The pattern of cryptocurrency payments going into and out of Alexei Navalny’s Bitcoin wallet reveal that the currency has been central to funding his opposition of Putin’s regime.
Navalny‘s Bitcoin wallet has been a source of continuous investment into his political campaign, the journalists’ investigation discovered. Navalny has never hidden the fact. Yet, receiving Bitcoin payments has led the government to argue that this funding was the result of foreign interference in domestic affairs.
Navalny has been fighting the Putin regime for years, mostly through his Anti-Corruption Foundation (FBK), but also by staging rallies and not least, spending a good bit of time in prisons and jail houses for his political activity. He is currently serving a two and a half-year sentence in a Russian penal colony.
Prior to his imprisonment, Navalny survived poisoning by a nerve-agent that paralyzes the body until every vital organ shuts down.
Hit by sanctions and constant legal fees, one source of Navalny's financing seems be Bitcoin. Thanks to the cryptocurrency, supporters and sympathizers are able to send donations anonymously and without the risk of being persecuted by state authorities.
Studying Navalny's Bitcoin wallet, journalists have been able to establish that since his poisoning in August, donations to the oppositionist leader in BTC surged.
Leonid Volkov, an ally of Navalny's and currently in hiding abroad, spoke to Cointelegraph explaining that the FBK does not accept payments in Bitcoin.
Rather, the anti-corruption outfit sticks with bank transfers so that it does not stand to lose its legitimacy. However, Bitcoin donations have been welcomed as they have funded Navalny's political operations, which have been hit with every possible lever of power by the Russian autocracy.
Russia similarly passed an anti-foreign agent law, outlawing any potential subservient NGOs that work in foreign interests, a term that the Kremlin is understood to use loosely in a bid to settle scores with political opponents.
However, Volkov argues that any Bitcoin the wallet receives is immediately sold for rubles and donated to the political entity that is in charge of managing Navalny's political campaign.
Bitcoin has proven more than just the means to play at some of the best online casinos. The currency may also be an important source of funding for oppressed and misrepresented political activists – arguably a worthwhile use of the token.