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- Putin joins Trump in embracing Bitcoin. Could this foreshadow the kind of environment to expect if Trump wins?
- Assessing the possible impact at the global stage, and will China also join the trend?
If you have been closely watching Bitcoin [BTC], and crypto in general, you may have noticed that things are heating up despite the recent wave of FUD.
This time, we take a look at how Russia and the U.S. are aligning themselves with the Bitcoin narrative.
In July, we observed a surge in the demand for BTC with the U.S. dominating, largely thanks to presidential candidate Donald Trump.
His endorsement for Bitcoin highlighted the U.S.’ plans to be the dominant market for crypto. Similarly, Russia’s latest announcement confirmed a surprising alignment with Bitcoin.
For context, just two years ago, Russia had an anti-Bitcoin stance that manifested in the form of a proposal to ban the mining of the king coin.
Now, fresh reports indicate that Putin has signed a new law that will make crypto mining legal in Russia.
Foreshadowing the things to come?
Russia and the U.S. have often been at opposing sides, hence the narrative that they are rivals than allies.
However, that was not the case, during Trump’s previous administration which arguably had a better relationship with Russia than the current administration.
Russia’s decision to embrace crypto mining underscores an alignment with Trump’s message on Bitcoin during his recent campaign.
The alignment between Putin and Trump’s ideologies or opinions regarding BTC is a vital observation. It could signal a favorable environment for crypto for the next four years if Trump wins the election.
Their ideologies go beyond just their crypto stance.
Trump had previously expressed interest in ending the Ukraine conflict, an outcome that would further boost sentiment in the global investment landscape.
Bitcoin also creates an interesting financial-based common ground in the love-hate relationship between Russia and the U.S.
Regardless of their differences, their positive views on crypto underscore a narrative of cryptocurrency democratization.
No side can claim control over Bitcoin, but both are contributing to the rapidly growing industry in terms of regulations and adoption.
Bitcoin sending a strong message
The fact that Bitcoin has found itself as a common ground in geopolitics is quite the feat for the crypto industry.
Two superpowers that have significant impact in the global economy are now embracing digital assets. This sends a strong message to other countries about how the future of money is shaping up.
In conclusion, these developments could encourage more countries to also embrace a more positive stance on Bitcoin. Perhaps it could argue that the developments highlight a budding race of accumulation by countries.
The world is now watching China, which also has an impact in global markets. One question lingers in the crypto market. Will China unban Bitcoin?
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