It seems that Bitcoin (BTC) could start a new bull run as soon as February 2019. According to a Russian economist, Russia could start diversifying its reserves purchasing Bitcoin. The information was released by Micky a few days ago.
Russia Could Trigger a New Bull Market
The bear market that has affected the whole cryptocurrency market during 2018 could end as soon as February 2019. This is what Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration, believes.
If the United States and other countries implement sanctions against Russia, the country will be forced to diversify its reserves with Bitcoin.
About this, the economist commented:
“Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins.”
This would be very positive for the market. Ginko believes that the first purchase of digital assets could be worth billions of dollars and happen as soon as the next weeks. In the near future, the US Congress could impose sanctions on Russia.
Ginko has also been supporting the idea of central banks purchasing Bitcoin. However, this is not the first crypto experts that suggest this. Santi Siri, a developer from Argentina suggested the Argentine Central Bank that it should purchase Bitcoin. This would have allowed the central bank to increase its reserves in the future if Bitcoin grows to new highs.
The economist believes that Russia has a golden opportunity to purchase the most popular digital asset. He said that Bitcoin is heavily oversold and that it could give the country an advantage over other nations.
Back in 2015, Russian’s president Vladimir Putin said that cryptocurrencies could eventually be used as an accounting unit. Additionally, in November 2018, Putin hinted that the country was searching for new alternative reserve currencies.
Russia would be able to reduce its dependency from the US dollar and perform transactions that cannot be confiscated, stolen or hacked.
At the time of writing this article, Bitcoin is the largest digital asset in the market. It has a market capitalization of $70.51 billion and each coin can be purchased for $4,035, according to CoinMarketCap.
It is important to take into account that Ginko’s comments might not even be close to reality. Mr. Ginko does not have a good reputation on Twitter. Indeed, there is not enough information about him on the internet, thus the claims he makes can be just fake.
Russian officials did not provide information regarding this issue. They did not confirm or denied what Ginko claims that is going to happen. Nevertheless, Ginko’s presence on Twitter makes us believe that he is just trying to spread fake news. He has been giving retweet to different sites with the same information which might not even be real. Additionally, he says that he is the source of these claims.
