The United States advocates for cryptocurrency, while Russia using Bitcoin for trade settlement is an unresolved conspiracy.
Russia using Bitcoin for international payments is an unresolved conspiracy, and behind this seemingly helpless means lies Russia's response to the U.S. blockade.
The United States does not recognize Bitcoin or have the ability to freeze it, which means that the so-called security of virtual currency is a falsehood. If the United States turns a blind eye to Russia using Bitcoin for settlement, its financial encirclement actions will be declared a failure. So, what will the United States do now?
First of all, from the perspective of a country's governance, allowing something that cannot be controlled in terms of issuance, exchange rate, and regulation to rampage within one's own borders is a disaster for any country. But why does a country like the United States favor Bitcoin so much? It has a huge connection with the U.S. debt crisis.
In the 2024 U.S. elections, both Trump and Harris expressed support for Bitcoin, promoting 'Make Bitcoin Great Again.' After winning, Trump continued to publicly support Bitcoin, which pushed the price of Bitcoin past the $100,000 mark. It is worth noting that Trump's close partner, Musk, is a player in the virtual currency space, and Musk can be said to have a deep connection with Dogecoin. However, for the people of the world, the so-called technological genius Satoshi Nakamoto remains a mystery; many speculate that this Nakamoto may be a fictional character created by the Federal Reserve, and the true developer of Bitcoin is the Federal Reserve.
The reason behind the Federal Reserve's grand strategy is to hope to develop new financial harvesting models through Bitcoin to further resolve the U.S. debt crisis. Faced with this uncontrollable financial model, our country has long stipulated that financial institutions are not allowed to provide services related to Bitcoin trading since 2013. Subsequently, in 2017, our country officially banned domestic Bitcoin exchanges and prohibited initial coin offerings. But ironically, under the influence of Western capital, cryptocurrencies experienced a super bull market. This was followed by frequent flash crashes of Bitcoin and a significant cleansing of the cryptocurrency circle.
It is important to understand that when a large sovereign state wants to control the cryptocurrency market, it needs to gain operating rights to mainstream cryptocurrency exchanges. By controlling cryptocurrency exchanges, it can obtain user identity information and know who holds large amounts of cryptocurrency.
Therefore, in the past year of 2024, the co-founder of the cryptocurrency exchange MakerDAO mysteriously drowned. Before his death, he stated on social media that he felt he was being targeted by the CIA and might be in trouble. He ended up dead, and his parents had no doubts or pursued any responsibility, simply stating that his death was unrelated to the tweet and claiming he was mentally unstable.
Later on, Tiantian Kullander, the co-founder of the cryptocurrency trading platform Amber Group, also mysteriously died in his sleep. His family did not make any accusations, stating it was an accident. Subsequently, the founder of the Libertex trading platform, Russian billionaire Vyacheslav Taran, died in a helicopter crash.
Moreover, Binance founder Zhao Changpeng was arrested and fined tens of billions of dollars. FTX founder Sam Bankman-Fried was also sentenced to 25 years for securities fraud and money laundering, facing a $10 billion fine.
In simple terms, in order to solve the U.S. debt crisis, the current United States has begun to openly seize resources. Controlling all global cryptocurrency trading markets is equivalent to having a Federal Reserve in the cryptocurrency sector; although it cannot produce Bitcoin, it can simply manipulate the market to harvest like the dollar.
Another major issue is that the emergence of cryptocurrencies has posed a significant challenge to America's financial hegemony. With the dollar being the world's currency, it is difficult for various capital flows of major global financial institutions to escape American control. Therefore, when some countries and organizations provide goods or engage in trade with countries sanctioned by the U.S., once discovered, America directly freezes assets and imposes further sanctions. For a long time, countries like North Korea and Iran have had to use dollars for trade or to purchase items, often resorting to cash or third-party proxies to circumvent U.S. regulation.
Now that cryptocurrencies have emerged, a market has appeared that is not subject to the control of the American financial system. The sources and destinations of huge sums of money have become untraceable. Therefore, after the emergence of cryptocurrencies, countries have discovered that some individuals are using the cryptocurrency market to conduct large-scale money laundering and asset transfer operations. Thus, any slightly larger country has closed its doors to cryptocurrencies. For the United States, with cryptocurrencies, many countries and organizations that have been sanctioned can conduct normal trade through the cryptocurrency market, which diminishes the financial deterrent power of the dollar and reduces its share in the global market.
For the US dollar, the continuous circulation of the dollar in the world and making the dollar the pricing currency for commodities is the core competitiveness of the dollar. However, after several rounds of tidal harvesting, many countries have suffered from the dollar for a long time. Some anti-American countries explicitly prohibit transactions settled in dollars, while many countries, although not openly, have quietly turned towards settling in their own currencies. The tide of de-dollarization has been intensifying, and with the emergence of the cryptocurrency market, the hegemony of the dollar is already in jeopardy.
Therefore, the United States sees the threats and opportunities posed by cryptocurrency. If the United States can further control the cryptocurrency market, it will equate to adding a new method of harvesting cryptocurrencies on top of the existing dollar tidal harvesting. On the other hand, since the U.S. controls the cryptocurrency market, the dollar can further find value support, avoiding continuous devaluation of the dollar.
Thus, the purpose of the United States carrying out a series of operations in 2024, both openly and covertly, is to gain control of the cryptocurrency market. They have also pushed the prices of Bitcoin and other virtual currencies to unprecedented heights.
In summary, there are three core reasons why the United States wants to control the cryptocurrency market: first, to further maintain its financial hegemony; second, to seek value support for the dollar through the cryptocurrency market; and third, to utilize the disorderliness of the cryptocurrency market for simple and brutal financial harvesting.
Russia has seen the United States' current intentions; by bypassing the traditional financial system and using Bitcoin for trading, it directly slaps the United States in the face. The United States and other Western countries have always emphasized that cryptocurrency is a 'currency of equality,' because it cannot be stolen, and the holder's information is completely invisible, but this claim has flaws.
After all, any cryptocurrency ultimately requires the dollar, euro, or renminbi as a value carrier. For example, currently, one Bitcoin is worth about $100,000, and some institutions predict that Bitcoin will soar to $250,000 by 2025. In such a terrifying market, if Bitcoin experiences a massive flash crash, large holders of Bitcoin will reap hundreds of billions of dollars in funds in the short term. I personally believe this is also the core reason why the United States wants to control the cryptocurrency trading market: it does not want capital and groups outside the United States to know the specific details of the harvest. They can even falsify the number of Bitcoins through cryptocurrency exchanges to facilitate their harvesting.
So now, if Russia uses cryptocurrency for trade settlement and can still be sanctioned by the United States, it is equivalent to saying that cryptocurrency is still something similar to the dollar. It lacks value, so piling up Bitcoin and other cryptocurrencies with a large amount of dollars becomes meaningless.
If Russia can successfully carry out trade settlements, it can completely use Bitcoin and other cryptocurrencies to bypass the dollar for normal trade. So this conspiracy is detrimental to the U.S. regardless of how it responds.
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