Bitcoin is “Like Insurance,” for Jailed Kremlin Critic Alexei Navalny’s Campaigns

Alexei Navalny’s anti-Kremlin movement has been receiving Bitcoin donations, which are now worth nearly $300,000 this year alone.

The campaign’s Bitcoin donation shows that it received 6.242 BTC from Jan. 2st to Feb. 11, and because the price of Bitcoin is rallying, the USD value surpasses the value of all the bitcoin donations it received for 2020.

Jailed Kremlin critic returned to Russia for the first time since being poisoned in Siberia last summer and was arrested and handed a nearly three-year jail term.

His movement has been accepting donations in BTC since 2016 via its network of regional political headquarters. Since then, they have received over 658 BTC.

Besides accepting payments via bank and card transfers along with Paypal. But Russian authorities periodically block the bank accounts of Navalny’s separate organization Anti-Corruption Foundation.

Generally, Bitcoin donations accounted for about 10% of the total donations, but it wasn’t so last month. Overall donations also doubled in January month-on-month.

The largest single donations were made the day after Navalny’s return to Russia and after the protests in his support — one whole BTC each time. Leonid Volkov, in charge of Navalny’s campaign HQs across Russia, told Reuters,

“We use bitcoin because it’s a good legal means of payment. The fact that we have bitcoin payments as an alternative helps to defend us from the Russian authorities. They see if they close down other more traditional channels, we will still have bitcoin. It’s like insurance.”

Last week, Bitcoin supporter Elon Musk, the CEO of Tesla and SpaceX, tweeted at the Kremlin’s official Twitter account, asking for a conversation with the Russian president on Clubhouse.

“It would be a great honor to speak with you,” said Musk in the following tweet.

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