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Russia Buying Bitcoin BTC To Ditch the U.S. Dollar Could Be Fake News

Russia buying bitcoin btc to ditch the u. S. Dollar could be fake news

Russia Buying Bitcoin BTC To Ditch the U.S. Dollar Could Be Fake News

Russia buying bitcoin btc to ditch the u. S. Dollar could be fake news

The prediction made by Russian economist Vladislav Gink that Russia could start a crypto bull run by buying off billions of dollars lacked sufficient evidence and could be fake news, Finder reported on January 15, 2019.

Kremlin’s Alleged Crypto Buyoff Sparks Media Frenzy

A ray of hope pierced through the dark clouds of the crypto winter when a Russian economist claimed Kremlin was considering investing billions of dollars of its federal reserves into bitcoin BTC.

Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration, told Micky that new sanctions could force Russia to turn to bitcoin BTC, causing an avalanche of speculation to arise in the crypto industry.

However, since the news broke on January 8, several crypto news outlets have pointed out that Ginko’s claims were backed by evidence that was flimsy, to say the least, and that they could have been part of a larger manipulation scheme.

“Factual accuracy has always tended to play second fiddle to bitcoin BTCUSD BTC [BTC] bullishness,” Finder reported, saying that the news about Kremlin’s bitcoin BTC buy off “got legs” because it would have been good for bitcoin BTCUSD BTC [BTC].

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Ginko’s Reputation Under Spotlight, Russian Official Disputes His Claims

According to Finder, the media frenzy that followed Ginko’s claims was, at least in part, understandable. Russia’s cheap energy and a relatively strong degree of official support for the industry have made it a safe haven for bitcoin BTC trades, so the prospect of the government getting diversifying its assets into cryptocurrencies isn’t all that outrageous.

However, Ginko’s tweets were since combed through and both his experience and credentials have been called into question. Twitter users found that Ginko retweeted a very common and very obvious bitcoin BTC scam and predicted that bitcoin BTC would be worth $2 million by the end of 2019.

Amidst the intense scrutiny Ginko faced, a comment from a Kremlin official was finally released debunking his claims. Elina Sidorenko, the Head of Duma’s Interagency Task Force for Cryptocurrencies, told Forklog that Russia is still decades away from the proposed scenario.

“This statement lacks common sense and is out of touch with the ideas that might have been considered in the government circles. The Russian Federation, along with any other country in the world, is just not ready to combine its traditional financial system with cryptocurrencies. This idea cannot be realized in Russia for at least 30 more years,” she explained.

Published at Tue, 15 Jan 2019 22:00:55 +0000

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South Korean gaming giant Nexon acquires Korbit for $80 million, $150 million valuation

South Korea has had bitcoin fever in the past few weeks, and the fire just continues to be fueled. Top exchange Korbit has been acquired by gaming company giant Nexon for 91 billion Korean won.

The Growing South Korean Market

South Korea has been disrupting the charts when it comes to cryptocurrency trade volume, and the old money is noticing. Many companies in South Korea are hopping aboard the train, investing heavily in the nation’s crypto sector. Bithumb, a Korean exchange, is actually at the top of the charts right now in terms of total trade volume. With this increasing demand, more and more exchanges are popping up taking advantage of the increased interest.

Another Korean-based exchange known as Korbit is quickly climbing the ranks as well, recently joining the top 15 exchanges globally. While the company is still new and is a long way behind Bithumb, it is recording more trade volume on certain digital currencies. And some bigger corporations in the region are trying to get in early.

Nexon is a gaming company that was founded in the mid 1990’s and is a global leader in MMORPGs and other mobile games. At the beginning of the decade, they moved their corporate headquarters from Seoul to Tokyo, Japan, which also happens to be one of the first nations to declare bitcoin as legal tender.

Nexon Acquires Korbit

They purchased Korbit earlier this week for just around 91 billion Korean won, worth roughly $80 million USD. The details of the purchase is that Nexon bought 65% of Korbit’s shares and took over all managerial operations. Nexon commented on the agreement, saying they hope to diversify their business model, along with restating their confidence that blockchain technology will continue to grow and become more and more mainstream.

Do you think South Korea will continue to become a crypto-giant? Do you think this is the end of the money trail? Let us know in the comments below!

Pictures courtesy of  Pixabay and Wikimedia Commons.

The post South Korean gaming giant Nexon acquires Korbit for $80 million, $150 million valuation appeared first on Bitcoinist.com.

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