There are signs that the global battle for hegemony over Bitcoin is about to begin in earnest. As the United States attempted to use Bitcoin as a strategic reserve asset, Russia immediately officially approved cryptocurrency mining.

According to industry sources on the 24th, the Russian state-run TASS news agency reported on the 8th that Russian President Vladimir Putin had officially approved a bill to legalize local Bitcoin mining. The bill approved by President Putin allows registered individuals and corporations to mine cryptocurrencies and requires them to submit information related to the mined cryptocurrencies to the government. It has also been reported that Russia is pushing forward with the establishment of a state-run cryptocurrency exchange.

In the United States, ahead of the presidential election, Republican candidate Donald Trump is making statements such as “I am a cryptocurrency president” and “I will make Bitcoin a national strategic reserve asset.” On the 4th, Republican Senator Cynthia Lummis referred a bill to the Senate Banking Committee to reserve Bitcoin as a strategic reserve asset.

U.S.-based asset management companies are also continuing to buy Bitcoin. According to the second quarter securities holdings disclosures (13F) filed with the U.S. Securities and Exchange Commission (SEC), U.S. asset management companies have increased their holdings of Bitcoin spot exchange-traded funds (ETFs).

There are also observations that a Bitcoin hegemony battle has broken out between the United States and Russia. Ki-Young Joo, CEO of CryptoQuant, said, “It seems that Russia is pursuing this policy in order to catch up with the United States,” and assessed that, “A Bitcoin FOMO (fear of missing out) phenomenon is occurring at the national level.”

There is also talk of China jumping into the hegemony struggle. On the 18th, Justin Sun, founder of Tron, posted on X (former Twitter) that “China has lifted its ban on cryptocurrencies,” sparking rumors in the market that China would accept cryptocurrencies. On July 14th, Mike Novogratz, CEO of cryptocurrency fund Galaxy Digital, also revealed that he had heard reports that China could lift its ban on Bitcoin by the end of 2024.

Jinwook Blooming Beat Reporter wook9629@bloomingbit.io