After President-elect Donald Trump campaigned on making the United States the “crypto capital of the world,” and those in the administration are discussing creating a strategic Bitcoin reserve, it appears Russian President Vladimir Putin is starting to cozy up to the asset as well, according to reports.
Earlier this month, Putin teased that Bitcoin could be used as an alternative to U.S. dollars. “Why accumulate reserves [in dollars] if they can be lost so easily?” Putin queried at the time. “For example, bitcoin, who can prohibit it? No one.”
On December 9th, Russian publication RIA Novosti reported that Anton Tkachev, a member of the State Duma from New People, filed an appeal to the Minister of Finance of the Russian Federation Anton Siluanov proposing to launch a strategic Bitcoin reserve coupled with state reserves in traditional currencies.
He wrote: “I ask you, dear Anton Germanovich, to assess the feasibility of creating a strategic reserve of bitcoin in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to submit it to the government of the Russian Federation for further implementation. […] In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies become virtually the only tool for international trade. The Central Bank of Russia is already preparing to launch an experiment on cross-border settlements in cryptocurrency.”
Russian officials’ new desire for Bitcoin is not all too surprising as the country is set to rollout its central bank digital currency (CBDC) in 2025, and large commercial banks are being forced to use it.
Financial analysts at private investment group Bernstein say that Bitcoin will eventually overtake the value of gold. Gautam Chhugani wrote for the group earlier this month: “We expect Bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing gold.”
Moreover, Federal Reserve Chair Jerome Powell said in an interview this month that Bitcoin is like gold and is not replacing the dollar.
“People use bitcoin as a speculative asset, right? It’s like gold,” he said. “It’s just like gold only it’s virtual, it’s digital. It’s not a competitor for the dollar. It’s really a competitor for gold, that’s really how I think of it.”
Powell’s remarks echo similar sentiments from BlackRock’s Larry Fink, who has also compared Bitcoin to gold, in what is part of a much broader plot to introduce wider adoption of tokenization and digital assets. In my report, “Tokenization: The New World Order Monetary System To Digitize All Assets And Nature, Including You,” I noted:
More recently, Fink provided some new statements on “digitizing the dollar” and further investment into cryptocurrencies such as Bitcoin and Ethereum. “We believe bitcoin is [an] asset class in itself, it is an alternative to other commodities like gold,” Fink said during BlackRock’s third quarter earnings call, predicting these cryptocurrencies will “overlay” with artificial intelligence. “I truly believe we will see a broadening of the market of these digital assets. And then we’ll see how does each and every country looks at their own digital currency. That’s a very different asset than a bitcoin in itself. But I do believe what we’re going to witness as we build out better analytics.”
Fink also noted attempts in India and Brazil to digitize their currencies as a “big success.” “How do we see in [the U.S.] the role of digitizing the dollar? And what role does that play,” Fink asked. “That’s a very different question related to, let’s say, bitcoin and other items like that. But all of that is going to be under discussion.”
[…] Even Fink recently said that whoever is President will not have too much effect on the price action and adoption of Bitcoin. “I’m not sure if either President or other candidate would make a difference. I do believe the utilization of digital assets is going to become more and more of a reality worldwide,” Fink said during an earnings call for the third quarter of 2024.
Mainstream media is even increasingly floating the benefits of a federal Bitcoin reserve.
Sam Lyman, director of public policy for Riot Platforms, the former chief speechwriter to Senator Orrin G. Hatch, and the former speechwriter to the President and CEO of the US Chamber of Commerce, wrote in a piece for Fortune earlier this month:
In recent months, BRICS countries have accelerated plans to introduce their own currency as part of a broader move towards de-dollarization. Leading the charge are China and Russia, which are dumping US Treasuries by the thousands in exchange for gold bullion. In effect, these countries are leveraging gold reserves to reduce their dependence on the US dollar-system. And by their actions, they are encouraging others to do the same.
But what if the United States had a check against gold weaponization? Enter Bitcoin.
As Federal Reserve Chair Jay Powell noted this week, Bitcoin is not a competitor to the dollar—”it’s a competitor for gold.” As a store of value, Bitcoin possesses many of the same properties of gold. Like gold, Bitcoin is durable, scarce, and difficult to mine. But unlike gold, it is easily verifiable, infinitely divisible, and can be sent anywhere in the world at the speed of light. These superior characteristics have driven much of bitcoin’s price appreciation over the last decade.
