Putin Declares ‘Nobody Can Ban Bitcoin’ Amid Rising Global Adoption
Russian President Vladimir Putin expressed optimism about the bright future of Bitcoin (BTC) and digital assets. Putin spoke earlier today and highlighted significant progress in this area web3 spaceThe industry has the potential for future growth in the short term amid escalating geopolitical divisions around the world.
The President of Russia recently enacted a law Imposing a cryptocurrency tax Between 13% and 15%. However, the Russian government exempts coins mined by cryptocurrency miners from VAT.
Bitcoin and the role of digital assets in global geopolitics
mainstream Institutional Investors Adopt Bitcoin Now, nation-states are giving a big boost to the underlying bullish sentiment. Although the U.S. dollar is used to exclude some countries, Bitcoin remains a neutral player in global finance.
The United States has been committed to passing Bitcoin as a strategic reserve to combat 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 process.
In addition, many Chinese companies have adopted Bitcoin as a strategic reserve asset. Hong Kong approves spot BTC ETF earlier this year. Additionally, Russia has previously stated that it accepts Bitcoin as a method of payment, particularly in the oil industry, in response to existing U.S. sanctions.
As a result, the market capitalization of cryptocurrencies is expected to grow exponentially in the coming years, surpassing that of gold and silver combined.
