Russia's billions could trigger the Bitcoin bull run next month

Bitcoin news

A high-profile Russian economist said micky he believes that the Russian government could start investing billions of dollars in Bitcoin as early as next month, potentially triggering a new bullish Bitcoin market.

Vladislav Ginko, teacher in Moscow Russian presidential academy for the national economy and public administration, predicts that the new US sanctions will force the Kremlin to diversify its liquidity reserves into Bitcoin.

"US sanctions can only be mitigated through the use of Bitcoin," Ginko said, speaking to Micky in Moscow.

"Because of US sanctions, the Russian elite is forced to unload US assets and US dollars and invest heavily in Bitcoin.


"Russia's central bank is on $ 466 billion of reserves and must diversify if there are limited possibilities to do so (in the future)."

Micky verified the identity and position of Mr Ginko at the Russian Presidential Academy.

In his opinion, the first wave of significant investment by the Russian government in Bitcoin could start in a few weeks and be worth billions of dollars.

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"I believe that Russia (Government) will start diversifying its reserves with Bitcoin in February this year, when the US Congress will introduce a new sanction against Russia".

Ginko, a graduate of the St. Petersburg State University, has held various academic, investment, and governmental relations roles across Russia over the past two decades.

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Above – Vladislav Ginko settles on Russian state television on December 14, 2018 (Facebook). Under -Vladislav Ginko (left of the screen) on Russian Sputnik Radio December 12, 2018 (YouTube)

He recently appeared on Russian television and state radio, providing economic commentary and says that much of his recent work has been in persuading Russian officials that Bitcoin is the best way to allay the impact of harsh US sanctions against Kremlin.

"The government of Russia is not opposed to cryptocurrencies, the Russian president has put the adoption of FinTech as a key factor for the survival of the Russian economy.

"As an experienced economist at the Russian Presidential Academy of National Public and Economic Administration, I put my public media figure behind the work to persuade the various stakeholders of Russian society in the need to invest the reserves of the central bank in Bitcoin.

"I think it's coming (in the future) when other countries start doing so and Russia will have a brilliant opportunity to invest in heavily oversold Bitcoins."

Putin's desire to find alternative reserve currency

In the "Russia Calling" investment forum in Moscow in November 2018, Vladimir Putin made it clear that he is looking for alternative reserve currencies.

Putin's comments give credibility to the statements made by Vladislav Ginko to Micky.

"We do not have the goal of moving away from the dollar, it is the dollar that is moving away from us," Putin said.

"Those who make such decisions do not shoot at their feet, but somewhere more delicate, higher on the body.

"Because there is instability when it comes to doing business with the dollar, there is a desire – and it is happening all over the world – to find reserves of alternative reserves and create a financial system independent of the dollar".

Putin's Bitcoin rhetoric

Unlike many world leaders, Putin has never publicly condemned Bitcoin or completely excluded the government's investment or adoption.

He spoke for the first time of Bitcoin in 2015 and, unlike many world leaders of the era, has stopped well beyond the total complaint of cryptocurrencies.

"Bitcoins are not supported by anything … This money (not supported by anything), this is the point, this is the main problem, they are not really tied to anything and are not supported by anything," Putin said cited as mentioned from the RIA state press agency.

"However, as a unit of accounting these coins or whatever they are called, they can be used, and their adoption becomes ever wider, as probably some unit of some account, it is possible," he added.

At the end of 2017, during a Television government meeting on cryptocurrencies and FinTech, the President has again noted "serious risks" surrounding the cryptocurrencies, but he went on to say that the government would work on the regulations to "exploit the advantage" offered by the new financial technology.

In December 2018, Micky reported Vladimir Putin requested cooperation with the cryptocurrency, NEO.

The NEO Competence Center in St. Petersburg said it had received a letter from the "Russian Association of Criptovaluta and Blockchain", requesting a collaboration "in accordance with the request of the President of the Russian Federation, Vladimir Putin".

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