More On: ruble
The Central Bank of Russia and the Ministry of Finance are at odds over stablecoins
In the midst of the Russia-Ukraine conflict, Bitcoin has a higher market cap than the Ruble
The collapse of the ruble has been attributed to the crippling sanctions imposed on Russia after it launched a full-scale invasion of Ukraine.
At the same time, the value of Bitcoin has risen once more. The Russian ruble's market value has now been overtaken by Bitcoin's. According to CoinMarketCap, Bitcoin has a market cap of $839.1 billion, while the ruble's was $629 billion on February 1.
The ruble has collapsed almost overnight as a result of sanctions imposed by the United States, the United Kingdom, France, Germany, NATO allies, the EU, Japan, and Australia.
This is not the first time this year that Bitcoin has defied expectations and climbed back above $44,000. During the past week, Bitcoin has gained more than 15%, reversing much of the losses it had previously sustained.
The collapse of the ruble has led to a dramatic shift in Bitcoin's fortunes. As a measure of protection against further loss of wealth, Russians have invested in Bitcoin.
"Bitcoin was created to serve both as a store of value and as a means of instantaneous and cost-free exchange. Right now, you can see both of these tools. Because of the weakening ruble, a large number of Russians are switching to Bitcoin. In addition, the Ukrainian government announced that it would accept Bitcoin donations. Unocoin co-founder Sathvik Vishwanath tells Financial Express Online that this is a good use of cryptos during a crisis because governments are looking at cryptos and anonymous people can also contribute.
"Bitcoin and other cryptocurrencies are becoming more useful in these uncertain times. It should go without saying that Bitcoin's distinguishing characteristics make it an excellent haven during uncertain times "In an interview with The Independent, BitFinex's CTO Paolo Ardoino said that he believes the cryptocurrency market will continue to grow.
A growing number of Russian oligarchs are considering storing their billions in cryptocurrencies as Bitcoin has quickly become a haven for wealth for Russians. Sanctions would be unthinkable for the billionaires closest to Russian President Vladimir Putin. Already, the US government has widened the scope of its sanctions to include virtual currency and digital assets.
A CoinMarketCap report shows that as of February 1, Bitcoin's market capitalization was $839.1 billion, compared to the ruble's market capitalization of $629 billion.
The ruble has collapsed almost overnight due to sanctions imposed by the United States, the United Kingdom, France, Germany, NATO allies, the EU, Japan, and Australia. The current exchange rate is $1 = 109 ruble, compared to 77 ruble on February 20.
This is not the first time this year that Bitcoin has defied expectations and climbed back above $44,000. During the past week, Bitcoin has gained more than 15%, reversing much of the losses it had previously sustained.
The collapse of the ruble has led to a dramatic shift in Bitcoin's fortunes. As a measure of protection against further loss of wealth, Russians have invested in Bitcoin.
"Bitcoin was created to serve both as a store of value and as a means of instantaneous and cost-free exchange. Right now, you can see both of these tools. Because of the weakening ruble, a large number of Russians are switching to Bitcoin. In addition, the Ukrainian government announced that it would accept Bitcoin donations. Unocoin co-founder Sathvik Vishwanath tells Financial Express Online that this is a good use of cryptos during a crisis because governments are looking at cryptos and anonymous people can also contribute.
"Bitcoin and other cryptocurrencies are becoming more useful in these uncertain times. It goes without saying that Bitcoin's distinguishing characteristics make it an excellent haven during uncertain times "The CTO of BitFinex, Paolo Ardoino, told The Independent.
A growing number of Russian oligarchs are considering storing their billions in cryptocurrencies as Bitcoin has quickly become a haven for Russian wealth. Sanctions would be unthinkable for the billionaires closest to Russian President Vladimir Putin. Sanctions against digital assets and cryptocurrencies have already been expanded by the US government.
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