Understanding Cryptocurrency’s Use and Demand in Russia vs Ukraine Conflict

The ongoing war between Ukraine and Russia is having significant implications on the global economy. The Russian ruble is in a massive tailspin.

Is Cryptocurrency in Demand?

The Russian invasion of Ukraine started on February 24th. On this day, Bitcoin was trading for roughly $35,000.

What Are the Issues with Traditional Currencies?

In times of war and financial calamity, ordinary people make rash decisions. For example, many people rush the banks and ATMs to withdraw their cash.

Why Is Cryptocurrency Worth on the Rise?

Cryptocurrency is a safe haven during tumultuous times. Bitcoin and other cryptos are decentralized and have no ties to national governments.

Cryptocurrency and Ukraine

Cryptocurrency is being used in a positive way to help the people of Ukraine. Donations to the Ukrainian government are flowing. The beleaguered nation has received nearly $90 billion in cryptocurrency and NFT donations.

Cryptocurrency and Russia

While there is a fear that Russian Oligarchs and politicians will use Cryptocurrency to preserve and hide their wealth, the open ledger associated with crypto transactions may prevent that from happening.

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