed to start using Bitcoin in foreign trade. Billionaire Musk criticized U.S. President Biden, implying that the latter is selling presidential pardons, and under financial considerations influencing decision-making, the founder of the collapsed crypto exchange FTX, Sam Bankman-Fried (SBF), may be released early.
Western sanctions have complicated trade between Russia and its main partners, as local banks are extremely cautious about transactions related to Russia to avoid scrutiny from Western regulators.
This year, Russia has allowed the use of cryptocurrencies in foreign trade and taken measures to legalize cryptocurrency mining, including Bitcoin. Today, Russia is one of the global leaders in Bitcoin mining.
Siluanov stated in an interview with Russian media: 'We can use digital financial assets to pay for goods' transportation costs. As part of an experimental system, we can use Bitcoin mined in Russia for foreign trade transactions.'
'Such transactions are already happening. We believe they should be further expanded and developed. I believe this goal will be achieved by 2025,' he added, stating that international payments in digital currencies represent the future.
Siluanov stated in an interview that under the current circumstances, allowing Bitcoin payments as an alternative to the dollar in foreign trade is 'completely understandable' because it can utilize modern infrastructure. He added that this is an innovation in the global settlement system, stating, 'This is the future.'
Earlier in December, Putin stated that the current U.S. government uses the dollar for political purposes, undermining the dollar's status as a reserve currency, and forcing many countries to turn to alternative assets. He specifically pointed out Bitcoin as an example of such assets and stated that no one in the world can regulate Bitcoin.
Putin's remarks indicate his support for the widespread use of cryptocurrencies.
Musk: Biden is selling presidential pardons, SBF may be released early.
A fierce debate has emerged in the crypto community regarding whether the soon-to-be-outgoing Biden will grant SBF an early pardon. Previously, a well-known Wall Street tabloid reported for the first time that Biden is considering pardoning SBF.
Notably, this news has spread rapidly, and well-known figures like Elon Musk have also expressed their views. As the founder of Tesla and a major supporter of Dogecoin, Musk commented on the matter, stating that he would be shocked if the Biden administration does not pardon SBF.
In subsequent comments, he directly criticized the Biden administration, suggesting that financial considerations might influence the president's pardon.
Specifically, he accused the current government of 'selling' pardons. Therefore, he emphasized that SBF's pardon 'will be sold at a high price.'
This indicates that the SBF camp may pay a high price to ensure Biden grants him a pardon as soon as possible.
SBF was convicted of a historic fraud case in the U.S. He misappropriated billions of dollars of FTX exchange customer funds to finance his lavish lifestyle and sponsor political candidates, especially Democratic politicians, making him the second-largest donor to the Democratic Party in the 2020 election.
Due to the severity of SBF's crimes, including telecom fraud and money laundering, U.S. District Judge Lewis Kaplan sentenced him to 25 years in prison and ordered him to forfeit $11 billion. Although he has appealed the ruling, there are speculations that he may be released early through a presidential pardon.
The U.S. president has the constitutional power to pardon multiple federal crimes, and Biden is no exception. He recently exercised this power, unconditionally pardoning his son Hunter Biden, who was initially convicted on gun and tax charges.
Bitcoin Technical Analysis
Economies.com stated that Bitcoin's price surged strongly, breaking through $96,555, and turned upward on both intraday and short-term charts, halting the recently indicated bearish correction and establishing a bullish wave.
Its next major target is at $105,000; note that unless it falls below $95,195 and maintains below it, the bullish trend will remain valid.
