Will Russia inject $10 billion into Bitcoin?; Russian economist reaffirms rumors
Published by crestcoinmanagers
Rumors of a large scale investment into Bitcoin (BTC) by Russia’s government have been circulating around the cryptocurrency space of late. However, it's unclear whether or not there is actually any weight to the conjecture… The source of this speculation emanated from Russian economist, Vladislav Ginko. Within a Tweet, Ginko seemed to rely that the Russian government “working for” will inject a massive total of $470 billion into Bitcoin: This caused a ripple throughout the crypto ecosystem, with various crypto media outlets rushing to report on this seemingly bullish development.
When speaking to Australian publication, Micky about the potential investment, Ginko stated that The Kremlin would look to buy Bitcoin and introduce it to its national coffers in order to evade US sanctions: “US sanctions may be mitigated only through Bitcoin use. Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. However, it was subsequently called out as “fake news” when senior Russian official Elina Sidorenko claimed that an investment on this scale wouldn’t be plausible: "there is not a bit of common sense, much less ideas that would be considered in government circles.
The Russian Federation, like any other country in the world, is simply not ready today to somehow combine its traditional financial system with cryptocurrencies. And to say that in Russia this idea can be implemented in the next at least 30 years is unlikely to be possible..(we) simply cannot do this, due to the fact that we do not have any mechanisms that would allow us to introduce a system, where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses..
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