The United States has much to gain by moving first. As with any new technology, the greatest benefits accrue to early adopters. And being the first G20 country to embrace bitcoin as a reserve asset would all but require other countries to follow suit. Just as the launch of BlackRock’s Bitcoin ETF marked Bitcoin’s debut on Wall Street, the creation of a US strategic Bitcoin reserve would mark Bitcoin’s debut on the global stage.
The game theory dynamics of nation-state adoption would spark a digital gold rush, slowing—and possibly even reversing—the flight to physical gold. US policymakers could thereby use bitcoin as a tool of economic statecraft, counterbalancing China and Russia’s attempts to move away from the dollar towards precious metals. And which country’s balance sheet would benefit the most in this scenario? The United States’.
A stronger and more diversified balance sheet would strengthen the US economy—and by extension, confidence in the US dollar. But policymakers could boost confidence in the dollar even further by pairing a strategic bitcoin reserve with a robust strategy to champion US dollar-based stablecoins—digital assets backed 1-to-1 by a reserve of dollars—and promote their use abroad.
This bitcoin-stablecoin barbell strategy would eliminate any perception that the United States’ decision to hold bitcoin reflects a lack of confidence in the dollar. At the same time, it would supercharge demand for US treasuries, which back dollar-based stablecoins. Consider that stablecoin providers today hold approximately $120 billion in U.S. treasuries, making them the 18th-largest treasury holder in the world—ahead of countries like Germany and South Korea. Advocating for stablecoins abroad while accumulating Bitcoin at home is the 1-2 punch our country needs to counter China and Russia’s economic aggression.
Money is a technology. And the future belongs to countries that embrace new technology to advance their national interests. The incoming Trump administration can do this now by embracing digital assets and creating a strategic Bitcoin reserve.
Stelian Balta, founder of HyperChain Capital, says he sees Bitcoin surpassing the value of precious metals as well.
“Within the next decade, Bitcoin will surpass gold as the world’s leading store of value, which would imply a price of at least $1 million per Bitcoin. Being in the market for 12 years, I’ve seen it survive and thrive through every storm as an asset class. Forward-thinking countries should think about moving from gold to Bitcoin.
“Most likely, the USA will lead the way and other nations are likely to follow suit. This presents a trillion-dollar opportunity, offering a mathematically proven hedge against inflation and a more dynamic store of value for the future,” he added.
Matthew Ferranti, an economist with the U.S. Intelligence Community, has stated something similar as well. “To the extent that gold is a reserve asset, so is Bitcoin.”
Writing for Forbes, Co-founder of IDA, Senior Advisor of Crypto Council for Innovation, concludes in his article on the rise of Bitcoin as a safe haven reserve asset,
The geopolitical influence of the 21st century revolves around financial sovereignty. For countries willing to act boldly, Bitcoin offers a blueprint for the future: secure reserves safeguarded by cutting-edge technology, transparency that builds trust at every level, and the agility to thrive in volatile geopolitical landscapes.
AUTHOR COMMENTARY
As was clearly explained in my detailed report on tokenization, Bitcoin – which I think at this point should be called “BitCON” – is being used as the merger to bring the world’s financial systems further along into adopting tokenized assets and CBDCs. I was skeptical of Bitcoin and other cryptos for some time, but now it is so painfully obvious that all this rhetoric of “financial freedom” and having this quasi-libertarian playground of decentralized money away from the auspices of central banks was nothing but lies. Sure, some people are going to get really lucky playing the markets and riding the skyrocketing highs in 2025, but don’t think that it’s some trustworthy asset that can be relied upon.
1 Timothy 6:17 Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy;
Sorry, but nations and central banks are not going back to gold as a reserve currency. They might be buying it by the literal boatload, but who says you and I would be transacting with it? Nope, they get the real stuff, while we get fake digits on a screen that can be tracked and traced.
As we enter 2025, prepare yourselves for a wild economic roller coaster, as the real economy comes apart while stocks and cryptos ascend to never before seen levels, as the system gets consolidated and a broader adoption of digital assets is forced onto the masses around the world…
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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