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Cryptopolitan 2024-12-10 09:16:19

Russia considers proposal for a national Bitcoin reserve

Russia’s State Duma deputy Anton Tkachev has officially proposed the idea of creating a national Bitcoin reserve. His appeal to Finance Minister Anton Siluanov outlines a vision of something that could safeguard the country’s financial stability against sanctions, inflation, and the unpredictability of traditional currency reserves. The US dollar, euro, and yuan aren’t cutting it anymore, Tkachev said. They’re vulnerable. They’re subject to geopolitical games, sanctions, and inflation. Bitcoin, on the other hand, operates outside of any single country’s control, making it an attractive option for a government facing financial isolation. “I ask you to assess the feasibility of creating a strategic Bitcoin reserve,” Tkachev said . Bitcoin as a strategic tool for sanctioned nations He explained that: “In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade. The Central Bank of Russia is already preparing to launch an experiment in cross-border settlements in cryptocurrency.” Bitcoin’s financial appeal is clear. It’s the best-performing investment asset of the last decade. As of press time, Bitcoin’s price hovers around the $100,000 neighborhood, solidifying its reputation as both a store of value and a speculative asset. Tkachev’s proposal argues that holding Bitcoin could be as much about financial gain as it is about protecting against external threats. “Bitcoin has shown one of the highest returns of all investment assets,” the appeal says. Meanwhile, just a few weeks ago, President Vladimir Putin signed a law that said crypto is now recognized as “legal property” in Russia. Global interest in national Bitcoin reserves It was Putin’s buddy President-elect Donald Trump who made the Bitcoin national reserve idea popular. At a Bitcoin conference in July, he told attendees, “Never sell your Bitcoin,” while outlining his many plans. He even fired SEC Chairman Gary Gensler, who was the industry’s biggest hater. However, Trump’s Bitcoin reserve plan has its critics. Former Treasury Secretary Larry Summers called the idea “crazy,” claiming it’s more about political theater than sound economic policy. “There’s no reason to do that other than to pander to generous special interest campaign contributors,” he said. Summers likened Bitcoin to “sterile inventory,” arguing it lacks the tangible value of resources like gold or oil. Senator Cynthia Lummis introduced legislation that would see the US government buy one million Bitcoins—roughly 5% of the total supply—over the next five years. She wants the Federal Reserve’s gold stash to be sold in order to finance that, which really is a terrible idea economically. Peter Schiff, another crypto hater, said, “A reserve of something you can never sell and must continuously buy is worthless.” He added that governments will be forced to keep buying Bitcoin to maintain its value, potentially destroying their own currencies in the process. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

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