- Russian President Vladimir Putin emphasizes the inevitable development of cryptocurrencies, highlighting their cost efficiency and transaction reliability.
- Putin states Bitcoin and other digital currencies cannot be banned due to the nature of their technology.
Russian President Vladimir Putin recently discussed the future of cryptocurrencies, highlighting their potential during a panel discussion. He asserted that Bitcoin (BTC) and other crypto currencies would evolve, emphasizing their ability to reduce transaction costs and increase reliability.
During the event, Putin stated:
“Who can ban Bitcoin? No one. And who can prohibit the use of other electronic payment services? No one.”
He explained that the nature of these new technologies makes them resistant to prohibition.
Putin elaborated on the inevitable development of these financial assets, regardless of the future status of the dollar.
“These tools will develop one way or another because everyone is striving to reduce costs and increase reliability,” he remarked.
The Russian leader has shown support for the cryptocurrency ecosystem through policy actions. Recently, he signed legislation recognizing Bitcoin as property and another law legalizing Bitcoin mining within Russian territory, as reported by ETHNews.
Cryptocurrencies have served as a strategic tool for Russia to circumvent Western sanctions imposed since the country’s invasion of Ukraine in February 2022. These digital assets have enabled Russia to continue international transactions during financial isolation.
Russia ranks seventh on the global cryptocurrency adoption index compiled by Chainalysis. This index measures the usability and acceptance of digital currencies, indicating a favorable environment for the development and use of cryptocurrencies in the Eurasian country.
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Bitcoin (BTC) is currently trading at $97,833 USD, showing a 1.99% increase over the past 24 hours. The price is approaching the critical psychological level of $100,000 USD, following a month of sustained bullish momentum.
Key Levels:
Resistance Levels:
- $98,500 – $100,000 USD (Critical Zone): This range represents a strong resistance area, with heavy sell orders and psychological significance. A breakout could signal the next leg of the rally.
- $105,000 USD: If Bitcoin clears $100,000, this becomes the next target, supported by Fibonacci extensions.
Support Levels:
- $96,000 USD: Immediate support if BTC faces a minor pullback.
- $93,500 USD: The lower boundary of recent consolidation, providing a safety net for buyers.
- $90,000 USD: A critical level for maintaining the overall bullish trend.
