Vladimir Putin says crypto ‘has value’ but is not used in the oil trade


Russian President Vladimir Putin acknowledged that the cryptocurrency world “has value” – too early to know if the US dollar can be changed in settling the oil trade.

“I believe it has value,” he said Told LOVEBYLIFE At this week’s Russian Energy Week event in Moscow on Wednesday, Asked whether Bitcoin or another cryptocurrency dollar could be swapped in Trading Oil, was a major export to Russia.

“But I don’t believe it could be used in the oil trade.”

“Nothing supports crypto currency yet,” he said.

“It may exist as a means of payment, but I think it’s too early to tell about the oil trade in crypto currency.”

Putin noted that the large amount of energy used to process crypto transactions and the mining of certain cryptocurrencies such as bitcoin make the adoption of the industry less attractive.

The industry’s use of energy for major cryptocurrencies is often met with criticism.

Despite his uncertainty about tapping cryptos to settle the oil trade, the Russian leader was clear about his efforts to make the US less dependent on international trade.

“I believe the US makes a big mistake in using the dollar as a sanctioning tool,” he said. “We are forced. We have no choice but to trade in different currencies.

BitCoin was trading at about $ 57,100 as of midday Thursday.
LOVEBYLIFE / Dado Rovic / Illustration / File Photo

“To this end, we can say that the United States bites the hand that eats it,” Putin said. “This dollar is a competitive advantage. It is a universal reserve currency, and the United States today uses it to achieve political goals, and as a result they harm their strategic and economic interests.

Putin’s comments on supporting cryptos as a payment method have helped boost the price of some digital currencies.

BitCoin traded as high as $ 57,100 as of Thursday afternoon and is up nearly 5 percent from a day earlier.

Ethereum rose nearly 9 percent over the previous 24 hours to $ 3,800, while Cardano rose 3 percent to $ 2.19.

Jamie Dimon, President and CEO of JPMorgan
JPMorgan CEO Jamie Dimon frequently criticizes crypto currency.
Geta Images by Ena Betancourt / AFP / AFP

Morgan Stanley CEO James Gorman, who helped send higher prices, defended cryptocurrencies early Thursday morning, saying he “doesn’t think it’s going away.”

“I don’t think crypto is a fashion,” he said.

It sets a sharp contrast with rival JPMorgan CEO Jamie Dimon, who has made headlines for crypto bashing for years – and last week.

On Monday, Dimon criticized Bitcoin as “useless” and said governments would soon regulate digital coins. He had previously called the new technology “fraud” and “gold of fools.”

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