top of page

Stunning Comments from the President of Russia on the Future of Cryptocurrencies

Şükriye Akdeniz

Oct 14, 2021

Russian President Vladimir Putin comments on the dollar, cryptocurrencies

In an interview with CNBC, Russian President Vladimir Putin stated that cryptocurrencies are undermining the dollar's position as the world's reserve currency. According to Putin, the United States is making a huge mistake by making its money a tool for sanctions. Putin, who thinks that countries are moving away from the dollar as a result of using it as a sanctioning tool, also added that the policy causes increased debt and inflation.
According to Putin, it is too early to come to a firm opinion on digital currencies:
“If the market matures, they could be used as hoarding tools in the future, but cryptocurrencies are out of the question for commodities trading.”
In economics, hoarding refers to the purchase and storage of large quantities of a commodity such as gold. Buyers usually aim to profit from future price increases of the commodity.
According to the Russian president, cryptocurrencies are too unstable and insecure to be used in the oil and gas trade:
“It's too early to talk about it because cryptocurrency can be an accounting unit, of course, but it's very unstable. It can be used to transfer funds from one place to another, but I think it is too early to trade energy resources. But everything evolves, everything has a right to exist. Let's see how it will go further, maybe one day it can be a means of accumulation.”
Putin added that cryptocurrencies are not backed by anything and are currently very volatile in the open market and it is too early to talk about them as any form of raw material trading.

Attention to Investors!

The information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy service is provided by authorized institutions with the individual's risk and profit preferences taking into account. The comments and recommendations on the other hand here are general. These recommendations may not be suitable for your financial situation and risk and profit preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations.

PiSoCrypto Team

Contact

  • Siyah Instagram Simge
  • Siyah Heyecan Simge
bottom of page