G7 summit bans imports of Russian gold and makes the case for Bitcoin 

The Group of 7 (G7) countries are making the case for Bitcoin (BTC), as gold’s shortcomings are becoming more evident after a new move to ban imports of Russian gold.

g7-summit-indirectly-makes case-for-bitcoin-by-banning-russian-gold

The move to ban gold imports from Russia was notified by the US, UK, Japan, and Canada during the G-7 meeting that started in Germany on Sunday. According to a statement from the UK government, the activity will have global reach, locking the commodity out of formal international markets.

And while analysts said the move is mainly symbolic, given that the London Bullion Market Association (LBMA) already in March dismissed Russian gold refiners from a list of accredited companies, it still shows how Bitcoin is more reasonable as an asset on a global scale than gold is.

According to Anthony Pompliano, a Bitcoin supporter and investor, the move to block Russian gold exports is just another step in the constant weaponization of currencies.

Pompliano went on to cite Danny Diekroeger, a software engineer at Jack Dorsey’s company Cash App, as expressing that the move could make physical gold far more challenging to get hands-on in Western markets, potentially leading to a deviation in the price between ‘paper gold’ and the physical commodity. In addition, Pompliano also mentions that if  Danny’s theory pans out, then there will be ramifications to gold, bitcoin, and varied fiat currencies. 

Also, Read, Bitcoin, and Ethereum solidify DOGE and STX Rally

Internet Cites the ban as an Advertisement for Bitcoin

 Several Reddit users on the internet highlighted that the ban on Russian gold in reality works as an advertisement for Bitcoin. 

One of the users remarked: ” It’s like the world economic forum is guiding Russia to bitcoin step-by-step”. 

The user also comments about the paradox of importing Russian energy while having few if any traditional payment methods available to pay for it. 

Here is the comment: “Blocks gold at the border, but still lets oil flow”

Many users seem to agree with this assessment. In fact, one user also mentions that the G7 ban is just another way of weaponizing the US Dollar and other fiat currencies. Since the Ukraine War commenced gold has been down by 4% and Bitcoin by 44% so it raises some concerns about the intent behind the ban.


Hungry for more information?

Check out the Latest NFT News!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

Join us on Telegram!


NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

Share This Post

Related Posts

Get Ready for Moonbirds Tournament

Web3 tech company MetaWin launched a one-of-a-kind tournament on...

Mobile Gaming Platform Playstudio to enter Web3 with new Blockchain Division

Playstudios, a global traded mobile gaming platform, and developer,...

Gucci brings Miley Cyrus in Roblox Metaverse

Miley Cyrus has officially joined the metaverse. As the...

Luna 2.0 To launch Tomorrow, Receives Massive support

If you need a reminder of how quickly the...

Atletico de Madrid reveals NFT Sneakers with STEPN

STEPN, a Web3 Lifestyle Move-to-earn App, based on Solana,...

Solana-based wallet Phantom reveals a new Burn Token feature

Solana-based wallet provider Phantom reveals a new burn feature...
spot_img