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Bitcoin and the ruble are racing to the dollar’s bottom

Russia's President Vladimir Putin gestures as he speaks during a news conference.
Reuters/Vasily Maximov
It’s out of my hands.
By Melvin Backman
Published Last updated This article is more than 2 years old.

The Russian ruble is doing very badly. The country’s central bank is trying to stem the damage with a huge interest-rate hike, but to no avail. And now the currency is performing worse than bitcoin, an imaginary money that doesn’t have a G8 government backing it.

Until yesterday, bitcoin was one of the worst investments of the year against the US dollar. No longer!

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