Crypto Community Discusses Warfare in Ukraine, Importance of Crypto, and the Future of Bitcoin : Tech Daily
During the course of the early morning trading sessions on Thursday (EST), 24-hour statistics show the crypto economy dropped more than 11% in value against the U.S. dollar. While the leading crypto asset bitcoin shed close to 10%, a myriad of alternative digital assets lost close to 20% in value. The crypto market downturn is […]
During the course of the early morning trading sessions on Thursday (EST), 24-hour statistics show the crypto economy dropped more than 11% in value against the U.S. dollar. While the leading crypto asset bitcoin shed close to 10%, a myriad of alternative digital assets lost close to 20% in value. The crypto market downturn is being blamed on Russia invading Ukraine’s borders as Russian president Vladimir Putin’s troops entered the country before dawn on February 24. The digital currency community has been discussing the situation and many crypto advocates have different opinions about the current geopolitical risk and its future effects on the crypto economy.
Russian Troops Invade Ukraine, Crypto-Economy Loses 11% Overnight, Bitcoin Advocates Discuss Geopolitical Risk
Following the report Bitcoin.com News published on Wednesday evening (EST), media reports disclosed that Russian troops have invaded Ukraine and acts of war have been committed. While the scope of the attack is uncertain, reports indicate that cruise missiles have been fired and there have been a few explosions adjacent to Kyiv’s international airport.
As our newsdesk’s report noted yesterday, the geopolitical tension has caused stock markets and cryptocurrencies to fall significantly in value. At the time of writing, the entire crypto-economy has lost 11.1%, and just before Thursday’s opening bell, futures indicate that Wall Street stocks are in for a volatile day of trading.
What happens with bitcoin and crypto during war. Guess we will find out. Yay history.
— DaBean (@HoneyBadger10) February 24, 2022
Meanwhile, cryptocurrency advocates are talking about the Russia and Ukraine situation in great detail and discussing theories about the future of crypto markets amid the escalated conflict.
For instance, the “reformed hedge-fund manager” and bitcoin proponent James Lavish told his 18,000 Twitter followers: “If you’re selling bitcoin here because of fears of war and civil unrest, you have absolutely no idea what you own and why it is so vitally important for the world at this very moment.”
FTX CEO Samuel Bankman-Fried also discussed the situation in Ukraine and he stressed that war is “really bad for the world.” Bankman-Fried further noted that Eastern European financial systems and currencies were feeling the wrath of the storm.
“It makes sense that stocks are down,” the FTX CEO said. “War is, generally, bad. What should BTC be doing here? — If the world gets sh***ier, people have less free cash. Basically, selling BTC — along with stocks, etc. — to pay for war.”
The FTX executive added:
On the other hand, this is likely destabilizing for Eastern European currencies. And, more generally, for Eastern European financial systems. Which means they might be looking to alternatives. If you were in Ukraine right now, where would you trust your money?
Many crypto supporters continued to highlight that despite the market carnage, censorship-resistant cryptocurrencies are very important during times like these.
“There’s a war going on outside,” an individual wrote on Twitter. “Tempted to say ‘crypto doesn’t matter today.’ But that’s BS. As long as the world is fueled by the traditional money printing machine the forever wars continue. Bitcoin adoption [and] blockchain tech will separate the nation-states from banks.”