Is There Any Truth to the Recent Rumor That Russia Has Just Bought a Million Bitcoin (BTC) Coins?

If controversial crypto commentator Vladislav Ginko is to be believed, the Russian government has recently purchased a massive total of 1 Million BTC tokens from unknown sources. Ginko, who claims to be a tenured professor at the Russian Presidential Academy of National Economy and Public Administration (RANEPA), has been saying since the start of the year that this massive buyout is being carried out by the Russian regime as a way of “mitigating the economic sanctions that have been levied against the nation by the US government.”

Via a recent tweet, Ginko stated the following:

“1 mln BTC has already accumulated,”

Can Ginko be Taken Seriously?

When asked by the folks over at Micky.com.au as to how he was able to procure such sensitive information, Ginko did not respond or even release a comment on the matter. However, considering that 1 Million BTC translates to nearly USD $4 Billion, if the above mentioned information is true, we could be in store for another massive crypto rally in the coming few weeks.

On this issue, respected crypto trader Craig Cobb was quick to note that such a voluminous transfer of crypto assets raises the question “How and where was the Russian government able to buy such a large sum of BTC without raising any eyebrows?”

Cobb then added:

“If one was to buy on exchange, then it would send Bitcoin soaring. So it would be much more likely that these Bitcoin would be purchased ‘over the counter.’”

For those of our readers who may not be aware of what an OTC purchase is, it is essentially a method that can help “prevent crypto assets from experiencing insane price spikes during large buying sessions”. It is said that OTC trading volumes in the cryptocurrency market is to exceed that of those on public crypto exchanges.

“If people were to see the price increasing, they would start buying as well, forcing the buyer to have to keep increasing their bids. Think of it like a ladder, once you have your foot on one rung and someone else is behind you going the same way up the ladder, the only way is up.”

More on the Matter

To authenticate the veracity of Ginko’s claims, we can see that Micky.com.au has indeed spoken with Ginko via Skype since the publishing house has recently released footage of the interview on their website. Not only that, Ginko also has a Twitter account where he periodically releases a host of crypto related news as well as other relevant stories.

Other Key Points Worth Noting

  • As per the above mentioned video call — which Micky claims to have been published on their website without receiving any remuneration — the Russian analyst seems to be talking from a professional TV studio that has been fitted with a ‘green screen’.
  • A closer look at the interview footage shows that at the end of the session, Ginko abruptly ends the conversation when somebody fits a microphone on him.

Final Take

In rounding off this article, it is worth mentioning that a number of respected media outlets have recently been trying to get in touch with RANEPA so as to obtain more information about Ginko. However, all of these attempts have been in vain.

Last but not least, via a fresh new statement issued by Ginko a few days back, he claims to be a “famous Russian public figure”. Not only that, he is also of the opinion that Bitcoin will eventually scale up to a massive price point of USD $2M in the coming few years.

The views and opinions expressed in the article Recent Russian Rumor Resurfaces Saying Country is Buying 1 Million Bitcoin Worth Billions to Avoid US Sanctions do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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