Oddly, given the endorsement and implementation of Bitcoin by Microsoft last week and these latest developments, Bitcoin is also down in recent trading. Down from a high of $359 on December 11th to $317 USD currently.
Also read: Russia Plans Bitcoin Ban by 2015
Data from trusted data website bitcoincharts.com shows that transaction volumes of rubles for BTC trades spiked on Tuesday spiked to 819 from an average of 230 trades for the last 30-day period. That was almost a 250% increase in ruble transactions and was the highest such volume seen since December 2013. This is far from the only leading indicator, and sales on sites like LocalBitCoins.com should also be considered in any analysis.
These issues in Russia may also be adding to the recent bull-run on the US Dollar and other leading fiat currencies, according to Bobby Lee, CEO of BTC China, China’s leading Bitcoin exchange.
“The news coming out of Russia is indeed unparalleled. The high trading volumes with the ruble is to be expected, given the flight away from this struggling currency. Bitcoin is, therefore, a natural destination, as well as other strong central bank currencies.”
Let’s go back in time less than two years to March 25th, 2013. A small island nation of Cyprus, home to just over 1 million residents in the Meditteranean Sea. A place few in the West had ever heard of before then, ushered in the dawn of a new era. The Bank “Bail-In” Era. Call it a beta-test. Call it legalized theft. Call it a harbinger of wicked ruling class dealings to come. Another nation-state fiat currency collapse. That government/bankers vs. the citizenry financial fiasco was also an epic boon to the global Bitcoin market. Many who were unfortunate enough to have holdings in Cyprus (many overseas depositors looking for a mere tax haven from the Wicked West) dropped many Euros into Bitcoin. That in turn doubled Bitcoin’s value from under $65 on March 18th to over $130 by April 1st, with some seeing peaks of over $200 in this 2-week period back in 2013.
Some do not see a strong long-term correlation between the ruble falling and increased BTC volume, based on the now illegal nature of buying and using BTC as a Russian.
“I’d be surprised if Russians were turning to bitcoin in any meaningful way given the uncertainty over whether they could use it or store it without penalties in the future,” Bitnet’s Akif Khan told CNBC
Could this foreshadow another bull run on BTC to end 2014? Bitcoin has dropped about $60 in December and may be ready for a rebound of epic proportions if Russia can’t stem the Ruble losses. As soon as pundits start pounding their chest about the fall of Bitcoin, it has a proven history of furious comebacks.
What is obvious is the meteoric fall of the ruble and the recent Russian restrictions on Bitcoin purchasing is not some silly coincidence. Governments and banksters are ready, willing, and able to force their innocent citizens to ride out the fall of the nation’s fiat currency, by hook or crook, until the bitter end. They will bar the doors to protect their thiefdom, and any life preservers may end up only used by those who caused the economic turmoil. It’s business, nothing personal.
It’s best not to wait until the last minute to start investing in digital currency, like Bitcoin. Those who fail to learn from history may be doomed to repeat it.
What will Russia bankers do with the Ruble? How will they attack Bitcoin owners and investors? Is there another “bail-in” coming? Share above and comment below.
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Last modified (UTC): December 18, 2014 05:53