Russia to Use Bitcoin as a Hedge Against US Sanctions?
January 6th, economist Vladislav Ginko, who works at the state-funded Russian Presidential Academy of National Economy and Public Administration, posted to Twitter that he believes Russia has no choice besides bitcoin as a hedge against economic losses taken as a result of the US sanctions against Russia.
Back in mid-December, the Trump administration added several Russians to the list of sanctioned entities which US companies and persons cannot trade with. Ties with Russia have been strained since the US’s entry into the Syrian civil conflict.
The sanctions and listings undertaken today are one part of an aggressive stand against the irresponsible acts directed by the Government of the Russian Federation. Russian intelligence services’ cyber operations continue to seek to undermine democratic elections and delegitimize international organizations. Additionally, it is clear that Russian intelligence operatives used a military grade nerve agent to carry out an assassination attempt inside the borders of our closest ally, a violation of Russia’s obligations under the Chemical Weapons Convention.
The same day as the Daily Hodl report went out, a story it cited in Forbes read:
Although Russia is not a big exporter to the U.S., canceled energy and defense contracts in Europe coupled with bans on financing Russia’s key lenders have had an impact on the economy.
The Source Cites Himself
From there, Bitcoinist.com published a story based on the same sources. An Imgur user has created a convenient chart of how this fake news came to be:
Source: imgur user
As you can see with Vladislav Ginko’s latest tweets, he presently cites the articles based on his own tweets as evidence of his claims. All of the reports he tweets about link back to him as the source. Even well-known Telegraph.co.uk posted a story based on the dubious claims. The Telegraph even upgraded Ginko from an academic to a “Kremlin economist.”
Ginko also makes bizarre tweets like the following, where he claims convicted Ponzi scheme operator Bernie Madoff is the true Satoshi Nakamoto:
He has retweeted articles citing him dozens of times. This is exactly how fake news takes root, via the Big Lie theory. Tell a lie big enough and the people will believe it. Repeat, repeat, repeat.
The following is an incomplete list of those who have run a story to the effect of Russian planning to buy $10 billion in Bitcoin:
The Daily Hodl
I’m A Public Media Personality, You Can Trust Me
Ginko says he is a public personality in Russian media.
Overall, the claim is sketchy. In a speculative sense, well-known eToro advisor Mati Greenspan seems to love the idea: