Why Putin doesn't want to ban Bitcoin?
We don't know if Putin swallowed an orange pill, but he made it clear that he does not want to ban Bitcoin. Why?
I divided my point of view into two parts.
Keep an eye on the news/cause and effect.
The Investment Psychology
First, take a look at what's going on in the news:
Russia's Central Bank announced a few days ago that all aspects of crypto-related activities would be prohibited. As a result, the value of cryptocurrencies has plummeted dramatically. Many people are concerned about the withdrawal of Russian mining power (the world's third-largest mining power) and the impact it will have on the Bitcoin network.
But Russia's leader, Vladimir Putin, the man riding the bear's back, has made a bold statement. He believes that Russia doesn't have to ban Bitcoin.
In general, regardless of what you produce. You have an advantage over the competition if your costs are lower. Because it will earn good profits at the same price.
See what I mean? Decommissioned mines in China have been relocated to Russia. This is due to the fact that our electricity is less expensive. We have a lot of resources. It's the same as selling electricity. (Putin probably thought the same thing.)
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In an interview last year, Putin stated that he has no opinion on Bitcoin. He believes that Bitcoin will one day be used as a form of payment. But it's too early for that today. Its value fluctuates, making it unsuitable for use as a major currency.
He didn't say anything negative.
But he's still not overjoyed that everything is fine.
One reason might be that Russia has been sanctioned by the US for not using dollars in the oil trade. So it begs the question, with what currency would it be easiest to trade oil?
As a result, the media has attempted to link the possibility to Bitcoin itself. However, the Russian Central Bank will face difficulties as a result of Bitcoin adoption.
As we all know, Bitcoin poses a threat to a centralized monetary system, and the Russian central bank is preparing to issue a CBDC or Stablecoin. It has also been announced that a trial will start next month.
As an outcome, it is unsurprising that central banks don't even want Bitcoin to be born in Russia. This work has to come out and make contact with the brakes. As a consequence, the Ministry of Finance issued a statement calling for a new revision of the situation.
According to the Treasury. It's possible that a crypto ban isn't necessary. What you need to do is create regulations to oversee each of them separately. Furthermore, the rejection of cryptocurrency may cause the country to fall behind in blockchain technology.
Putin notices his comrades seducing one another. As a result, He had to rush out to stop the fighting. Make an appointment to sip vodka and re-negotiate, as reported in the news. Before banning, take a deep breath. We have the advantage of being able to mine. Our people are on the edge of this technology. Let's come up with a new solution.
A disadvantage for investors and regulating miners, may not be advantageous if the condition is to allow the state to collect taxes. Alternatively, let the money flow through only exchanges that have been authorized by the government to track every transaction, see every wallet, and determine who owns it.
That is the information that has been released.
In fact... We have no idea what Putin was really thinking.
Let's take a look at it through the lens of investment psychology.
When you see news like this, especially when we analyze the cause and results, it can lead to decisions on either side. Perfectly piece together a fictitious story. I want us to think of a coin with two sides all the time.
From a different perspective...
Perhaps someone wishes to guide us in thinking, analyzing, feeling, and deciding to trade the markets in the desired direction. It's possible that this is all a shambles.
The news will be banned in the hopes that we will become concerned and sell. They are informed that he is no longer banned before returning. Allow us to experience FOMO.
Could it be that way?
And who stands to gain from this?
Is it necessary to always reach a conclusion when reading the news?
In the most extreme cases, Putin may not have meant to make such headlines or have not meant to convey anything at all. For all media, They might not even realize they're becoming someone's tool. They were simply doing their job and delivering the news.
But that's all right. I'd like to put our sanity to the test. Think about it carefully. What effect does this information have on us?
Because if we allow our emotions to run wild in response to the news, we risk losing sight of our trading approach or the previously established investing system.
Is this information truthful or false? It is less significant than the actions we take.
Personally, I am not really concerned with Russia's direction. I am unconcerned with what Putin is doing at the moment. It is only relevant if it is unambiguous.
What I do know for certain is that Bitcoin has become a major topic of discussion in nearly every country.
Today, we are seeing reports of regulatory investigation of Bitcoin in a number of nations where Bitcoin or Bitcoiners play a little role. We have witnessed the fight of the "Bitcoin Marketing Team," which consists of government finance agencies from each country, most notably the central bank and the Ministry of Finance, among others, who are tasked with initiating national debates about Bitcoin.
As a result of Bitcoin's characteristics, it's unsurprising that every country wishes to stymie its expansion. The potential of Bitcoin are always being questioned. It's like though they're assisting in the promotion of, and inevitably increasing public awareness of Bitcoin.
Where Bitcoin does not require any advertising...
Source and photo credit: https://cointelegraph.com/news/ban-less-likely-putin-says-crypto-mining-has-advantages-in-russia
