Bitcoin and crypto prices have rocketed higher this year, making the combined crypto market worth $4 trillion as “the floodgates start to open.”
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The bitcoin price topped $124,000 per bitcoin last month as the U.S. dollar teeters on the verge of a crisis (made worse by U.S. president Donald Trump’s war with the Federal Reserve taking a surprising turn).
Now, as bullish traders predict the bitcoin price could soar to $2 million, a top advisor to Russia’s president Vladimir Putin has said that the U.S. under president Donald Trump wants to use crypto to “erase its massive debt at the world’s expense” and reset the financial system in its favor.
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U.S. president Donald Trump has embraced bitcoin and crypto, helping to push the bitcoin price to a record high this year.
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“The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets,” Anton Kobyakov, a top advisor to Russia’s president Vladimir Putin, said at the Eastern Economic Forum in comments translated by Russia Direct and posted to X. “Remember the size of their debt—$35 trillion. These two sectors (crypto and gold) are essentially alternatives to the traditional global currency system,”
The U.S. debt pile has ballooned to $37 trillion this year as huge Covid-era spending and higher interest rates contribute to what some fear could become a “crisis” for the U.S. dollar.
“As in the 1930s and the 1970s, the U.S. plans to solve its financial problems at the world’s expense—this time by pushing everyone into the ‘crypto cloud,'” Anton Kobyakov, speaking at the Eastern Economic Forum in comments posted to X. “Over time, once part of the U.S. national debt is placed into stablecoins, Washington will devalue that debt.”
Russia, along with other major powers including China and Iran, is looking to develop a financial system that breaks its reliance on the dollar-dominated system, with Russia-based companies using bitcoin to evade Western sanctions.
“Washington’s actions in this area clearly highlight one of its main goals: to urgently address the declining trust in the dollar,” Kobyakov said. “Put simply: they have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it—and start from scratch.”
The bitcoin price has rocketed higher this year, topping $124,000 per bitcoin amid a Donald Trump-led crypto market rally.
Forbes Digital Assets
Last year, during the election campaign, Trump floated the possibility of using bitcoin to pay off the U.S.’s $35 trillion debt pile, telling Fox Business that, “maybe we’ll pay off our $35 trillion, hand them a little crypto check, right?”
The Trump administration has embraced bitcoin, cryptocurrencies and dollar-pegged stablecoins, with Treasury secretary Scott Bessent saying in July that stablecoins “will buttress the dollar’s status as the global reserve currency, expand access to the dollar economy for billions across the globe, and lead to a surge in demand for U.S. Treasuries, which back stablecoins.”