Bitcoin Gets Big Endorsement, Russia is Using Bitcoin in Foreign Trade

The market of cryptocurrencies has grown rapidly in the last few years. Bitcoin, the most valuable cryptocurrency, has seen a significant rise in the last few weeks. Recently Bitcoin created a new high level of more than $1,08,000. This most popular cryptocurrency is being used by Russian companies in doing business from abroad.

Recently, Russia changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Russia’s Finance Minister Anton Siluanov said, “Bitcoins mined in Russia are allowed to be used.” Russia is among the major countries mining Bitcoin. “These types of transactions are taking place. We believe it should be expanded,” Siluanov said. He said that in future international payments can be made in digital currencies.

Earlier this month, Russian President Vladimir Putin said that the current US government is reducing the role of the US dollar by using it for political purposes. Because of this many countries are having to turn to alternative assets. He gave the example of Bitcoin among these types of assets. Putin said that no one can regulate Bitcoin.

The interest of institutional investors in Bitcoin has also increased. Enterprise software maker MicroStrategy has bought a large number of Bitcoins for the seventh consecutive week. The company has reported that it has purchased 5,262 bitcoins last week. For this, a price of approximately $ 1,06,612 per bitcoin has been given. MicroStrategy has sold shares worth about $561 million to buy these bitcoins. This company has a total of 4,44,262 bitcoins. For this, MicroStrategy has spent a total of $ 27.7 billion and the average price per bitcoin is about $ 62,257. This American company had also purchased about 15,350 bitcoins for about $ 1.5 billion between December 9 and December 15. For this, MicroStrategy paid a price of a little more than $ 1,00,380 per bitcoin. The company’s shares have also benefited from increasing investors in the crypto segment.

(This news has not been edited by NDTV team. It is published directly from the syndicate feed.)