A clip that appears to show Russian President Vladimir Putin explaining his stance on the Bitcoin (BTC) and cryptocurrency movement is going viral.
In the video, which was recently posted on Twitter, Putin is asked if Russia will ever have its own crypto asset that is fully monitored and regulated by the government. He’s also asked whether this hypothetical digital currency would replace paper money.
In response, Putin says the question itself is invalid, because true cryptocurrencies are designed to be decentralized and beyond the control of any third party.
“The question you’re asking is formulated incorrectly because Russia having its own cryptocurrency is impossible.
Just as it is impossible for any other country to have its own cryptocurrency, because if we are talking about cryptocurrency, it is something that is beyond national borders.”
The video, published in 2018, caught fire among crypto enthusiasts after it was shared by Morgan Creek Digital co-founder and Bitcoin bull Anthony Pompliano, who believes BTC has a strong chance of outperforming the US dollar in the long run to become the next global reserve currency.
If this video is real, it highlights just how well understood Bitcoin is by the world’s most powerful people.
The next reserve currency won’t be controlled by a nation state. pic.twitter.com/hsay8EhhZV
— Pomp 🌪 (@APompliano) April 28, 2020
Although the technology powering deepfakes – which are fake videos or audio recordings that look and sound just like the real thing – is becoming increasingly convincing, analyst and Bitcoin maximalist Tone Vays has confirmed the translation, provided in the video is valid.
If the video is real, Vays says he’s impressed with Putin’s grasp of the technology behind Bitcoin.
“I can validate that the translation is correct. Assuming the video is real, Putin understands cryptocurrency and Bitcoin better than 99% of the people in the crypto space, and 100% of the shitcoiners.”
You can check out the full video here.
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Featured image: Shutterstock/camilkuo