Failure to Bitcoin Diversify Cost Putin $12 Billion


Vladimir Putin, the Russian President, has ordered his central bank to stack up on gold for months with their reserves now rising to $102 billion worth of gold. The bet has paid off, and somewhat handsomely for traditional markets, with Russia now having about 1/4th of America’s gold reserves. As pleased as Putin might be, he has left a lot of money on the table if he did not stack up on bitcoin too. During the first three months of the year, for example, Russia bought 145.5 tons of gold, worth about $6 billion. The price of gold at that time was let’s say about $1,300. A bull run by their standard has now sent it to $1,500. That $6 billion worth of gold at the price of $1,300 would have made about $1 billion now quite a few months on. Not bad, but nothing compared to what he would…

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