Could Russia utilize cryptocurrencies in its foreign policy grand strategizing? Cryptocurrencies as a challenge to U.S. global hegemony

Russia, under the stewardship of Vladimir Putin, has arguably taken a number of steps to try and secure a position as a pole in an emerging multipolar world. One step has been to modernize its military and reassert itself globally (evident in its Syria action), while another step has been to try and hasten the decline of the United States (evident in its BRICS cheerleading). It is argued that the latter step is particularly difficult to achieve because the United States still has a significant power advantage over the rest. Additionally, the United States’ hegemonic position is further insulated by having the U.S. dollar as the global reserve currency. However, it is argued that the rise of cryptocurrencies-particularly with their inherent counter-hegemonic properties-challenges the United States’ enviable financial position. It is, therefore, theorized that Russia could utilize cryptocurrencies-either by supporting independent ones or by creating its own-to try and weaken the United States’ financial clout in order to hasten its broader decline in international politics.