Text size
Russia’s Vladimir Putin said he wanted “unfriendly” nations to pay for energy in rubles.
Alexey Nikolsky/SPUTNIK/AFP via Getty Images
Severe financial sanctions on Russia in retaliation for its invasion of Ukraine has Moscow scrambling to find the best ways to sell its oil and gas exports. Bitcoin might be one solution.
At least, it appears to be on the table.
Russia’s energy chief Pavel Zavalny said Thursday that “friendly” countries could potentially use
Bitcoin
as payment for energy commodities, following on from remarks from President Vladimir Putin that he wanted “unfriendly” countries to pay in rubles.
It’s just one factor helping Bitcoin prices rise; news that institutions or nations are becoming more friendly to cryptocurrencies, or even adopting them, has been a catalyst for the space in the past.
Bitcoin, the leading digital asset, was up almost 4% to near $45,000, approaching the highest levels seen since the beginning of the year. Analysts have eyed the $45,000 mark as a key technical level; if prices can hold there, they might go even higher.
“Bitcoin did get a boost after a Russian lawmaker hinted that they could suggest Bitcoin for oil payments,” said Edward Moya, an analyst at broker Oanda, in a note late Thursday.
But that analyst, at least, isn’t optimistic about the development: “Using crypto to skirt sanctions however is not what the cryptoverse needs for long-term growth,” Moya said.
Others are more upbeat.
“I think this demonstrates Bitcoin’s ‘ideological malleability,’” said Marcus…
