The world wants to de-dollarize. Most Eastern countries, especially, want to move away from the dollar (USD). This could mean that these countries will focus on moving away from the dominance of the United States.
According to Federico Pieraccini of Global Research, one of the countries that are more interested in leaving the dollar behind is Russia. Because of the sanctions imposed by the U. S., this has become a pressing issue for the country, as its economy is directly affected, as well as the sovereignty of the country.
Many countries are also starting to see all the possible benefits of decentralized tokens like Bitcoin. Vladislav Ginko, for instance, a prominent Russian economist, has claimed that Russians have opened several BTC addresses and that the country would invest a lot in BTC in the future.
Ginko currently believes that the state of Russia and its private companies are the ones behind the current Bitcoin bull run. According to him, at least 80,000 new BTC addresses were opened since April in the country, which may be a reason for the current bull run.
This is far from the first time in which people try to relate Russians and Bitcoin, though. Ginko, in special, claims often that Russia is purchasing BTC. He has claimed recently that the country purchased over 1.8 million BTC.
As noted by both experts, the reason why these companies are buying so much Bitcoin is generally to escape the effects of the dollar on international trades.
The Dollar Has An Important Role In The World
Since Nixon decided to make the dollar no longer convertible in gold in 1971, the dollar (also known as petrodollar) has become the reserve currency of the world. This was generally accepted for a long time, but it seems that the world is getting tired of the U. S. commanding it.
Russia and even China, too, are very interested in gold again. Russia (but this time not China) are also very interested in the digital gold, too, Bitcoin. By using the crypto, they can circumvent the problems of the system, which is why Russia is allegedly using it to mitigate its sanctions.
The country is also moving away from SWIFT, which also is very influenced by the United States. By moving away from both the dollar and SWIFT, these countries, which include Turkey, Iran, China, India, and Russia, are all starting to find new options.
Regulation Could Be Important
Vladimir Putin, the president of Russia, has been an important figure in the front line in order to push regulation forward. The country, just like the United States, is been too slow in order to create effective regulation.
At the moment, the government is still considered slow in solving the problems, however, this will certainly end up changing soon in case Russians are really buying that much Bitcoin.