According to a recent report, Russia is making plans on how to replace the U.S. dollar with Bitcoin (BTC) as its reserve currency. The country wants to do this in a bid to minimize the effect of United States Sanctions imposed on them.
A week ago, Micky – a digital currency news website – quoted a Russian economist with ties to the government of Russia saying that the sanctions imposed by the U.S on Russia are forcing the nation and certain oligarchs to dump U.S. dollar and U.S. assets and hugely invest in Bitcoin (BTC).
The Transition from USD to Bitcoin (BTC) in Russia
An economist at the Russian Presidential Academy of National Economy and Public Administration – Vladislav Ginko – said that the transition to Bitcoin (BTC) from the U.S. dollar could start next month.
In a statement, Ginko said, “I believe that the time is coming when other countries will start doing that and Russia has a very good chance to invest in heavily oversold Bitcoin (BTC).
Sanctions have been imposed on Russia by Congress after the assertion of U.S. intelligence agencies determined that the nation interfered with the presidential election in 2016 as well as in the wake of the poisoning of Sergei Skripal – former Russian military officer.
The President of Russia – Vladimir Putin showed interest in Bitcoin (BTC). In June last year, the President said that Bitcoin (BTC) has its place in the world. According to a report, the conversion from U.S. dollars to Bitcoin (BTC) might involve an intermediary digital currency. The intermediary digital currency might be a token created by a Russian bank.
Earlier this week, the digital currency news website – Mickey – reported an enormous and unusual upsurge in the volume of OTC Bitcoin bought by nationals of Russia. The increase in the trading volume of OTC Bitcoin indicates further interest in Bitcoin (BTC) by Russia nationals.
Bitcoin (BTC) Recent Price Trend
Bitcoin (BTC) is currently trading in the green after starting the week in the red. The world’s most dominant digital currency started this year on a very low note, compared to how it started last year. In December 2017, Bitcoin (BTC) tested its all-time high, bringing its value close to the $20k mark.
The digital currency started 2018 with its gains. However, it lost over 80 percent of its value all through 2018. Bitcoin (BTC) has been highly volatile and the digital currency has crossed into this year with its volatile nature. Many in the crypto space are hoping that this year will be a great year for Bitcoin (BTC) and other digital currencies in the market. However, no significant change has been seen for a massive price reversal trend.
Bitcoin (BTC) Price Today – BTC / USD
Over the past twenty-four hours, the value of Bitcoin (BTC) has surged by more than two percent, bringing its value to $3,727. Bitcoin (BTC) was trading below the $3,550 level on Monday, but the digital currency saw a sharp increase yesterday afternoon. Bitcoin currently has a market cap of $63.21 billion and its trading volume over the past twenty-four hours is $3.05 billion.
Bitcoin is currently facing resistance at the $3,800 mark. A break over this level would pave the way for more gains towards the $4k level in the short term.