Bank

United

Bitcoin

<ul>
 <li>Vladimir Putin has publicly endorsed Bitcoin, emphasizing its potential as a resilient financial tool amid waning U.S. dollar influence.</li>
 <li>Russia’s Bitcoin mining industry is rapidly expanding, with the country controlling 17% of global hashrate.</li>
</ul>
At the Moscow Economic Forum, Russian President Vladimir Putin made waves by directly addressing <a href="https://www.ethnews.com/bitcoin-breaks-100000-a-historic-milestone-for-cryptocurrency/" rel="noopener noreferrer nofollow">Bitcoin</a>’s role in the evolving global financial landscape. His remarks came in response to mounting tensions with the United States over the dollar’s diminishing dominance as the world’s reserve currency.
Putin’s comments were triggered by a recent statement from U.S. President-elect Donald Trump, who warned <a href="https://www.ethnews.com/dollar-dominance-at-risk-trumps-economic-ultimatum-to-brics-nations/" rel="noopener noreferrer nofollow">BRICS</a> nations against reducing their reliance on the dollar. Trump’s tweet last week underscored the stakes:
<blockquote>
 “The idea that BRICS countries can distance themselves from the dollar while we sit back is over. We demand these nations commit to not creating or adopting new currencies to replace the dollar—or face 100% tariffs.”
</blockquote>
<a href="https://www.ethnews.com/president-putin-affirms-the-inevitable-development-of-cryptocurrencies/" rel="noopener noreferrer nofollow">Putin</a> responded firmly, highlighting significant shifts in global economic dynamics over the past four years.
He criticized the U.S. for weaponizing the dollar to harm other nations and noted the shrinking influence of the Greenback in tandem with America’s declining share of the global economy.
This distrust isn’t unwarranted. Western sanctions, including freezing $300 billion worth of Russian assets and excluding Russian banks from <a href="https://www.ethnews.com/swift-sets-to-bridge-traditional-finance-and-tokenized-assets/" rel="noopener noreferrer nofollow">SWIFT</a>, Visa, and Mastercard networks, have compounded the country’s skepticism toward the U.S.-led financial order.
Such measures, Putin argued, have turned the dollar into an instrument of geopolitical coercion, accelerating its waning influence.
Amid these developments, Russia’s embrace of <a href="https://www.ethnews.com/chile-rejects-bitcoin-in-reserves-citing-volatility-and-regulatory-concerns/" rel="noopener noreferrer nofollow">Bitcoin</a> appears inevitable. Despite resistance from the Central Bank of Russia, the domestic cryptocurrency mining industry has flourished.
BitRiver, Russia’s largest <a href="https://www.ethnews.com/russia-implements-tax-reforms-on-bitcoin-mining-and-crypto-transactions/" rel="noopener noreferrer nofollow">Bitcoin mining</a> company, predicts that the country’s hashrate could soon surpass that of the United States. Presently, Russia controls 17% of global Bitcoin mining power, a figure that continues to grow rapidly.
Igor Runets, CEO of BitRiver, revealed that the company has expanded its workforce significantly, hiring nearly 200 employees over the past year. This growth underscores the increasing importance of <a href="https://www.ethnews.com/michael-saylor-a-risky-bet-on-bitcoin/" rel="noopener noreferrer nofollow">Bitcoin </a>to Russia’s economic strategy, particularly as sanctions strain its financial system.
During the forum, Putin acknowledged Bitcoin’s inevitability:
<blockquote>
 “Who can stop Bitcoin? No one. It’s a new technology. Regardless of what happens with the dollar, these tools will continue to grow. Everyone wants to reduce costs and increase reliability.”
</blockquote>
The implications of Putin’s endorsement are profound, not just for Russia but for the broader geopolitical landscape. Analysts speculate that Russia has been waiting for the United States to make the first move toward <a href="https://www.ethnews.com/american-miners-leverage-bitcoin-in-response-to-global-shifts-away-from-the-dollar/" rel="noopener noreferrer nofollow">Bitcoin</a> adoption, signaling a shift in global financial strategy.
Furthermore, attention now turns to <a href="https://www.ethnews.com/chinas-strategic-shift-amid-global-stakes/" rel="noopener noreferrer nofollow">China</a>, a critical ally of Russia. If Beijing lifts its Bitcoin restrictions in 2025, as some predict, it could catalyze a massive surge in Bitcoin’s value, potentially pushing it to $200,000.
<a href="https://www.ethnews.com/bitwise-files-for-btc-eth-etf-amid-vanecks-fee-waiver-strategy/" rel="noopener noreferrer nofollow">Bitcoin</a>’s decentralized, censorship-resistant nature and finite supply position it as a strong candidate for the next global reserve currency. Its adoption could fundamentally alter international trade by offering a level playing field, free from political manipulation. Whether the United States chooses to participate or be left behind remains a pressing question.
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div>
The post <a href="https://www.ethnews.com/putin-declares-bitcoin-unstoppable-a-turning-point-in-global-finance/" rel="noopener noreferrer nofollow">Putin Declares Bitcoin Unstoppable: A Turning Point in Global Finance</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Putin Declares Bitcoin Unstoppable: A Turning Point in Global Finance

ETHNews

Other articles published on Dec 5, 2024

32 African startups raised $180m in November as 2024 venture funding hits $1.86bn

MicroStrategy Acquires Additional $1.5B Bitcoin, Expands Holdings to 402,100

Can This PancakeSwap Update Push Binance Coin (BNB) To $1,000?

XRP Price Prediction For December 5

Grayscale Joins Race for Spot Solana ETF

XT Exchange Suspends Withdrawals After $1.7M Hack

Join our free newsletter for daily crypto updates!