Russian Economist Thinks Russia Bought $8.6 Billion In Bitcoin (1.8 Million BTC)

Russian Economist: Russia Bought $8.6 Billion In Bitcoin

Vladislav Ginko, a famous Rusian economist, has recently claimed that wealthy people and companies in Russia bought 1.8 million BTC (around $8.6 billion USD). He affirmed that there is not a direct investment from the Russian government but that most of the people who bought the assets are trying to avoid US sanctions.

The sanctions could make it impossible for Russians to make international transactions as they currently do, so this could impact the business in the country severely. Buying BTC could be a way out of this problem.

Russia trades a lot of oil and gas. Soon, the U. S. Treasury Department’s Office of Foreign Assets Control (OFAC) could enforce sanctions on these companies which would ban them from using USD.

He said that this would not have a direct impact on the price of the asset now but that it can play an important role to further raise its adoption over time.

Also, after the sanctions are put in place, it would be harder to purchase Bitcoin since they could not buy from US citizens, for instance.

Others Say Ginko Is Wrong

Earlier this year, Ginko said that the Russian government spent $10 billion USD in BTC. This caused quite a stir and the economist was heavily criticized for these allegations. Even a government official reacted to his former claim stating that the rumor was completely false.

According to this government official, it is very unlikely that the Russian government will buy Bitcoin for the next 30 years.

This time, however, Ginko was quick to affirm that the government was not related to this investment, so there was not such a strong reaction denying his claims.

Ginko has defended the validity of his own claims by stating that he is “deeply involved in political and economic affairs of Russia” and that he is often chosen to be speaking in the media about the country.

Russia Could Push Bitcoin’s Price Up

Another claim made by the Russian economist is that Russia would help to take Bitcoin’s price higher before the end of 2019. According to him, Russia will help the price of the asset to go to the moon.

While nobody knows whether this could be the truth or not, the fact is that the prices are actually rising right now. Bitcoin has seen high gains today as its price went near $5,000 USD, dropping afterward to $4,700 USD.

This is the highest price that Bitcoin has in five months. Now, BTC has been in a winning streak for six weeks now and it seems like the trend will continue.

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