- Putin Joins Trump in Embracing Bitcoin. Could this be a foreshadowing of the kind of climate we can expect if Trump wins?
- Assessment of the possible impact at the global level, and will China also join this trend?
If you have been keeping a close eye on Bitcoin [BTC]and crypto in general, you may have noticed that things are heating up despite the recent wave of FUD.
This time we look at how Russia and the US are joining the Bitcoin story.
In July, we saw a surge in demand for BTC, with the US dominating, largely thanks to presidential candidate Donald Trump.
His support for Bitcoin highlighted US plans to become the dominant market for crypto. Likewise, Russia’s latest announcement confirmed a surprise alignment with Bitcoin.
For context, just two years ago Russia had an anti-Bitcoin stance that manifested itself in the form of a proposal to ban mining of the king coin.
Now, new reports indicate that Putin has signed a new law that will make crypto mining legal in Russia.
Foreshadowing of things to come?
Russia and the US have often been at odds, hence the narrative that they are rivals rather than allies.
However, that was not the case during the previous Trump administration, which arguably had a better relationship with Russia than the current administration.
Russia’s decision to embrace crypto mining underlines the similarity with Trump’s message about Bitcoin during his recent campaign.
The alignment between Putin and Trump’s ideologies or opinions on BTC is a crucial observation. It could mean a favorable environment for crypto for the next four years if Trump wins the election.
Their ideologies go beyond just their crypto stance.
Trump had previously expressed interest in ending the conflict in Ukraine, an outcome that would further boost sentiment across the global investment landscape.
Bitcoin also creates an interesting financial basis in the love-hate relationship between Russia and the US
Regardless of their differences, their positive views on crypto underscore a narrative of cryptocurrency democratization.
No one party can claim control over Bitcoin, but both parties contribute to the burgeoning industry in terms of regulation and adoption.
Bitcoin sends a powerful message
The fact that Bitcoin has found itself as a common ground in geopolitics is quite an achievement for the crypto industry.
Two superpowers that have a significant impact on the global economy are now embracing digital assets. This sends a powerful message to other countries about how the future of money is shaping up.
In conclusion, these developments may encourage more countries to embrace a more positive attitude towards Bitcoin as well. Perhaps one could argue that the developments highlight an emerging accumulation race between countries.
The world is now looking to China, which is also impacting global markets. One question lingers on the crypto market. Shall China defunds Bitcoin?