Sunday, October 2, 2022
HomeBTCCan Russia's invasion of Ukraine put cryptocurrency 'under pressure'?

Can Russia’s invasion of Ukraine put cryptocurrency ‘under pressure’?

Russia's invasion of Ukraine has the potential to send cryptocurrency values spiralling lower.

According to experts, it may potentially cause a BTC downturn or emphasise what investors enjoy about it. Bitcoin payments to Ukrainian volunteer and hacker organisations have been increasing. Some of the cryptocurrency proceeds have been used to purchase equipment for government troops. With the prospect of conflict in Europe, the global economy is already in an uncertain state, and increasing inflation and expected interest rate rises are fueling uncertainty and volatility. These are Kyle Rodda’s thoughts on the IG market.

However, the current upheaval has underlined BTC’s ultimate objective of being a transparent, open-source, peer-to-peer network that is not controlled by a single administrator or central bank. In other words, even if banks are closed due to political unrest, the people will still have access to capital via cryptocurrency.

According to an official at the US investment firm Miller Value Partners, BTC and other crypto assets are financial insurance against disasters such as those seen in Lebanon and Afghanistan, when the population was unable to assess their money owing to political unrest and civil conflict.

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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