Putin declared bitcoin unstoppable, calling cryptocurrency the future of global finance as nations move away from the declining U.S. dollar’s dominance.

Who Can Ban Bitcoin? Putin Highlights Crypto’s Unstoppable Evolution

Russian President Vladimir Putin, speaking at the VTB forum “Russia Calling!” on Wednesday, highlighted the inevitability of advancements in financial technologies, citing cryptocurrencies as a prime example. He characterized these developments as a necessary response to demands for greater efficiency and dependability in global finance. Putin emphasized that such technologies will persist and adapt despite external restrictions or regulatory interventions, asserting:

For example, bitcoin, who can ban it? Nobody.

Addressing the U.S. dollar’s global role, Putin suggested its decline is unrelated to the rise of cryptocurrencies but stems from American policies. He warned that such a downturn could destabilize U.S. economic influence worldwide.

The Russian president attributed the dollar’s diminishing significance to what he described as political strategies enacted by U.S. Democratic leaders following Donald Trump’s presidency. In response to Trump’s recent comments about imposing steep tariffs on BRICS goods if the bloc moves away from the dollar, Putin criticized the currency’s use as a political weapon. He also pointed to the shrinking share of the U.S. in the global economy and the emergence of alternative financial mechanisms.

Referencing the freezing of $300 billion in Russian assets by Western nations during the Ukraine conflict, Putin questioned the prudence of relying on foreign currency reserves that could be subject to political seizure. He asked:

A legitimate question: why accumulate reserves if they can be lost so easily?

Proposing a shift in economic priorities, Putin advocated redirecting funds toward domestic projects such as infrastructure, logistics, science, and education, which he deemed more secure and beneficial to national interests. He accused the U.S. of politicizing the dollar, thereby undermining its credibility as a global reserve currency and prompting other nations to seek alternatives. This search for substitutes, he noted, aligns with a broader trend toward innovations like cryptocurrencies, which he described as a natural progression in the financial landscape.