On the night of Wednesday December 4 to Thursday December 5, Bitcoin crossed the $100,000 mark for the first time in history. Numerous events have pushed the price to this zone, starting with the election of Donald Trump. The last few meters were covered thanks to two other people who we would not have imagined to be allies of digital gold: Vladimir Putin and Jerome Powell.
on December 5, 2024 at 5:30 p.m.
Vladimir Putin recognizes that Bitcoin is “unstoppable”
At the 15th Investment Forum organized by Russia's second largest bank, Vnechtorgbank (VTB), Russian President Vladimir Putin spoke on Bitcoin. The man was wondering about the benefit of foreign currency reserves:
A legitimate question: why accumulate reserves if they can be lost so easily?
🗞️ Read also – Russia adopts a legal framework for crypto and mining
Since the start of the war in Ukraine, more than $300 billion in foreign reserves belonging to Russia have been frozen. What pushed the country to turn to alternatives like cryptocurrencies and Bitcoin.
For example, Bitcoin. Who can prohibit it? Person.
Vladimir Putin thus recognizes the strength and independence of Bitcoin for a State. As a reminder, foreign currency reserves can be used to diversify a country's assets, to combat volatility or speculation in foreign markets. The United States has succeeded in making the dollar the most widely used reserve asset in the world. This statement from Vladimir Putin suggests that this period is over.
Open an account on Binance, the world's #1 crypto platform
For Jerome Powell, Bitcoin is “like gold”
On the other side of the Atlantic, We also praise Bitcoin but not for the same reason. Jerome Powell, Chairman of the US Federal Reserve (FED), compared Bitcoin to gold.
Seeing the president of a central bank of a country like the United States talking about Bitcoin to say something other than bad is already an achievement in itself. Comparing it to gold, the most famous and most capitalized asset in the world, is a revolution.
However, there is a difference between Jerome Powell's statement and that of Vladimir Putin.
💡 Find out how to buy Bitcoin
The President of the FED compares gold and Bitcoin with a message: Bitcoin is not a competitor to the dollar, it is not “ a form of payment, or store of value “. The polar opposite of the declaration by the President of Russia who sees in Bitcoin the end of the reign of the dollar, and therefore of the United States.
Donald Trump recently threatened BRICS countries that would be tempted to abandon the dollar for a new method of payment. The greenback is a geopolitical tool that guarantees the hegemony of the United States over the rest of the world. As a competitor to the dollar, Bitcoin will therefore be an enemy, as digital gold, it will be an ally.
It remains to be seen which vision of crypto will prevail in the White House: that of Jerome Powell or that of Vladimir Putin? While waiting to see American policy on the subject, the markets have understood the message: Bitcoin is like gold, unstoppable. In any case, a few hours after these statements, the cryptocurrency exceeded $100,000.
Ledger: the best solution to protect your cryptocurrencies 🔒
The #1 Crypto Newsletter 🍞
Receive a summary of crypto news every day by email 👌
Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission.
Investments in cryptocurrencies are risky. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital
Cryptocurrency expert, Marc-Antoine began his journey in Web 3 alongside David Prinçay (current president of Binance France) in the French Cryptocurrency Club. Since then, it is by writing articles in the best-known crypto media in France that he has spread the good word. If you've read an article about crypto, there's a good chance you've read one of his articles. NFT, Blockchain, Web 3, DeFi, there is no sector that is foreign to it. And don't ask him what the next coin to buy is: it's a maximalist Bitcoin (yes, no one is perfect).
Marc-Antoine Caen Poletti
14 items
