Following the U.S., Russia Considers Strategic Bitcoin Reserves
A member of the State Duma of Russia, Anton Tkachev, has proposed the establishment of a strategic Bitcoin (BTC) reserve to counter sanctions that threaten the country's financial stability. According to reports from Russia's state news agency, Tkachev, a member of the New People Party, sent a letter to Finance Minister Anton Siluanov asking him to consider this proposal.
Tkachev emphasized that creating a Bitcoin reserve, similar to the traditional currency reserves held by many countries worldwide, would boost economic stability for Russia. He pointed out that countries under sanctions have limited access to conventional international payment systems, highlighting that cryptocurrencies have become almost the sole alternative for international trade.
The Bitcoin reserve is seen as a potential shield against financial threats. According to the details of the proposal, the Bitcoin reserve could offer a protective mechanism against sanctions, inflation, and volatility arising from traditional currencies that could harm Russia's financial system. Notably, Tkachev drew attention to the volatility of currencies like the Chinese yuan, US dollar, and euro that Russia currently holds, underlining Bitcoin's potential as a store of value.
Tkachev noted that Bitcoin is not only a store of value but also offers the potential to benefit from future increases in value. He pointed out, for instance, that Bitcoin's value rose from $10,000 in 2020 to $100,000 in 2024. This initiative is believed to enhance Russia's economic maneuverability in the face of sanctions and could add long-term gains to the country’s financial strategy.
The idea of adopting Bitcoin as a reserve asset is being discussed not only in Russia but also in other countries, including the United States. In his letter, Tkachev expressed a desire for the feasibility of this proposal to be communicated to the government of the Russian Federation.
Russian President Vladimir Putin has similarly acknowledged that Bitcoin and other cryptocurrencies provide resilient technological solutions that can overcome external constraints and regulatory interventions. This situation redefines Bitcoin's role in the global financial system, not only as a payment method but also as a strategic financial asset.