The Russian Bitcoin Market

On the other side, we have Russia, which, with its equally troubled currency, has a much lower price than the average of USD, EUR or CNY. With BTC at 680 USD, you can buy one with the equivalent of 650 USD in Rubles.

This lower price is probably the effect of the ban the russian government has put in action in the country, a ban that could land you in prison for up to 7 years (yes, seven) if you are found exchanging Rubles for Bitcoins.

That’s bad, but on the other side consider this: despite the jail risk, somebody is doing it anyway. It’s not a huge volume, and the fact that it’s not a huge volume leads to an easy conclusion: it’s not criminals that are exchanging Rubles for Bitcoins, it’s just some people that convert the little they earn into BTC.

Or to say it better: russian criminal organizations are probably exchanging Rubles for Bitcoins, just they don’t show up, because, as I wrote in my book, ‘ENTER BITCOIN’, you can easily circumvent this ban by exchanging Rubles into some other currency (still legal), and then buy Bitcoins with that other currency. That’s legal.

So consider this: despite the fact that these people will surely not be able to spend Bitcoin in Russia, because no shop will accept them, and despite the jail risk, they do it anyway, because they can exchange BTC somewhere for some other currency like the Euro before reconverting it to Rubles and nobody will ever catch them.

Their wealth is safe from the government’s devaluation politics and from Currency Wars.

This suggests to us another thing: no ban can really be put in place effectively, governments and banks can only slow down Bitcoin adoption, but it will keep spreading, even in the face of jail and fines.

In the end, you can bet also that government officials will invest in Bitcoin when they see their wealth declining year by year. Hell, that could already be happening right now.

Still Gaining Momentum

Bitcoin is still gaining momentum, it’s still rolling along the runway before takeoff.

We see it slowly replacing here and there, this and that service, we see people buying it despite all the risks, we see it gaining more and more credibility despite the mainstream media working against it, we see its price not only rising, but stabilizing.

It’s simply happening, globally, day by day. 

Meanwhile, I would suggest to you, if you have contacts in Russia and Brazil (or you are brazilian with contacts in Russia or the opposite): buy BTC in Russia, and sell them in Brazil, you would earn over 100 USD per BTC!


The Russian Bitcoin Market . Russian bticoin news, Bitcoin, bitcoin news