- Putin followed President Trump in adopting Bitcoin. Could this be a sign of the environment we can expect if Trump wins?
- Assessing the potential impact on a global scale, will China join in on this trend?
If you’ve been watching Bitcoin closely [BTC]and when it comes to cryptocurrencies in general, you may have noticed that despite the recent wave of FUD, things are heating up.
This time, we look at how Russia and the United States are aligned with the Bitcoin story.
In July, demand for BTC surged in the United States due to the influence of presidential candidate Donald Trump.
His support for Bitcoin underscored the U.S.’s plans to become the dominant market for the cryptocurrency. Similarly, Russia’s latest announcement confirmed its unexpected alignment with Bitcoin.
For background, just two years ago, Russia’s anti-Bitcoin stance came in the form of a proposal to ban mining of the king coin.
Now, new reports claim that President Putin has signed a new law legalizing cryptocurrency mining in Russia.
Is it a sign of things to come?
Russia and the United States are often at odds, which has led to them being widely viewed as rivals rather than allies.
However, this was not the case under the previous Trump administration, which could be said to have had better relations with Russia than the current administration.
Russia’s decision to embrace crypto mining underscores its alignment with President Trump’s recent campaign messaging regarding Bitcoin.
The ideological and political alignment between Putin and Trump on BTC is an important observation, as the next four years could be a favorable environment for cryptocurrencies if Trump wins the election.
Their ideology goes beyond just their stance on cryptocurrency.
President Trump has previously expressed interest in ending the conflict in Ukraine, which would further boost sentiment in the global investment environment.
Bitcoin creates an interesting financial-based commonality in the love-hate relationship between Russia and the United States.
Regardless of their differences, their positive views on cryptocurrency underscore its democratizing narrative.
While neither side can claim dominance over Bitcoin, both are contributing to a rapidly growing industry in terms of regulation and adoption.
Bitcoin sends a strong message
The fact that Bitcoin is positioned as a geopolitical common ground is a major feat for the cryptocurrency industry.
Two superpowers with huge influence on the global economy are now adopting digital assets, sending a strong message to other nations about how the future of money is shaping up.
In conclusion, these developments may encourage more countries to adopt a more positive attitude towards Bitcoin. Perhaps they highlight the budding race among countries to accumulate it.
With the world’s eyes now on China, and its impact on global markets, one question remains in the cryptocurrency market: China lifts Bitcoin ban?
