The recent moves by Russia and China to move closer together have some investors wondering if it is time to sell USD and buy Bitcoin.
There are a few reasons why this might be a good idea. First, if the two countries do decide to form a closer economic and political alliance, it could lead to a devaluation of the USD. This is because the USD is currently the world’s reserve currency, and if it loses its status as the reserve currency, it could lose value.
Second, Bitcoin is seen by some as a hedge against inflation. If the USD does lose value, Bitcoin could become more valuable as a store of value.
Finally, Bitcoin is not subject to government control. This means that if the relationship between Russia and China does deteriorate, Bitcoin could become a more attractive option for investors who are looking for a way to protect their assets.
Of course, there are also some risks associated with selling USD and buying Bitcoin. First, Bitcoin is a volatile asset, and its price could go down as well as up.
Second, Bitcoin is not yet widely accepted as a form of payment, so it may be difficult to sell if you need to access your money quickly.
Finally, there is always the risk that Bitcoin could be hacked or stolen.
Overall, the decision of whether to sell USD and buy Bitcoin is a personal one. There are both potential rewards and risks associated with this decision, and it is important to weigh these factors carefully before making a decision.
Here are some additional things to consider before making a decision:
- Your investment goals: Are you looking to invest for the long term or the short term?
- Your risk tolerance: How much risk are you comfortable taking?
- Your understanding of Bitcoin: Do you understand how Bitcoin works and the risks associated with it?
If you are considering selling USD and buying Bitcoin, it is important to do your research and understand the risks involved. You should also talk to a financial advisor to get their advice.
Russia is committed to bringing its agreements on industrial cooperation with China to fruition, while dealing with all the challenges it faces, Prime Minister Mikhail Mishustin said this week.
“The main areas of joint work were determined by Russian President Vladimir Putin and Chinese President Xi Jinping. And all the agreements reached by the two leaders must be brought to concrete results. We have every opportunity to fulfill this,” he said on Monday, addressing Russia’s industrial fair (INNOPROM).
Mishustin noted that the country’s industrial output surged by 7% over the past four years, while the manufacturing index in the processing industry jumped by 12.8% year-on-year in May.
Over 160 Chinese companies from 12 provinces are taking part in the Russia-China Expo, which kicked off in Ekaterinburg on Monday as part of the INNOPROM exhibition.
Sverdlovsk Region Governor Evgeny Kuyvashev recently said that his region is interested in cooperating with China in areas such as microelectronics and the machine tool industry, particularly in exports of machine tools and their joint manufacturing.
Bilateral cooperation between Russia and China has been growing at an unprecedented pace over the past year and is on course to surpass the $200 billion target this year. In 2022, trade turnover hit a historic high of $190.3 billion in annual terms and continues to accelerate.
Exports and imports have surged at a double-digit pace since the beginning of the year. According to customs data, bilateral trade soared to $93.8 billion in January-May, marking a 40.7% increase compared with a year ago.
Economic ties have been bolstered by the mutual decision to conduct the majority of transactions in the nations’ own currencies instead of the US dollar.
Shayne Heffernan
