China and Russia turn to Bitcoin for energy transactions
Bitcoin is increasingly used in energy markets, with China and Russia leading the way in settling energy transactions using digital assets.
China and Russia have reportedly started using Bitcoin for settling certain energy transactions. It is a development that signals a shift away from the US dollar in global trade.
The move comes amid growing trade tensions and increasing interest in decentralised digital assets. According to Matthew Sigel, Head of Digital Assets Research at VanEck, Bitcoin’s role in trade is evolving beyond speculation.
The report highlights a growing trend of using digital assets in practical commerce, particularly in energy markets. Bitcoin’s neutral and decentralised nature makes it an appealing option for countries facing financial restrictions.
The shift may reinforce Bitcoin’s role as a hedge against monetary instability as international players are seeking alternative settlement methods.
Bolivia also plans to use cryptocurrency for power imports, while EDF is exploring Bitcoin mining to monetise surplus electricity.
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