- Russia proposes a national Bitcoin reserve to counter sanctions and bolster international trade.
- Global interest in Bitcoin reserves rises amid its $100K surge and shifting geopolitical dynamics.
Amid growing discussions in the United States about establishing a Bitcoin [BTC] reserve under President Donald Trump’s leadership, the idea is sparking interest globally.
Russia plans to create Bitcoin Reserve
In a notable development, a Russian lawmaker has proposed creating a national Bitcoin reserve to mitigate geopolitical risks and sanctions.
Anton Tkachev, a State Duma member from the Novye Lyudi party, has formally appealed to Finance Minister Anton Siluanov, advocating for a Bitcoin reserve modeled after traditional state reserves in fiat currencies.
This move underscores the increasing recognition of Bitcoin’s potential as a strategic financial asset on the international stage.
Remarking on the same, Tkachev in an appeal noted,
“With limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only tool for international trade.”
This follows, Russian President Vladimir Putin, recent appearance at the Moscow Investment Forum, where he acknowledged Bitcoin’s transformative potential, marking a significant shift in his stance from opposition to cautious recognition.
Is China following in US and Russia’s footsteps?
Additionally, former Binance CEO Changpeng “CZ” Zhao has also weighed in on the global discourse surrounding Bitcoin reserves.
Speaking at the Bitcoin MENA conference in Abu Dhabi on 9th December, Zhao speculated that smaller nations might lead the way in adopting Bitcoin reserves, though he emphasized that the transition would likely be gradual.
He also hinted at the potential for China to establish a Bitcoin reserve but noted the unpredictability of such a move due to the opacity of its government’s stance on cryptocurrency.
Zhao added,
“Trump has not gotten into office yet, and the strategic Bitcoin reserve has not been activated yet, so I think as soon as that actually happens, we’ll see what other countries do.”
What is fueling this?
That being said, the global interest in establishing Bitcoin reserves seems to echo the cryptocurrency’s remarkable surge past the $100,000 milestone, briefly peaking at $102,000 before retreating.
As of now, Bitcoin trades at $97,325.53, reflecting a 1.65% decline over the past 24 hours, according to CoinMarketCap.
Meanwhile talking of the US, market sentiment remains mixed, as Polymarket betting on the likelihood of former President Trump creating a Bitcoin reserve in his first 100 days dropped to 28%.
