Since this year, global energy prices have risen, and Russia, as one of the major oil producers, has attracted much attention. Russian President Vladimir Putin said at the International Energy Week event on Wednesday that he would consider using cryptocurrency as a settlement unit. Affected by this news, Bitcoin rose sharply that day.
At the event, when Putin was asked whether Bitcoin or other cryptocurrencies could be used to replace the U.S. dollar for bulk energy transactions, he said that cryptocurrencies have a certain value, but in the short term, cryptocurrencies replace U.S. dollars to settle oil transactions. The probability is not high.
At the same time, he also pointed out that the production and trading of cryptocurrency requires a lot of energy, which will be a potential obstacle. Because Bitcoin requires the powerful computing power of a computer to process transactions and produce tokens.
In fact, Russia is also a veritable big Bitcoin player. According to the latest Bitcoin power consumption data from the Cambridge Centre for Alternative Finance, the United States is the world’s largest electricity consumer (35.40%), followed by Kazakhstan (18%), Russia (11.23%), Canada (9.6%) and Ireland (4.7%).
According to relevant media, Russia's move is intended to get rid of its dependence on the US dollar. Russia said in June this year that it would completely remove US dollar assets from its National Wealth Fund (NWF) and plans to start a digital ruble test early next year.
Russia’s central bank governor Elvira Nabiullina previously stated that “de-dollarization” is part of a broad policy to manage foreign exchange risk. Relevant professionals pointed out that Russia has been gradually reducing the use of the U.S. dollar to reduce the impact of the U.S. dollar on the country's economy.
In the trading session on Thursday, Bitcoin broke through $58,000 per coin for the first time since May 12. As of press time, Bitcoin reported $57,657.96.
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