Russia and China Could Add Bitcoin (BTC) to Their Strategic Reserves, According to Max Keiser

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Mon, 03/23/2020 - 19:19
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  • China and Russia might end up embracing Bitcoin (BTC), according to Max Keiser

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RT host Max Keiser has recently floated a wild theory that Russia and China might add Bitcoin to its reserves once the gold standard makes a comeback in the U.S.

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Keiser predicts Bitcoin could reach $400,000 

Keiser is one of the earliest Bitcoin adopters who has been promoting the first cryptocurrency on his show since 2011. He accurately forecasted that BTC could become the biggest story of the decade

He’s also a staunch US Dollar critic who famously tore a $10 bill into pieces to signify that greenbacks are worthless pieces of paper they are not backed by anything

The former stockbroker recently predicted that BTC could be worth $400,000. While this price target might sound insane, it’s not as insane as his predictions from 2011 that came to fruition.  

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Will Russia and China cave in to Bitcoin?   

That said, his latest theory sounds extremely improbable. Bitcoin has been banned in China since 2013. The communist state didn’t warn up to crypto even after Xi Jinping embraced blockchain in October 2019. 

Meanwhile, Russia is also far from being a crypto hub. Alexey Guznov, who spearheads the legal department at Bank of Russia (BoR), opined against legalizing cryptocurrency trading and issuance. However, he emphasized that owning cryptocurrencies would not be banned. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Prominent analyst PlanB said that the USD may drop soon in the current crisis and also outlined what would have happened if the Fed Reserve had not started printing USD

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A prominent analyst, known on Twitter as PlanB, has published a post in which he mentioned how soon, in theory, the USD may collapse and what the consequences would have been if the Fed Reserve had not switched on the printing press.

‘Fed Reserve has no choice but print’

Many average crypto enthusiasts, Bitcoin traders, investors and major economists, such as Anthony Pompliano, John McAfee and gold advocate Peter Schiff, are pouring heavy critiques over the Fed Reserve for the aggressive QE measures it has recently been applying to prevent a worsening of the financial crisis.

PlanB tweeted that, despite the heavy consequences of the coronavirus on the US economy and other countries' economies, there seems to be no other way.

The Fed Reserve, the analyst states, knows exactly what they are doing and how it will end. The US Central Bank has no choice, PlanB believes. If they hadn't started the printing press, things would be dire, the expert tweeted.

In particular, he mentioned that there would have been numerous defaults of big companies, small and medium-sized businesses, such as restaurants, and many more people losing their jobs. The worst thing, he suggested, is that it all could have led to social unrest – “gangs plundering the streets, going door by door”.

“The other option is: a lot of defaults, big companies (Boeing, airliners, hotels etc) and SME (e.g. restaurants), leading to a lot more unemployed (millions and millions), who do not get money for food, leading to social unrest (gangs plundering the streets, going door by door).”

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USD could break soon: PlanB

The analyst also touched on a topic many Bitcoin maximalists have recently favored – the collapse of the USD. For this reason, many insist that Bitcoin and gold will be the only cure.

PlanB stated that, in theory, the US dollar could break within just a year.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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