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An attempt to pump up the BTC by speculating on possible Russian state intervention

Russians to pump up billions in Crypto market? It does not seem to be the case, however one economist states the opposite.

11.Jan.19 11:06 AM
By Abigail Richards
Photo Consumer Electronics


An attempt to pump up the BTC by speculating on possible Russian state intervention
A Russian economist claims that the country is about to pump around 8.7 billion in Bitcoin (BTC). According to him, this would be a result of the sanctions that the US previously imposed on Russia.

According to Vladislav Ginko, Russia is forced to dump large amounts of dollars and to invest massively in Bitcoin. Ginko continued:

American sanctions can only be taken care of by the use of Bitcoin. Due to US sanctions, the Russian elite is forced to dump US assets and US dollars and to massively invest in Bitcoins. The central bank of Russia has $ 466 billion in reserves and must diversify in case there are limited opportunities to do so.

According to the economist, the Russian government will have to invest $ 466 billion in Bitcoin over time. The first $ 10 billion would already be invested in the first quarter of this year.

The whole message from the Vladislav Ginko however does not seem to be reliable and it is more looking as an attempt to pump up the market.

The sanctions imposed seem to affect the Russian economy very slightly. President Vladimir Putin said about these sanctions:

"With regard to our US partners who impose restrictions, including on dollar transactions, I think this is a major strategic error. By doing so, they undermine confidence in the dollar as a reserve currency."

Whether the country is actually going to invest billions in Bitcoin is still the question. It is clear that the sanctions have a negative effect on the Russian economy, and that investing in the largest cryptocurrency is one of the ways to dampen that effect.

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