The mass amount of sanctions on Russia has meant that the ruble (the Russian currency) has plummeted. More specifically, it’s gone down nearly 30% since the start of the war in Ukraine.
This drop in the ruble’s value has crypto fans pointing to Bitcoin as a possible alternative because it isn’t centralized by or connected to any single government or entity.
“The world is watching trust get repriced in real time,” said Marty Bent, the founder of a Bitcoin-focused media company, on Twitter. “When the dust settles bitcoin will be the biggest benefactor [because] the masses will realize a distributed system that cannot be controlled by a single person, government, corporation or coalition is the only thing they can trust.”
Bitcoin bros are also using this time to fine-tune their marketing capabilities, saying that this price slump (about 40% since November’s high) is your chance to get into the crypto scene.
Skeptics aren’t so convinced. “It was a big move higher as the shock and awe of Russia’s developments shook up the markets, but it’s still going to take time for Bitcoin and cryptocurrencies to establish themselves as a viable alternative to fiat,” said Anastasia Amoroso, chief investment strategist at iCapital.