Former Portuguese lawmaker says Russia wants to disrupt global finance

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There have been rumors floating around that Russia has been purchasing significant amounts of cryptocurrencies, including “massive amounts” of Bitcoin Core (BTC). The move is in response to increased sanctions against the Kremlin implemented by the U.S., but Russian President Vladimir Putin isn’t relenting. There have been additional reports that the country’s elite have also been stockpiling BTC—worth as much as $8.6 billion—and the true reason may be scarier than many had thought. Russia could be preparing to dump major amounts of gold on the market, completely destabilizing the U.S. dollar and permanently disrupting global finance.

This is the stance of Bruno Macaes, the former Secretary of State for European Affairs in Portugal. Macaes is a politician and political scientist who studied at both the University of Lisbon and Harvard Mansfield and is also a senior fellow at Carnegie Europe.

He points out in a recent publication that Russia has been purchasing a lot of gold and that it now holds three times its reserves from a year earlier. He states, “The sheer size of the purchases might reveal bolder motives, with Moscow preparing its first salvo in the coming battle for a monetary reset.”

To make things even more spine-tingling, similar activity is being seen in China. Macaes states, “According to official data, China raised its bullion reserves to 60.62 million ounces in March from 60.26 million a month earlier; last month’s inflow was 11.2 tons, following the addition of 9.95 tons in February, 11.8 tons in January and 9.95 tons in December.”

Eventually, if a “monetary reset” is coming, what could emerge would be a gold-backed digital currency. Macaes explains that gold and crypto are a perfect combination, combining the “convenience and security of the blockchain” with the “stability of gold.”

Supporting his position further, the politician and author of The Dawn of Eurasia emphasizes how both Russia and China have already come forth to state that the U.S. dollar is no longer viable as the primary global currency. He adds, “If the two forces shaking the global monetary system—digital acceleration and geopolitical rivalry—were to come together, change could happen quickly and suddenly.”

Macaes concludes, “In the race for a global currency—irrespective of who makes the first move—gold will be a strategic chokepoint. A fully gold-backed digital currency would drive down demand for unbacked cryptocurrencies.

“Potentially, one such currency could become hegemonic.”