Feb 15, 2022
Russia invading Ukraine can send the crypto sets values on a downward spiral. Experts say it could also trigger a BTC slump or highlight what investors like about it.
Bitcoin donations have been rising to Ukrainian volunteer and hacking groups. Some of the crypto funds have been channeled to buy equipment for government forces.
The world economy is already facing uncertain times with a risk of war in Europe, and rising inflation and looming interest rate hikes are driving uncertainty and volatility.
If political tensions intensify between Russia and Ukraine, it’s likely that crypto will come under pressure. As a result, it may also potentially test the lows of 2022 once again.
However, the present turmoil has once again highlighted the final goal of BTC of becoming a transparent, open-source, peer-to-peer network not controlled by a single administrator or central bank.
An executive for US investment company Miller Value Partners told CNBC that BTC and other crypto assets are financial insurance against catastrophe as witnessed in Lebanon or Afghanistan where the public could not assess their money due to political turmoil and civil war.