Bitcoin has undoubtedly been the talk of the town for the past couple of weeks. The world’s most valuable cryptocurrency marked the new month by hitting and surpassing the elusive $100k mark, further cementing its place as the king of crypto. Bitcoin has become very attractive to many investors with its recent price surge, but the latest potential investor might be the most shocking. 

According to local reports in Moscow, a member of Russia’s State Duma has proposed creating a strategic Bitcoin reserve to strengthen the country’s financial stability. 

The lawmaker Anon Tkachev is reported to have submitted this proposal formally to Russia’s Finance Minister Anton Siluanov. The proposal is said to contain a formal explanation of the limitations of different countries' traditional currencies, citing examples of the dollar, euro, and yuan. 

Tkachev stated their susceptibility to inflation and even international sanctions. He then went on to argue that a Bitcoin reserve could work well for the country as an independent alternative since it is not affiliated with any other nation. 

This recommendation comes just days after Russian President Vladimir Putin made positive comments about Bitcoin at a conference, referring to it as an “unstoppable technology” and stating that no one can ban it.

Bitcoin’s rising valuation was one of Tkachev’s strong argument points. He highlighted the coin’s rising valuation and its landmark record of surpassing a $100,000 valuation per coin.

Following the Putin’s comments and the lawmaker's recommendation, it would seem that Russia is finally softening up on crypto adoption, or at least Bitcoin adoption.

Tkachev’s suggestion also aligns with the Central Bank of Russia’s broader initiatives to integrate digital assets into the country’s international payment systems. Russia also legalized Bitcoin this year and crypto mining in a shockwave decision, pointing to the fact that Russia may finally be opening its arms to the crypto world. 

As it stands, not only Russia is welcoming the idea of a Bitcoin Reserve. United States President-elect Donald Trump, in his campaign objectives, also mentioned that he would establish a strategic Bitcoin reserve for the country. The state of Pennsylvania has also recently introduced a bill proposing allocating 10% of the state’s funds to an investment in Bitcoin to hedge the state’s finances against inflation and diversify its portfolio. 

While all these proposals are relatively new, El Salvador already established its own strategic Bitcoin reserve in 2021, apart from making Bitcoin legal tender within its borders. The country is now said to hold over $554 million worth of BTC, with more than 120% in unrealized profits. 

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