Tuesday, February 25, 2020

Russia’s Largest Bank’s CEO Bought T-Shirts Using Bitcoins

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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

You might have heard of the famous ‘Crypto Legend’ as he is often referred to, who bought 2 pizzas for 10,000 bitcoins (BTC) way back in 2010. But someone you probably haven’t heard of is Herman Gref who bought T-shirts using bitcoins when the price of one bitcoin was between $1 – $5.

Who Is Gref?

Herman Gref was a former minister of Economy in Russia. He’s probably one of the first government officials who believed in bitcoin.

Gref is presently the CEO of Sberbank, a government-owned bank which serves more than half of the Russian population.

Herman Gref, recently, on a local tv interview admitted he bought T-shirts using bitcoins when it traded between $1 – $5 per coin. According to bitcoin’s historical price history, this could have been anytime in 2011.

Aside from purchasing T-shirts, he also admitted losing his private keys and not being able to access his cryptocurrencies. They are probably worth millions by now.

His Conviction About Bitcoin Vs. The Government

No doubt, Gref was convinced enough about cryptocurrencies to own some and also used it as a means of payment. His thoughts about bitcoin are way beyond it being a store of value.

But unfortunately, Gref, being a government official is convinced that no government will approve the digital asset – at least not anytime soon because it stands against the government’s interest.

His believe had driven him to venture into some cryptocurrency related projects. He had to quit at some point because of the country’s central bank’s stand point on the matter.

Bitcoin Still Blazing

It’s been about 8 years this happened and the cryptocurrency, bitcoin has been in existence for over 10 years. Obviously, bitcoin has grown so much – from a seemingly worthless coin to a count that sells for about $10,000 today.

Bitcoin has proved unstoppable. Despite different government’s restrictions about its usage, ‘the people’s governed currency’ has continued to receive positive attention from all over the globe.

The Future Of Bitcoin

Some influential people in the crypto world has forecasted about bitcoin’s price direction; midterm to longterm predictions.

John McAfee, a cybersecurity expert and a crypto addict has made various predictions about bitcoin. A short term prediction of John would be the price of one bitcoin hitting $500,000 by the end of 2020. His conviction about his prediction is so strong that he promised to feast on his genitals if this doesn’t happen.

Zhu Fa, co-founder of Poolin, the popularly known crypto mining pool said in one of his WeChat’s posts that the next round of bull run should push bitcoin’s price to $740,000 per coin.

It’s obvious bitcoin isn’t stopping. Be like Gref, buy bitcoin now. You can buy as little as ten dollars worth of bitcoin. You can buy from Coinbase, Binance, or Luno cryptocurrency exchanges.

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