The Kremlin has gone from proposing a full ban on crypto to fully embracing Bitcoin as real currency to be used in legit financial transactions. This officially opens one of the world’s largest economies to regular BTC use. But that’s not the only reason we could see a major bull market this year. Read on for exciting news about BTC, mass adoption, and the next pricing boom.
Bitcoin is Legal in Russia: Here’s What You Need to Know
It’s official – the government and central bank of Russia have agreed to regulate Bitcoin rather than ban it. Transactions over 600,000 Rubles ($8,000 USD) must be reported or will be considered criminal.
With 144 MILLION people and the world’s 11th largest economy, this opens up a MASSIVE world of potential for crypto projects, crypto mining, accepting Bitcoin as payment, and even general financial services conducted wholly in BTC.
It’s proven that regulations – or fear of regulations – drive down the price of Bitcoin. So the opposite often holds true: When nations fully embrace BTC, a bull market follows.
Now that the world’s second largest hater of crypto is officially on board, get ready for a BTC boom as the government, businesses, and general citizens embrace Bitcoin en masse.
BTC Market Cap is Still Very Tiny (and the price is still at $40,000!)
Well Fargo Bank admits we are near a hyper-inflection point for crypto. They recognize cryptos as viable financial assets and have stated publicly that things are only just beginning.
Crypto is still very tiny in comparison to other assets. Only about 5% (or maybe less) of the population owns any cryptocurrency. Meaning we’ve got 95% more to go. With BTC around $40,000, that means mass adoption could see the price push $1,000,000 in no time.
By comparison, gold is about 10x bigger and stock markets are 50-100x the size. If crypto comes anywhere near these traditional markets, expect the price to go to 200k – 400k and beyond.
Wells Fargo’s proclamation signifies “legacy capital’s” entry into the crypto market. Wealthy investors, venture capitalists, banks, and even entire nations are beginning to get in on Bitcoin. Once the next wave of investors – perhaps current experienced stock traders and hedge funds – goes all-in on crypto, the price should skyrocket.
Crypto Will Protect Consumers From Hyper-Inflation
Inflation was 7% in 2021 – the largest number since 1982 – and it’s showing no signs of slowing down. Bitcoin may be one of the few liferafts for consumers to protect their funds.
The number of Americans who invested in cryptocurrency in 2021 rose nearly 400% to 13% of all investors. That’s a staggering increase. Now imagine what that number will be in 2022 when people are back to work and actually have money to invest.
The only things standing in the way of Bitcoin going to $500,000 and beyond are regulation in the USA and the complete crypto ban in China. But if Russia can change its mind as quickly as it did, China won’t be far behind. There’s just too much money to be made off taxation and crypto commerce (EX: Bitcoin mining). Once China changes its mind and the USA changes its stance on BTC vs National Security, the lid is going to pop off.
Bitcoin’s most recent peak was ~$65,000 last year. There’s no reason BTC shouldn’t smash $100,000 and even drive to $150,000 or $200,000 in the next year if things break right.
War may be the central bankers last ditch attempt to kill Bitcoin
It’s likely the USA will use Russia’s announcements as further reasoning to push the ‘Bitcoin is a national security threat’ harder. At the same time if the Russia and Ukraine situation devolves into warfare the USA may pressure NATO and the EU to make a move to ban Bitcoin under the guise of choking Putin’s money supply off.
This would be theatrics to the extreme, but central bankers have done far worse. Time will tell how the cookie crumbles in this case.
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