Bitcoin surpasses Russian Ruble - now top 15 currency

pooya87

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Quote from: zasad@ on March 04, 2022, 09:50:54 AM

"Hot take of the day: China is going to "unban" bitcoin in 2022

To be fair China never banned bitcoin to want to unban it now! They just banned bitcoin mining recently to fight the increasing energy crisis they are facing which didn't help and may become better if Russia starts exporting more gas to China at cheaper prices if they "ban" Europe so that China can resume allowing bitcoin miners mine bitcoin in China again.
If they do, the effects will be as small as banning bitcoin mining.

mindrust

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Bitcoin shows its value once again. Russian people should be buying crypto with their 3 hands. Mastercard is gone, Visa is gone, most Russian banks are banned from doing international trades... the only sensible option left is Bitcoin. If they haven't bought any crypto yet, they won't find a better time than "now" and I mean right fucking now. Innocent people of Russia shouldn't get punished for something they didn't do but right now Bitcoin is their only hope.

Accardo

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The price of bitcoin cannot get affected even after the war because the citizens of Russia are not enough to make impact in the price of bitcoin. Remember they are a colossal amount of wallets with plenty of bitcoin in it before the Crisis started. I noticed that the attention is on Russia because of the war and most people now think that they control the market price fluctuation. Trading, investing, airdrops etc these cryptocurrency activities were not affected by the war and it means that Russia cannot affect the price even if they convert their bitcoins to fiat after the war. The market is deep.

Falconer

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Quote from: Bitstar_coin on March 02, 2022, 12:34:35 PM

What happens when the war is over and things go back to normal, this can affect the price because not many of those who bought would want to hold. What's your opinion.

We cannot determine what the future holds for bitcoin as volatility is the main reason. Everyone may speculate about it but in reality it never guarantees anything in the future. Bitcoin is still very likely to reach higher prices and may also dump below $10K in the future. Both are possibilities without knowing which one is true.

People who want to buy should not because it is safe after the war, but they realize that bitcoin investment is something that is profitable. Apart from being a store of value, bitcoin is also an investment asset that many people consider for a certain period of time. War is just a good excuse for manipulators to use to create fud and shake traders' confidence in bitcoin's potential, however bitcoin will remain volatile whether war is war or not.

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Quote from: kentrolla on March 02, 2022, 01:08:20 PM

When the war is over it will take sometime i would say but longer for Russian Ruble to get back to pre war value due to the ongoing sanctions, don't forget war will end but these sanctions will have long lasting effect on Russian economy and it's the sanctions which destroyed Iraqi economy.

Even incase if Russian Ruble bounces back and have more valuation of Bitcoin still it will not have significant impact of Bitcoin's value as this conflict is not the only factor which decides bitcoin's price, this will infact bring in more investors towards Bitcoin.
[/quote

I agree too. I believe those that had doubts about Bitcoin and have invested in Bitcoin because of the war most have understood why Bitcoin is an important asset to hold regardless of any season and even after the war is over, I still believe that current investments in Bitcoin will not be negatively affected that much to make any great significance.

kryptqnick

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If the evaluation is accurate, and I'm not sure if it can be reasonably calculated and accurately presented under current conditions, it's good news. I found where this is coming from, it's this chart. And, by the way, I've seen screenshots with RUB being #15, but it's #21 here already, so the fall is still happening, and it's happening fast. Sanctions are working.

Quote from: kentrolla on March 02, 2022, 01:08:20 PM

When the war is over it will take sometime i would say but longer for Russian Ruble to get back to pre war value due to the ongoing sanctions, don't forget war will end but these sanctions will have long lasting effect on Russian economy and it's the sanctions which destroyed Iraqi economy.

Even incase if Russian Ruble bounces back and have more valuation of Bitcoin still it will not have significant impact of Bitcoin's value as this conflict is not the only factor which decides bitcoin's price, this will infact bring in more investors towards Bitcoin.

