Putin Declares Bitcoin Unstoppable Amid Global Decline of the Dollar

Putin declares bitcoin is unstoppable, calls cryptocurrency the future of global finance as countries escape the weakening dominance of the US dollar. Who can ban Bitcoin? Putin highlights the unstoppable development of cryptocurrency. Russian President Vladimir Putin, speaking at the VTB "Russia Calling!" forum on Wednesday, emphasized the inevitability of advances in financial technology, citing digital currencies as a typical example. He described these developments as a necessary response to the need for higher efficiency and reliability in global finance. Putin stressed that such technologies will exist and adapt despite external limitations or regulatory intervention, stating: For example, bitcoin, who can ban it? No one. Referring to the global role of the US dollar, Putin said that the decline of this currency is not related to the increase of cryptocurrencies but originates from US policies. He warned that such a recession could destabilize the US economy worldwide. The Russian president believes that the declining significance of the dollar is due to what he described as the political strategies pursued by Democratic Party leaders after Donald Trump's presidency. In response to Trump's recent comments on imposing high tariffs on BRICS goods if the bloc moves away from the dollar, Putin criticized the use of this currency as a political weapon. He also pointed out the decline of the United States' market share in the global economy and the emergence of alternative financial mechanisms When mentioning that Western countries froze $300 billion of Russia's assets in the conflict in Ukraine, Putin raised questions about the prudence of relying on foreign exchange reserves that could be seized for political reasons. He asked: A legitimate question: why accumulate reserves if they can be easily lost like that? Proposing changes in economic priorities, Putin supports redirecting funds to domestic projects such as infrastructure, logistics, science, and education, which he deems safer and more beneficial for national interests. He accuses the US of politicizing the dollar, thus undermining its credibility as a global reserve currency and prompting other countries to seek alternative solutions. He notes that seeking these alternatives aligns with a broader trend towards initiatives like cryptocurrencies, which he describes as a natural progression in the financial landscape.