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RE: Mt Gox Selling Bitcoin - They caused CRASH 😡😡 - UPDATE 🚨🚨
It all depends on how much money Russians will decide to put to backup their crypto. I guess more money they put, the better for the whole crypto world!
My understanding is that it will not be backed but rather honoured at a 1-1 value crypto - fiat, this puts the fiat in place of profiting from volatility of crypto and hedging against sanctions influencing their current financial situation.
Look at Korea, street value is way higher then institutional value and is precisely the reason coincap delisted all Korean exchanges from the market aggregate. With access limited to the general public(bank restrictions) you could simply buy and sell on the street for a profit, then that individual would try sell for further profit driving the price way above its starting values trickling back into exchanges through the speculative mentality “well its worth that much on the street”.
I can see without centralization of their crypto and control of trading pairs this could result in a devalueing of both currencies, regulations will be the deciding factor, will we see a new sector on the financial boards around the world? I think so!