Oh, I don't think we'll see it bouncing back for a long time. First, we don't know how long the war will last. Second, given how fiercely Ukrainians are resisting the Russian occupiers, and not to mention the support from the West, it's very unlikely that Russia can win this war. So there'll be more punishments, such as war reparations. As for Bitcoin, I think it'll stay afloat and, probably, continue to grow.

darkangel11

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Quote from: Bitstar_coin on March 02, 2022, 12:34:35 PM

What happens when the war is over and things go back to normal, this can affect the price because not many of those who bought would want to hold. What's your opinion.

Can things go back to normal after a genocide like this one? It will take a lot of effort and a lot of time before this situation stabilizes and you can see that the trading volumes weren't very high. It wasn't Russian institutions that were buying just normal people and some others who bought the bottom at 30k decided it's a good time to sell some so the price went back to our stable level of 40k.

What is affecting the price the most now is the bad financial situation of most countries after the pandemic. High inflation of fiat currencies and rate hikes that are government's way to fight the inflation. They are trying to postpone the inevitable collapse of fiat currencies so this doesn't worry me at all. Long term cryptocurrencies will be at the top of the food chain.

Imran232

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Because of the economic attack on Russia by the other top countries, the rubble is losing its market cap and its value. But the people who are smart are insanely interested in crypto, so at the lowest position, they might again invest in the rubble. Because they know that one day the war will be over and top countries will need oil and gas, which Russia has the biggest market for, they will again start to import from Russia and the value of rubble will increase, so they can easily stay in the positive mark. It's a trader's mindset, brother. But I think it needs time because, after the war, everything won't be short of time. It needs time. And I think this might be the reason why bitcoin surpasses.

romero121

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Swift system cut-off from Russia is the major blow, or else Russia could've never suffered such a downtime. Russia never expected this and this war is something a digital war, because beyond the loss of lives the technology is playing role to minimize it. In specific I could say the Swift cut-off, the satellite information termination, seizure of assets invested on other countries, freezing the funds. Somehow the situation is being tackled using bitcoin, but this doesn't make a big move with the people's life as the number of users aren't that big and there is no big adoption to overcome the situation.

Natalim

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They say that bitcoin is a good hedge fund, so I'm not surprised that bitcoin continues to increase its demand over a certain currency when its economy struggles or when other countries sanction them.

Look like bitcoin is free from inflation or if it's affected, it's not as worst as fiat since it's not controlled by a country or a government and therefore everyone can invest which only makes the market more stable although the price remains volatile.

Bitstar_coin

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Quote from: zasad@ on March 04, 2022, 09:50:54 AM

https://twitter.com/BarrySilbert/status/1499741589136158722
Barry Silbert

"Hot take of the day: China is going to "unban" bitcoin in 2022

[completely speculative, fyi]"
I think that this news will have much more impact on bitcoin than the news from Russia.

China again with their btc ban shenanigans, they have realized btc is striving very well without them, nobody cares what they do at this point because they are the ones missing out with their hide and seek game, I think people are already too familiar with China's drama that this news won't carry much weight, well this is my thought.

Baofeng

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I can only speculate on bitcoin right now, perhaps when the war is over and people again started to realized that maybe bitcoin could be a good hedge and store of value in extreme cases, maybe it will remain high but not into the tune of we will see a new all time high. Perhaps enough to say that we are somewhat in the middle ground, as others may have said that we are in a bear market, but at least no drastic and dramatic down ward spiral.

zasad@

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https://twitter.com/BarrySilbert/status/1499741589136158722
Barry Silbert

"Hot take of the day: China is going to "unban" bitcoin in 2022

[completely speculative, fyi]"
I think that this news will have much more impact on bitcoin than the news from Russia.

doomloop

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Quote from: Smartvirus on March 03, 2022, 12:41:31 PM

When someone sustains some large wounds, there is always a scar to note what suffering that part of the flesh has endured. This is always the case of wars and Russians are paying heavily to have started this war with the Invasion of Ukraine. Of course a lot of sanctions has been ditched out to Russia and most of it if not all, would be revoked after the war though, I strongly believe things won't come rushing back to normal. There are families, Ukrainian families who have suffered a lot from this Invasion and I don't see them smiling at Russia or even setting a part of there portfolio for some Russian based investments. Same to other citizens of the world who shares in the sufferings of the Ukrainian people. The war being called to an end is still not going to have a major effect on bitcoin.

