Heh! Go Russia!
Top of the news today is Russia government agencies agreeing on a framework to recognize Bitcoin as currency.
This particular news interests me more than normal because I was overly pissed for the reasons I wrote in this post, there’s no way Russia will ban Bitcoin knowing very well the benefits it could bring, even more,....
.........knowing how close the President of Russia is with Vitalik Buterin, also, knowing the immense benefit Ethereum could offer the Russian government down the line, I wouldn’t be surprised if Russia as a country issues a CBDC or a currency on Ethereum.
The clap back the President of Russia gave the Russian central bankers was hot, something in the lines of “go and make research on how crypto and mining Bitcoin can be of benefit to Russia”and here today we have it, Russia is about to recognize crypto as currency.
This is a power move in my opinion, this is going to send ripples down the crypto sphere. This is huge, Russia is one of the power nations in the world, I’m not quite sure if accepting Bitcoin as currency and as legal tender are the same thing, but they sure sound alike.
If they are the same thing then it means Russia just joined the line right behind El Salvador! If so, then it means Russia will start to mine Bitcoin or actively purchase it on the market to add to their balance sheet or to replace their fiat reserves, this is good! If this is so, then maybe more countries will follow suit.
This is all just speculating but it’s fun to think about, there isn’t a lot of information about it yet.
February is not playing. In this same month, KPMG Canada has invested in Bitcoin
"This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix."
Institutions are here guys!
MicroStrategy — the business intelligence firm led by Michael Saylor — was an early mover, and began adding BTC to its balance sheet back in August 2020. It now owns more than 125,000 BTC and is currently sitting on paper profits of $1.7 billion.
*These are reports straight out from KPMG’s desk!
India legalizes crypto with 30% tax
Russia recognizes crypto as currency
El Salvador accepts crypto as legal tender
And the ball keeps rolling....global adoption is taking place right before our eyes, hope you’re paying attention.
Let’s see where this will roll to.
