Bitcoin

Just hours after Russian President Vladimir Putin made a bold statement about Bitcoin, the cryptocurrency surpassed the $100,000 mark, causing a stir in global financial markets.&nbsp;
Putin’s comments at an investment forum in Moscow didn’t just shake up how the world views Russia’s position in cryptocurrencies. But they appear to be helping boost Bitcoin and the broader crypto market.
Putin confidently declared, <a href="https://www.cryptotimes.io/2024/12/04/russian-president-putin-said-no-one-can-ban-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">“Who can ban Bitcoin? Nobody.”</a> That simple statement sent a strong message: Bitcoin and cryptocurrencies are here to stay, and there’s no way to stop their growth.
For many years, Russia has been cautious about cryptocurrencies. Sometimes there is hatred towards him. But now, it’s clear Putin has <a href="https://www.cryptotimes.io/2024/12/05/why-is-russian-president-putin-supporting-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">had a change of heart</a>. With Russia facing growing international sanctions, cryptocurrencies are starting to look like a way to break free from traditional financial systems, especially reliance on the U.S. dollar.
Putin’s remarks came just days after Russia passed a new law recognizing <a href="https://www.cryptotimes.io/2024/11/29/putin-signs-bill-recognizing-bitcoin-as-property-in-russia/" target="_blank" rel="noopener noreferrer nofollow">digital currencies as property</a>. This new legislation makes it easier for cryptocurrencies to be used in international trade and also exempts crypto mining and sales from VAT (Value Added Tax), making Russia a more attractive place for crypto businesses and miners to set up shop.
As Putin himself put it, “These are new technologies, and no matter what happens to the dollar, these tools will develop.” In other words, crypto is inevitable, and Russia wants it.
Putin’s words also fit into a larger global trend. While countries like China continue to clamp down on crypto, others—like Russia and the U.S.—are loosening up and warming to it. In Russia alone, there are now around 17 million crypto users, which might be smaller than the U.S. but still enough to make an impact on the global stage.
What’s more, Putin isn’t just legalizing cryptocurrencies; he’s also getting behind crypto mining. Last year, Russia passed a law allowing crypto mining, and the country has since become one of the leading hubs for miners. Russian miners now enjoy lower electricity costs and more favorable regulations, giving them a competitive edge in the global market.
For the crypto community, Putin’s remarks couldn’t have come at a better time. <a href="https://www.cryptotimes.io/2024/12/05/bitcoin-surges-past-100000-creates-history/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s rise to over $100,000</a> shows that support for digital currencies is growing, both from governments and financial institutions.

It was “Put-in” who gave little push-in for BTC to hit $100K

The Crypto Times

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