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Russia and Bolivia’s Alleged Use of Bitcoin for Oil Debunked

2 mins mins
Key Points:

  • Alleged use of Bitcoin by Russia and Bolivia lacks evidence, market impact unconfirmed.
  • No major price changes signal significant oil trade activity via Bitcoin.
  • Lack of official confirmation or relevant on-chain data on the matter.

russia-and-bolivias-alleged-use-of-bitcoin-for-oil-debunked
Russia and Bolivia’s Alleged Use of Bitcoin for Oil Debunked

Russia and Bolivia were reportedly using Bitcoin for international oil transactions on March 19, according to PANews. However, no credible evidence supports these claims.

The significance of the report lies in its potential to reshape global oil trade dynamics, but no immediate financial impacts or confirmations have emerged.

The reported claims by PANews on March 19 suggested Russia and Bolivia employed Bitcoin and other cryptocurrencies for oil trade. However, verification from primary sources or key players remains lacking. The absence of statements from Russian or Bolivian authorities aligns with an assertion made by Pete Rizzo, Bitcoin Historian:

“As of March 19, 2025, I have not tweeted or published any statements about Russia and Bolivia using Bitcoin for oil trades.”

In addition to the lack of statements, the absence of significant Bitcoin price movements indicates the absence of a large-scale adoption for oil payments.

Expert Views: No Confirmation, No Major Market Shifts

Allegations of countries using cryptocurrencies for global trades, like Venezuela in the past, often surface yet rarely manifest into widespread practice.

Bitcoin is currently trading at $28,450.75, stabilizing between $27,800 and $29,000. Analysts note that its market behavior is consistent with typical resistance levels observed previously. Experts predict little regulatory change due to these unverified claims. Analysts, including those at major financial institutions, emphasize that official confirmations and evidence are needed to validate the potential use of Bitcoin for international trade frameworks.

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Avatar of Mayowa Adebajo

Mayowa Adebajo

19 March 2025, 19:29:11 GMT +0000

Mayowa is a seasoned freelance writer specializing in creating compelling, high-converting content across diverse industries.

With extensive experience working with major news outlets, personal blogs, and private clients, he brings a deep understanding of audience engagement and storytelling. His expertise spans SEO optimization, persuasive copywriting, and niche versatility, ensuring content that resonates and delivers results.

Armed with a strong command of the English language and a keen eye for detail, he crafts content that is both impactful and strategically tailored to meet client goals.

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