What The War In Ukraine Means For The Price Of Bitcoin
-
Loading... - Corinne Fraise
- 03 May 2023
- 69 Views
- 0 Like
- 0 Comment
Shortly after the war began, in April 2022, Bitcoin’s price dropped precipitously over a two-month period to $20,000. As the war dragged on, its price began to rise.
When the war in Ukraine began in early 2022, many talking heads expected a swift conclusion. In their minds, Russia’s military resources were simply too numerous. But it quickly became clear that the Ukrainian people would not take the advance lying down.
Over a year into the war and Ukraine has defied all the odds. Though outnumbered, they’ve held their ground and, over a year into the conflict, proven that bigger isn’t always better.
Unfortunately, it’s still hard to see the light at the end of the tunnel. Will the war end in 2023? Will it stretch on into 2024? Predictions abound. But when it comes to war, certainties are in short supply.
Cyberspace: A New Frontier for Warfare in the 21st Century
One thing that’s set this war apart from the conflicts of the last century is the rise of the internet and related technologies. Today, cyber warfare is an unavoidable reality. The early days of the way in Ukraine saw Russia attempting to create cyberspace chaos for the Ukrainian people.
Fortunately for Ukraine’s citizens, their cybersecurity defense measures have held off their attackers. But cyberspace hasn’t just become a setting for battle in the 21st century. It has also offered new opportunities. One such opportunity lies in cryptocurrencies and the blockchain technology that powers them.
War in Ukraine and Crypto
When the Ukraine-Russia war first broke out, Bitcoin was still riding the crypto wave that began in 2020 and peaked at nearly $70,000. While it had dropped down into the $40,000 range, it was still holding steady at significantly higher values than those pre-2021.
Shortly after the war began, in April 2022, Bitcoin’s price dropped precipitously over a two-month period to $20,000. It stayed there for a few months, but as the war dragged on, its price began to rise.
Since November of last year, Bitcoin has increased significantly, growing 50% in six months.
So, what do the war in Ukraine and crypto have in common? According to a number of analysts, a lot.
Crypto has become one of the easiest, most desirable kinds of donation for the Ukraine government and people. It doesn’t rely on any kind of banking infrastructure. It can be received within minutes with nothing more than an internet connection. And it’s safe from every kind of hacker, including those employed by governments. Read More…
