Mentioned by Vladimir Putin and Jerome Powell, Bitcoin Price Rises!

Bittime - Bitcoin prices again showed significant movements after two big world figures mentioned this asset.

Russian President Vladimir Putin and US Federal Reserve Chairman Jerome Powell, gave statements regarding Bitcoin. Read this article to find out more!

Vladimir Putin: Bitcoin Can't Be Stopped

In a forum, Vladimir Putin stated that Bitcoin is a decentralized crypto asset that cannot be stopped. This statement is in the spotlight amidst geopolitical tensions and economic sanctions that continue to pressure Russia. 

Putin also highlighted how new payment technologies such as Bitcoin provide more alternatives reliable compared to traditional financial systems, especially for countries facing pressure from external parties.

Read Also: Chances of Bitcoin Price Returning to $60,000 According to Robert Kiyosaki

Bitcoin and Crypto in Russia

The Russian government recently introduced a policy that exempts crypto transactions from value added tax (VAT). 

Instead, profits from these transactions are taxed at a maximum rate of 15%, resembling the rules for securities, but at accompanied by restrictions. 

For example, Bitcoin mining activities have been banned in some regions such as Donetsk and Lugansk, and are subject to restrictions in Siberia due to electricity shortages during the winter. 

Despite this, Russia continues to show great interest in crypto adoption, including plans to launch a state-backed crypto exchange.

Jerome Powell: Bitcoin is a Digital Gold

Meanwhile, Jerome Powell, Chairman of the US Federal Reserve, called Bitcoin "digital gold" that is more speculative than a serious competitor to the US dollar. 

According to Powell, Bitcoin is not widely used as a means of payment or store of value, but is more popular as a speculative asset, similar to gold.

Powell's statement provides validation that Bitcoin now has a globally recognized position as an investment asset. 

However, Powell also warned of the risk of high volatility which makes Bitcoin less stable than fiat currencies such as the dollar.

Impact on Bitcoin Price

The statements from these two figures are direct influence Bitcoin price. After Putin and Powell's comments, Bitcoin rose 2.13%, trading at around $98,050, according to data from CoinMarketCap. 

Although the increase is relatively normal, it reflects positive sentiment among investors, especially with the increasing recognition of Bitcoin from global leaders.

Read Also: 5 Important Facts about Bitcoin This Week that You Should Know

Bitcoin FAQs

What are Bitcoins?

Bitcoin is the world's first crypto asset and the largest crypto asset by market capitalization. Bitcoin was first created in 2009 by Satoshi Nakamoto, whose true identity until now no one knows.

How many 1 BTC in Rupiah?

Currently, 1 BTC is worth IDR 1,635,461,044 based on the Bittime market. 

How much 1 BTC in USD?

Currently, 1 BTC is worth $102,841.10 according to Coinmarketcap.

How to Buy Crypto with Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference

Mohammed Shahid, Putin Acknowledges Bitcoin as Russia Advances Crypto Reforms, accessible on December 5, 2024.

Ben Elias, Fed Chair Powell Labels Bitcoin ‘Digital Gold,’ Rejects Rivalry with US Dollar, accessible on December 5, 2024.

Author: IPR