Russia follows a similar Bitcoin adoption approach, as seen in the US jurisdiction for Bitcoin.
The U.S.-Russia rivalry is a longstanding geopolitical conflict rooted in ideological, military, and political differences. However, the Russian & US economy was integrated enough before 2022. In Feb 2022, the Russia vs Ukraine conflict acted as a big catalyst to inject more hate between Russia & Western countries. Currently, Russia is under multiple types of sanctions & trying to bypass financial sanctions via crypto & blockchain technology-focused payment services.
On 10 Dec 2024, Russian State Duma Deputy Anton Tkachev proposed creating a strategic Bitcoin reserve, just like the US.With this new plan, Anton aimed to give a better push to the country’s financial stability.Anton is a member of the New People party & his decision reflects his increasing inclination toward the Bitcoin sector.
Probably nothing… 😂 pic.twitter.com/t0qq1KPNwb
— CZ 🔶 BNB (@cz_binance) December 10, 2024
He submitted his proposal to Finance Minister Anton Siluanov by asserting Bitcoin’s potential as an independent financial digital asset which is free from international sanctions and also from other several risks like inflation & boundaries of traditional fiat currencies.
It is worth it to note that Russian government agencies are softening their stance on cryptocurrency regulation. Recently, Russian President Vladimir Putin stated that Bitcoin & other digital assets cannot be banned and will continue to grow because they provide better efficiency.
https://t.co/PdwspIoorERussian President Vladimir #Putin says No one can ban #Bitcoin
— Bitcoinik (@Bitcoinikdotcom) December 4, 2024
Bitcoin spot ETF capital inflow
On 9 Dec 2024, the Bitcoin spot ETFs market saw $479 million in net inflows, marking 8 consecutive days of inflows. BlackRock’s IBIT had $394 million, and Fidelity’s FBTC had $175 million inflows on the same day.
Bitcoin spot ETFs had a total net inflow of $479 million on December 9, and continued to have net inflows for 8 consecutive days. BlackRock ETF IBIT had a single-day net inflow of $394 million, and Fidelity ETF FBTC had a single-day net inflow of $175 million.… pic.twitter.com/eMyDalHdzD
— Wu Blockchain (@WuBlockchain) December 10, 2024
It is expected that on 10 Dec, the BTC spot ETF market will see a net outflow of money, as the trade price of Bitcoin faced significant correction on the crypto spot trading exchanges.
Read also: $ADA coin saw a record $25 billion trade volume in 24 hours but its price crashed 17%
