• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
russia bitcoin
Nexo

Russians Bought $8.6 Billion in Bitcoin, Says Kremlin Economist

Osato Avan-Nomayo by Osato Avan-Nomayo
3 years ago
in Bitcoin Investment, Bitcoin, Bitcoin Price, News, News teaser
0
Advertisement

Russian economist, Vladislav Ginko, is out with another bold claim. This time he says that some companies and wealthy individuals in Russia have bought 1.8 million bitcoin (about $8.6 billion).


OFAC Sanctions Will Push Russia to Bitcoin

Ginko doubled down on his previous comments. He told Bitcoinist:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

1.8 million BTC were bought by Russian companies and wealthy Russians. There is no direct involvement of Russian state but some who buy bitcoin are awaiting that the increasing US sanctions will make impossible to do international transactions as usual so they purchase bitcoin as a way to circumvent US sanctions.

According to Ginko, Russia’s pivot towards Bitcoin is due to mounting sanctions by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). The Kremlin economist, says Russian oligarchs are stockpiling BTC to ensure continued oil and gas deals even when OFAC bans the use of U.S. dollars by Russian oil companies.

He adds:

There is no direct influence of Russia’s purchases to the bitcoin price but in mid-term it starts playing role in driving bitcoin higher. Russia’s companies and people, especially those who are under risk being put on OFAC list, have to purchase bitcoins indirectly, buying up digital wallets when they may formally still belong to some US citizens.

Others Say Russian Gov’t Buying BTC Makes No Sense

Ginko is no stranger to making bold claims about Russian involvement in BTC. Earlier in the year, Ginko’s comments about the Kremlin looking to make a $10 billion investment in Bitcoin caused quite a stir.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

In the wake of Ginko’s earlier statements, many experts reacted calling the statements ludicrous. As reported by Bitcoinist at the time, one senior government official also denied the rumors, saying the government buying bitcoin is “unlikely in the next 30 years.”

This time around, Ginko who is a member of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), clarified that the government currently has no part in the BTC investment.

Concerning critics who question the validity of his claims, Ginko had this to say:

I’m deeply involved in political and economic affairs of Russia frequently cited person in Russia’s media.

Bitcoin Price $2 Million by End of 2019

Ginko also believes that the weight of Russia’s BTC involvement will push Bitcoin price to stratospheric heights before the end of 2019. According to Ginko, BTC will top $2 million by the end of 2019.

When I've predicted that Russia's rush to avoid sanctions will bring about $2,000,000 per Bitcoin at the end of current year, many were stalled. But Moscow has already bought 1,8 million BTC to secure oil&gas deals when US dollars will be banned by OFAC for Russian companies.

— Vladislav Ginko (@martik) April 2, 2019

The top-ranked cryptocurrency began the day with a bullish breakout beyond $4,200 to briefly reach $5,000. A slight pullback has seen the price drop to the $4,800 mark.

Today’s gains saw bitcoin price reaching its highest price level in 5 months with many analysts declaring the end of the 15-month long bear market. Bitcoin had been on a winning streak of six consecutive weekly price gains prior to Tuesday’s bullish breakout.

What do you think about Ginko’s claims of wealthy Russian oligarchs gobbling up on Bitcoin? Share your thoughts with us in the comments below.


Image courtesy of Twitter (@martik), Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

short bitcoin

Inverse Bitcoin ETF Sees 300% Increase In Short Interest

6 hours ago
Bitcoin

Bitcoin Bear Market Sends On-Chain Metrics Into Sideways Trend

10 hours ago
bitcoin addresses

Decline In Bitcoin Active Addresses Suggests Market Is Purging Paperhands

12 hours ago
Crypto

Crypto Lender Voyager Digital Goes Bankrupt After Three Arrows Collapse

15 hours ago
South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

21 hours ago
Jordan Belfort

Jordan Belfort, The ‘Wolf Of Wall Street,’ Advises: Buy Bitcoin Today And Make Money

22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.