Blood Coins
In the turbulent days around the imposition of a partial SWIFT ban on Russian institutions and sanctions on the country's central bank, cryptocurrencies rallied.
Although news of the draconian measures to punish Vladimir Putin for invading Ukraine was met with consternation across assets, crypto managed a strong showing as the ramifications of severing Moscow's access to the global financial system began to set it (figure below).
While generally jeering the war, some crypto proponents cheered
Crypto beware, the Yellinator is coming for you.
I hope you are correct. Truly, Janet may be our best option for a “force” against Putin.
Hm. I’ve dabbled professionally in crypto but I am still not an expert or even a particularly well versed investor.
However, I’ll repeat that BTC is not a good place to hide ill gotten gains (or vast sums of money that you want to keep hidden from Yellen). It’s way too traceable for that.
ETH/MetaMask etc. is possibly better – but if H is correct and the limitation is that the amounts have to be kept within the ETH ecosystem and get slammed as soon as you try and convert them into USD, GBP, CHF or EUR, you are forestalling the inevitable, not truly escaping sanctions.
Finally, I don’t think the oligarchs can really depose Putin. They can acquiesce to a coup/palace revolution but that’s it. It’s more in the hands of the immediate war council members who are so afraid of Putin and vice versa (those long tables and keeping them at a distance isn’t COVID related. It’s fear of assassination). But, historically, top power brokers being afraid of the dear leader is a powerful motivator to get rid of said dear leader…
well, theoretically anyway, you could sit on USDC in your wallet forever. it’s 1:1 with USD and it’s fully reserved (and audited). https://www.circle.com/en/usdc