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Bitmain was saying that Russia was their Biggest customer in certain quarters Last year they were like buying up rigs By the boatload this is a new Cold War Russia just legalized Bitcoin mining This very well could lead us to what of Course Peter McCormack just said a Bitcoin Cold War I'm your host it's Joshua Jake and today we're going beyond The headlines as you guys have heard by Now in 2022 Russia's central bank Proposed Banning Bitcoin and crypto Mining just to turn around two years Later and see Putin sign the a law Legalizing Bitcoin and crypto mining in Russia now this does two very very Important things number one is the new Legislation specifies that only Russian Legal entities and individual Entrepreneurs registered with the Government the Russian government will Be allowed to engage in cryptocurrency Mining however individual miners can Participate without registration Provided their energy consumption Remains within government set limits What that means is explained further in This video for Q3 they were like buying Up rigs by the boatload this a new Cold War Asic Cold War I think it's um so It's you got to contextualize it with The Ukrainian War because um as I Understand it you know Western sanctions Just cut off a bunch of Russians from
From the Western financial markets so All these Russians were starting to look For yield and they were starting to look For alternative Investments well Russia's got a ton of oil ton Of natural gas Wells right and a Ton of flared gas Russia very well could Become the largest Bitcoin miner in the World because of its cheap energy making It not only a dominant player but taking All of the crypto Innovation that is in The United States that is in China that Is in South America well China will Probably stay there but more than likely Push towards of course this Eastern Nation and believe it or not this is Going to have massive consequences for Both Europe in terms of energy as of Course certain pipelines magically blew Up over the last few years but as well As have major consequences for NATO and That leads us to number two which of Course is going to be the downfall of The United States dollar now no matter What this does mean Bitcoin will see a Price point of well past $100,000 one Day and that's because there's going to Be an exponential increase in Bitcoin Hash rate just starting this November But before I give you any more price Predictions on what this could mean for Bitcoin this Putin speech is exactly why He legalize Bitcoin mining that is of Course Putin talking about the sanctions
The United States has put both on them And their allies you see messing with Global Commerce over the last century Has obviously created a lot of Discrepancies between Global States and Global institutions and when we see Putin being restricted the obvious Answer is not going to be abiding by the United States rules as we have seen in The war with Ukraine in fact the United States has increased sanctions on Russia To discourage countries such as China From doing business with Moscow as Latest as June the United States say Sanctioned now more than 4,000 Russian Businesses and individuals since the War Began in an effort to choke off the flow Of money and Armen it to Moscow now of Course sanctions are supposed to hurt Russia's economy which is why of course When they invaded Ukraine we saw a Massive downfall to the Russian Ruble But only two years later the Russian Economy is actually doing very very well Even pumping today off of the Announcement of them legalizing Bitcoin This allows them to evade sanctions and No nobody can stop Bitcoin that's the Beauty of it it doesn't matter what Politician decides to ban it one year Four years later or next year another Country is going to adopt and innovate Cryptocurrency and is exactly why it's Imperative to realize how important
These elections are coming up in November I know a lot of people don't Like talking about this but the reality Of the situation is either Russia Becomes the dominant superpower for Bitcoin Miners and innovation in the United States over the next four years Driving out GDP driving out Innovation Wrecking entrepreneurs inside of the United States and forcing them overseas Or we vote for somebody that increases The energy adoption in the states lowers That cost makes it cheaper than ever to Mine Bitcoin and welcomes that Innovation to the United States economy That's going to bring GDP growth jobs Development technological innovation and Most importantly bring even more value Back to the United States dollar this is A post I made January 8th 2022 the Average marginal production cost has to Be in the high 30,000 to produce Bitcoin In the United States the US is taking up More and more of the global hash rate How do you not see where this is going As Satoshi Nakamoto once said on August 7th of 2010 in response to somebody Saying Bitcoin mining is Thermodynamically perverse meaning bad For the environment Satoshi said it's The same situation as gold and gold Mining the marginal cost of gold mining Tends to stay near the price of gold Gold mining is a waste but that waste is
Far less than the utility of having gold Available as a of exchange I think the Case will be the same for Bitcoin the Utility of the exchanges made possible By Bitcoin will far exceed the cost of Electricity use therefore not having Bitcoin would be a net waste now if You're somehow not bullish on bitcoin After this let me just ask you one Question what do you think the value of Mining Bitcoin would be if it means you Do not no longer have to abide by United States sanctions which both China the Second world's largest economy is under Russia Iran North Korea I would imagine Marginal cost of production for Bitcoin Will exceed $200,000 one day and whether It's 10 or 15 years that puts us at a Price target of well above $500,000 Bitcoin
