A full-blown war at the gate of the EU is a major event for all world markets, and so far the stocks reacted traditionally, by going down.
Bitcoin is not an asset like the others, and the war has highlighted its unique qualities.
💰 Ukrainian government needs help in defending the country from the Russian invasion,
💳 people both in Ukraine and Russia face difficulties with paying by cards,
📈 inflation in Europe and the US is rising to dangerously high levels.
Bitcoin shows itself both as a great means of payment and donations (over $35M raised in crypto to support Ukraine so far), as well as an alternative store of value, which makes its decoupling from stocks quite logical.
⚠️ It is important to understand that while crypto is available to anyone, it is not a tool for Russia to evade sanctions. From the moment a person has made it to the OFAC list or its equivalent, the country’s companies are forbidden from transacting with them in any currency, fiat or crypto.
Moreover, blockchain being transparent, sanctioned people’s crypto assets can be tracked down, just like any other criminal’s.
Anti-crypto politicians, like ECB President Christine Lagarde or Hillary Clinton, are using the current situation to try and attack crypto from the “sanctions evasion” angle.
We find it despicable to use the suffering of the Ukrainian people to push their anti-crypto agenda.