'Bitcoin in Times of War' bitcoin russiaukrainewar
, estimated at $200bn. These are figures from before the start of the war. Current figures are unknown, but cryptocurrencies have shown enormous growth in Russia in the last few years, and the trend is expected to continue.Wars change the status quo. One such change that happened over the course of the Russia-Ukraine war is that Vladimir Putin has decided to accept payments for their oil and gas exports in Bitcoin from “friendly countries.
This raises pertinent questions about cyber security in turbulent times. What if the bank you use to store your money gets hacked and the funds emptied out? This is a legitimate and real concern for many people impacted by the war as of this writing. In this scenario, though Bitcoin and cryptocurrencies, in general, cannot help hedge all the risks of war, they definitely do help hedge many such risks. One of the most evident examples of this is Ukraine receiving millions of $s worth of aid in cryptocurrency, Bitcoin making up a large part of it.
Even though it is a combination of all these factors and perhaps a few more that push the value of Bitcoin up through this catastrophe, the very fact that in a time when other financial systems are collapsing, currencies are crashing, Bitcoin is going up. This shows that more people are placing their trust in Bitcoin and using Bitcoin as soft insurance against the calamitous financial events of the world.
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