The price of Bitcoin rallied past the $58,000 mark on Wednesday and reached the highest level since May 10.
The surge was partly driven by news that the United States might allow the creation of the country’s first bitcoin-backed exchange-traded fund.
Putin on Bitcoin, Crypto
Furthermore, Russia’s President Vladimir Putin praised cryptocurrencies, noting that cryptos could be used as a store of value in the future.
In an interview with CNBC which Kremlin published on its website on Wednesday, after taking part in the 20th annual Russian Energy Forum in Moscow, Putin was asked if Russia was open to using cryptocurrencies – such as Bitcoin – to trade in oil and gas.
“Cryptocurrency contracts? It’s too early to talk about this, because cryptocurrency, of course, can be a unit of account, but it is very unstable. In order to transfer funds from one place to another – yes, but to trade, let alone trade in energy resources, in my opinion, is still premature. The cryptocurrency is not backed by anything yet. It exists and as a means of calculation can be used, of course, yes, but trading in oil, say, or other primary materials and energy sources – still, it seems to me, it’s too early to talk about this yet.But everything develops, everything has the right to exist. We will see how it will go further, maybe someday it may also be a means of accumulation,” he said.