Is it just coincidence that when Washington threatens to bust Russia out of SWIFT, Russia threatens to ban use/hashing of bitcoin?
Article: Russia proposes ban on use and mining of cryptocurrencies
The proposed move to ban and restrict hashing of bitcoin indirectly impacts Vanguard Group, BlackRock, and StateStreet plus other massive US financial institutions (linked to the Fed) heavily invested in shares representing bitcoin speculation, like ARKK GBTC and MSTR etc.
Wall Street institutions are big into bitcoin. Big. Russian banks not so much… and the Russian financial system has serious restrictions on transacting all crypto. (Let’s not call them cryptocurrencies, because they are not currency and not used as currencies.) Hunch, this is a clever ploy by the Russian Federation to impact the biggest Wall Street funds heavily into crypto, but will not impact Russian financial institutions much, if at all. If so, likely the Russian leadership has more asymmetric tricks up the bear’s sleeve.. !!
Such a bitcoin move by Russia will seriously anger the most powerful criminals in western finance. The Fed-Treasury rely on crypto speculation to sterilize inflationary punter $ capital, and, as above, the largest and most opaque fund in the world, Vanguard Group (and others) rely on bitcoin in part, to fuel their crooked Wall Street games.
Now, a reasonable estimate for a hodler floor — which also comprises lost, stolen, seized, or otherwise unattainable bitcoin — gives a floor somewhere around $20K USD… But of course no one knows the floor for sure. But for sure bitcoin will not go to zero, at least not for many more years.
Another big question – if bitcoin does not bounce – where will the liquidated Vanguard/BlackRock/StateStreet etc fiat $ go? As written about before, the Fed does have unaccountable ways to blow up $ with regard to liquidation in ARKK, MSTR, GBTC etc, and the Wall Street meme and scam crypto shares.
And as written about before, the single and only valid use case for bitcoin — and its derivatives — is to evade illegal/weaponized US Treasury sanctions. There is some evidence that modus operandi has been leveraged by sanctioned entities, which might even include entities linked to Russia! Apparently financial lights in Russia reckon that valid use case – to evade weaponized US Treasury sanctions – is not enough, and is eclipsed by their ability to hurt Wall Street’s bitcoin scam.
The irony is that while Washington bluffs and struts on the world stage with its usual arrogant hubris, threatening to disconnect Russia from SWIFT*, it is actually Russia that has taken a swipe at Washington’s Evil Empire…!
NB: notes on crypto from experience:
Very slow to transact; crypto buy/sell fees are high; due to fee arbitrage amounts for transactions, buy/sell transaction amounts are inexact; if something goes wrong with an exchange or transaction you are hosed; major exchanges block donation addresses, example SouthFront; does not perform as a true or efficient currency.
*And the dolts of SWIFT in Brussels claim they do not want their payment system weaponized…!