Russia Weighs Bitcoin Reserves, Vice President Warns Sanctions Will Make Cryptocurrencies ‘Only Trade Tool’ Amid Trump’s Support for Bitcoin – MicroStrategy (NASDAQ:MSTR)

Russia is considering building a strategy Bitcoin Bitcoin/USD Reserves come amid rising tensions with the Western financial system and the election of President Donald TrumpThe U.S.’s pro-cryptocurrency stance.

what happened: Deputy Chairman of the State Duma Anton Tkachev Propose to Russian Finance Minister to Create Bitcoin Reserve Anton Siluanov Tuesday, Russia’s state-owned news agency RIA Novosti reported. The proposal comes as Bitcoin trades close to $100,000, marking a significant increase in cryptocurrency adoption in major countries.

“In a situation where sanctioned countries have limited access to traditional international payment systems, cryptocurrencies are effectively becoming the only tool for international trade,” Tkachev said in an appeal to Siluanov.

The move is consistent with Trump’s recent pledge to establish a national Bitcoin reserve in the United States. .

See also: Bitcoin, Ethereum, Dogecoin recover losses after flash crash: Analyst pinpoints key BTC support level

why it’s important: Meanwhile, Senator. Cynthia Loomis The Republican Party of Wyoming (R-WY) has introduced legislation that would recommend that the United States purchase up to 1 million Bitcoins over two decades, suggesting that it could be funded through a revaluation of gold reserves rather than taxpayer dollars.

However, the former Finance Minister Larry Summers Criticized such moves. “The idea that we should have some kind of national Bitcoin reserve is crazy,” Summers said, questioning the logic behind governments accumulating cryptocurrencies.

The developments come as BRICS countries face 100% tariffs from the incoming Trump administration if they seek alternatives to the U.S. dollar.

BRICS member Iran has announced plans to regulate cryptocurrencies to “remove sanctions,” and Iranian investors hold an estimated $30-50 billion in crypto assets.

at the same time, Michael Seilerexecutive chairman MicroStrategy Magnetic transmission technologylikened the national Bitcoin reserve to the Louisiana Purchase, calling it “America’s Manifest Destiny.”

price action: Bitcoin is currently trading at $97,053.37, down 0.45% in the past 24 hours. However, the cryptocurrency has soared 119.56% so far this year, according to Benzinga Pro.

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