Russia and Iran are undoubtedly spending down their Bitcoin reserves
Do we know that they actually have Bitcoin reserves? And if so, do we know how much they have? The only confirmed national "reserves" I've heard about, prior to the wars, was tiny nation stats like El Salvador.
Also, what would Russia and Iran be spending them on? Wouldn't it be more likely that they are accepting Bitcoin payments for their oil exports? And probably not Bitcoin either. More likely some stable coin because Bitcoin sucks due to volatility.
I see lots of baseless claims online about these nations trading in Bitcoin, as if it's known and certain. And frankly it makes sense that they would trade in crypto currency in order to circumvent sanctions. But actual facts would be nice.