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- Russian lawmaker Anton Tkachev proposed a Bitcoin reserve to Finance Minister Siluanov, citing Bitcoin’s resilience to sanctions and inflation.
- Tkachev highlighted Bitcoin’s $100,000 milestone and MicroStrategy’s 423,000 BTC holdings, advocating its role as a stable, high-yield reserve.
A Russian lawmaker has floated a bold idea to create a national Bitcoin reserve, aiming to shield the country’s financial stability from global risks and sanctions. Anton Tkachev, a member of the “New People” party in the State Duma, recently sent an official proposal to Finance Minister Anton Siluanov. He suggested a Bitcoin reserve akin to the traditional reserves of foreign currencies like the US dollar or euro.
Tkachev’s proposal comes as traditional reserves face mounting vulnerabilities. He pointed out that foreign exchange reserves are increasingly at risk due to inflation, volatility, and the impact of international sanctions. In a striking comparison, Tkachev highlighted Bitcoin’s immunity to such risks, thanks to its decentralized structure and independence from any country’s economic systems.
The lawmaker explained how Bitcoin could be a vital tool for international trade, particularly for countries like Russia, which face restricted access to global payment systems.
With limited access to international payment systems, cryptocurrencies represent one of the few viable options for global trade under current conditions,
Bitcoin’s Potential as a High-Yield Reserve
Tkachev underscored Bitcoin’s stellar investment performance, citing its recent milestone of $100,000 in December 2024. According to him, this showcases Bitcoin as both a robust store of value and a lucrative financial asset. Drawing a parallel to gold and other reserves, he suggested that adopting Bitcoin could offer Russia both stability and financial gains.
The growing institutional embrace of Bitcoin supports his case. Companies like MicroStrategy have accumulated massive Bitcoin holdings, recently purchasing 21,550 BTC for $2.1 billion, bringing its total to over 423,000 BTC. Similarly, Hut 8, a Bitcoin mining firm, plans to raise $500 million, partly for additional Bitcoin investments.
Russia’s interest in Bitcoin aligns with its broader efforts to diversify financial systems. The Central Bank of Russia is testing cryptocurrencies for cross-border payments to circumvent Western sanctions, signaling an official shift towards digital currencies. This strategy mirrors global trends where nations explore alternative financial tools.
Global Shift: Bitcoin as Reserve
Russia isn’t the only nation exploring this path. In the US, Senator Cynthia Lummis introduced the “Bitcoin Act of 2024,” proposing a national Bitcoin reserve to bolster the dollar and assert dominance in the cryptocurrency market. Former President Donald Trump also hinted at Bitcoin reserves as a way to future-proof the economy.
Other countries, including China, could join the fray, as former Binance CEO Changpeng Zhao speculated. He believes smaller nations may adopt Bitcoin reserves first, with major economies potentially following suit as financial pressures grow.
Though Tkachev’s proposal is in its infancy, it reflects a global shift toward rethinking economic strategies. Whether it’s the pursuit of resilience or financial gain, Bitcoin’s role on the world stage is rapidly expanding.
