A high-profile Russian economist has told Micky he believes the Russian Government could begin investing billions of dollars into Bitcoin as early as next month, potentially triggering a new Bitcoin bull market.
Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration, anticipates new US sanctions will force the Kremlin into diversifying its cash reserves into Bitcoin.
“US sanctions may be mitigated only through Bitcoin use,” Said Mr. Ginko, speaking to Micky from Moscow.
“Because of US sanctions Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins.
“Central bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it (in the future).”
Micky has verified Mr Ginko’s identity and position at Russian Presidential Academy.
In his opinion, the first wave of significant Russian Government investment into Bitcoin could begin within weeks and would be worth billions of dollars.
Micky readers get FREE access to a leading crypto trading course.
Follow Micky on Twitter.
Follow Micky on Facebook.
Subscribe to Micky’s free email list for exclusive bitcoin news and offers.
“I believe that the Russia (Government) will start diversifying its reserves with Bitcoin in February this year when US Congress will introduce a new sanctions against Russia.”
Mr. Ginko, a graduate of the Saint Petersburg State University, has held various academic, investment and government relations roles throughout Russia over the past two decades.
He has appeared recently on Russian state television and radio, providing economic commentary and says much of his recent work has been in persuading Russian officials that Bitcoin is the best way to allay the impacts of tough US sanctions against the Kremlin.
“Russia’s Government is not against cryptocurrencies, the Russian President put adoption of FinTech as a key factor for Russian economy’s survival.
“I as an expert economist at Russian Presidential Academy of National Economic and Public Administration put my public media figure’s weight behind the work to persuade various stakeholders of Russian society in the need for investing central bank’s reserves into Bitcoin.
“I believe that there is coming (in the future) when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin.”
Putin’s desire to find alternative reserve currency
At the ‘Russia Calling’ investment forum in Moscow in November 2018, Vladimir Putin made it clear he’s seeking alternative reserve currencies.
Mr. Putin’s comments give credibility to the statements made by Vladislav Ginko to Micky.
“We have no goal of moving away from the Dollar, it’s the dollar that’s moving away from us,” said Mr. Putin.
“Those making such decisions are not shooting themselves in the foot, but somewhere more delicate, further up the body.
“Because there’s instability when it comes to doing business with the dollar, gives rise to a desire – and it’s happening all around the world – to find alternative reserves currencies and create a financial system independent from the dollar.”
Putin’s Bitcoin rhetoric
Unlike many world leaders, Mr. Putin has never publicly condemned Bitcoin or completely ruled out government adoption or investment.
He first spoke about Bitcoin in 2015 and unlike many world leaders at the time, he stopped well short of completely denouncing cryptocurrencies.
“Bitcoins are backed by nothing… This money (is backed by nothing), that’s the point, this is the major problem. They are not really linked to anything and backed by nothing,” Mr. Putin was quoted as saying by State-owned news agency RIA.
“However as an accounting unit these coins or whatever they are called, they can be used, and their adoption becomes wider and wider, as some kind of unit in some account probably, it’s possible,” he added.
Late in 2017, during a televised Government meeting on cryptocurrencies and FinTech, the President again noted “serious risks” surrounding cryptocurrencies but went on to say the Government would work on regulations in order to “use the advantage” offered by the new financial technology.
In December, 2018, Micky reported Vladimir Putin had requested collaboration with the cryptocurrency, NEO.
The NEO Competence Centre in Saint Petersburg said it received a letter from the “Russian Association of Cryptocurrency and Blockchain,” requesting a collaboration “in accordance with the request of the President of the Russian Federation, Mr. Vladimir Putin.”
Do you know more? Email [email protected]