How the G-7’s ban on Russian gold can affect Bitcoin prices

G-7 nations, U.S., UK, Japan, and Canada

announced they will be banning imports of Russian gold as a means to tighten sanctions against Russia during a meeting in Munich, Germany. Many people believe the Russian gold ban might favor Bitcoin’s worth in the international market.

Ever since Russia’s attack on Ukraine, the U.S. and European Union have been tightening the international sanctions against Moscow to force a stop to the war. However, Russia remains adamant about taking over Ukraine.

In a recent meeting among G-7 nations, the leaders declared they will be banning Russian gold imports into their countries as part of the sanctions. Experts believe this ban can leave severe consequences on the international market.

For Bitcoin, this means good news because the ban on gold might motivate Russians and other nations’ citizens to trade cryptocurrencies.

A Bitcoin investor, Anthony Pompliano believes the ban is just another way of “weaponization of currencies and could lead to massive demand in the gold market. Existing BTC investors can sell gold at a high price due to the demand to buy Bitcoin.

For Russia, the ban from all its fiat networks might lead it to adopt cryptocurrencies like Bitcoin as a source of income. All in all, experts believe this ban on gold is just a strategy by developing nations to boost the US dollar in the market.

As of now, gold prices haven’t changed since the announcement while Bitcoin is still trading at around $21,000 at the time of writing.