The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
In previous Daily Dives, we’ve discussed the continued bitcoin game theory playing out on the national stage. Today, it was taken another step further with this news:
“Russia is open to accepting bitcoin for its natural resources exports, the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference on Thursday.”
This comes at a time when Russia looks to demand that “unfriendly” countries pay for natural resources in hard currencies such as gold or in rubles. They are willing to accept bitcoin from “friendly” countries if countries choose this option.
Similarly, our last monthly report focused on the bifurcation of the incumbent monetary order, which is centered around the U.S. Dollar for global trade.
“As the dollar (and other currency rails) become increasingly weaponized, the need has arisen for an immutable settlement network of value across the internet. Bitcoin, comparable to the advent of the internet or electricity, is neither explicitly good nor bad, but rather a neutral tool for humans to use to scale trade and the transfer of value. – The Deep Dive February Monthly Report
exported $493 billion worth of commodities in 2021, while the bitcoin network facilitated $13.1 trillion worth of change-adjusted transfer volume during the year. This would mean that if Russia started demanding payment for all of its exports in bitcoin, it would only make up 3.76% of volume across the bitcoin network.