Is Putin Starting A War With Bitcoin? - Forex News by FX Leaders

Is Putin Starting A War With Bitcoin?

Posted Wednesday, June 7, 2017 by
Skerdian Meta • 1 min read

Bitcoin has been the forerunner in cryptocurrencies, but the second largest cryptocurrency Ethereum, is gaining pace, although it´s still a long way behind.

This doesn´t mean it can´t catch up though. The interest that the Russian President Putin has shown in it recently might be just what Ethereum needs.

The price of Ethereum has increased from around $13 to $260 from late February until now, which means a 2,000% increase. Bitcoin has climbed only around 300% during the same period, from around $1,000 to $2,900, but that´s another story which we will cover in the coming days.

So, Mr. Putin met the founder of Ethereum Vitalin Buterin somewhere in the Arctic and apparently they talked about how cryptocurrencies could improve the safety and speed of online transactions.

They see the emergence of cryptocurrencies as another economic potential, similar to the rise of the internet. So, they don’t want to be left behind this time and they´re introducing/using cryptocurrencies (in this case Ethereum) in Russia, with the Russian Central Bank starting a pilot program.

This is good news for this cryptocurrency, so it is likely that the uptrend in Ethereum gains even more pace. This might hurt Bitcoin and other cryptocurrencies though since some of the inflows in these currencies might reverse and go towards Ethereum.

This is some sort of market intervention by Putin knowing that Ethereum is based in Russia, but no one cares about this sort of intervention when he has intervened militarily in many countries.

Note: We will be introducing signals and market analysis for cryptocurrencies soon here at Fxleaders.com. The interest for them has increased dramatically recently and we want to contribute by making a safer trading environment.   

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of