Russian Economist Vladislav Ginko has said that he expects the Russian government to invest at least $10 billion from its national reserves into Bitcoin in the first quarter of 2019. The investment, he believes, will help alleviate some of the damage from US sanctions.
Chris, I believe sitting here in Moscow, Russia, that the real factor of Bitcoin apotion will be when Russian government I’m working for will start investing almost $470 billion reserves into Bitcoins. I expect that it’ll be at least $10 billion in the first quarter of this year.
— Vladislav Ginko (@martik) January 6, 2019
Ginko spoke to Australian publication Micky about the possibility, saying,
US sanctions may be mitigated only through Bitcoin use. Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The Central Bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it.