Putin highlights the "value" of bitcoin but discards it for the oil market

The President of Russia, Vladimir Putin, considers cryptocurrencies like bitcoin “have value”, although he has expressed his doubts that they could one day serve to support commercial exchanges such as oil.

“I think it has value,” Putin said in an interview with CNBC in the framework of the Russian Energy Week, which is held in Moscow, “But I don’t think it can be used in the oil trade.”

In this sense, when asked about whether cryptocurrencies could become an alternative to the dollar for oil trading, the Russian president stressed that “It is too early to talk about the trading of energy resources in crypto”. “It may exist as a means of payment, but I think it is too early to talk about trading oil in cryptocurrencies,” he added.

At the same time, Putin has warned that the massive energy consumption of cryptocurrencies poses a potential barrier to their use, as bitcoin requires a lot of computing power to process transactions and mint new tokens. The price of bitcoin, the reference cryptocurrency in the markets, it revalued this Thursday by 2.14% and stood at 57,477 dollars.