Bitcoin News: Putin Declares ‘Nobody Can Ban Bitcoin’ Amid Rising Global Adoption
Qadir AK4 Dec 20241 min read
Russian President Vladimir Putin has expressed his optimism for the bright future of Bitcoin (BTC) and digital assets. Putin spoke earlier today and highlighted the notable developments in the web3 space, which has the potential for future growth in the near term amid the escalating global geopolitical differences.
The Russian president recently enacted a law to enforce cryptocurrency taxes of between 13 to 15 percent. However, the Russian government exempted the crypto miners from value-added tax on mined coins.
The Role of Bitcoin and Digital Assets in Global Geopolitics
The mainstream adoption of Bitcoin by institutional investors and now nation-states has significantly propelled the underlying bullish sentiment. Bitcoin remains a neutral actor in global finance, despite the U.S. dollar being used to sideline some nations.
The United States has been moving towards the adoption of Bitcoin as a strategic reserve to fight its ballooning national debt of more than $36 trillion. On the other hand, the BRICS movement has gradually adopted Bitcoin to accelerate the ongoing de-dollarization.
Furthermore, several Chinese companies have already added Bitcoin as a strategic reserve asset following the approval of spot BTC ETFs in Hong Kong earlier this year. Additionally, Russia previously signaled to accepting Bitcoin as a form of payment, especially in the oil business to navigate the existing sanctions by the United States.
As a result, the cryptocurrency market cap is expected to grow exponentially over the years to surpass that of Gold and silver combined.
