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Russia's President Vladimir Putin gestures as he speaks during a news conference.
Reuters/Vasily Maximov
It’s out of my hands.

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

By Melvin Backman

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!