There's a big scar that will be left but I think that is not what he mean to say but he was thinking that the price of bitcoin can fall down again once things are settled and once the price of the rubble currency return to normal. Fall on the price of bitcoin is not new to us so we can still accept it whatever happens with its price.

Why would Ukraine smile? That's strange when they are devastated too much. If there's any emotion that they will feel now, that is anger and sorrow but they probably dump all their assets that are related to Russia. This contributes to the downfall of the economy of Russia apart from the many sanctions that are given to them.

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Quote from: Bitstar_coin on March 02, 2022, 12:34:35 PM

Quote

Bitcoin’s valuation has surpassed that of the Russian Ruble and also institutions like JPMorgan, Meta and others.
Bitcoin has become one of the most valuable currencies globally after overtaking the Russian ruble.

The invasion of Ukraine has sent Russian currency tumbling to record lows, and Bitcoin is profiting from that. This followed its sharp recovery after it fell to $35k after news of the invasion broke out.

Bitcoin is more valuable than Russian Ruble

With an over 17% increase in the last seven days and a 13% surge in the past 24 hours, Bitcoin has become part of the 15 most valuable currencies globally by market cap. It surpasses the fiat currencies of nations such as Saudi Arabia, Mexico, Thailand, Sweden, and Israel.

The fall in the Russian ruble against Bitcoin and US dollars came after some Russian financial institutions were cut from SWIFT. The ruble’s value against the dollar reached ₽108 on Monday, a significant rise from the ₽83 the week earlier.

Source

What happens when the war is over and things go back to normal, this can affect the price because not many of those who bought would want to hold. What's your opinion.

1. There are very big doubts that the current situation will normalize very quickly. Most likely, this will drag on for a long time and indefinite term.
2. Also, I think that we will not return to the previous indicators that you called the "normal". The consequences of the current situations will affect this.
3. If my assumptions are justified, then people will have no choice but to continue to hold bitcoin. Some of them will spend bitcoin on household needs, but at the same time new buyers (Not everyone buys at the same time. Someone is waiting for the normalization of the situation, and someone else doesn't know about alternatives, like bitcoin) will appear, frightened by the progression of the worsening situation. So, the balance is likely to shift towards buyers rather than sellers.

worle1bm

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Due to sanctions and war crisis it has gone down with drop of around 30% in Ruble which is huge downfall and its value pegged against dollar is now of some third world country which means they are back in time and this is happening due to war only so what Russia will get out of it? The economy is strong but how long it can hold and will collapse at one point and they will need many years to revive it properly.But at that time inflation will reduce the value of Ruble more so you can say not much scope of growth in future also.

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Quote from: Bitstar_coin on March 02, 2022, 12:34:35 PM

Quote

Bitcoin’s valuation has surpassed that of the Russian Ruble and also institutions like JPMorgan, Meta and others.
Bitcoin has become one of the most valuable currencies globally after overtaking the Russian ruble.

The invasion of Ukraine has sent Russian currency tumbling to record lows, and Bitcoin is profiting from that. This followed its sharp recovery after it fell to $35k after news of the invasion broke out.

Bitcoin is more valuable than Russian Ruble

With an over 17% increase in the last seven days and a 13% surge in the past 24 hours, Bitcoin has become part of the 15 most valuable currencies globally by market cap. It surpasses the fiat currencies of nations such as Saudi Arabia, Mexico, Thailand, Sweden, and Israel.

The fall in the Russian ruble against Bitcoin and US dollars came after some Russian financial institutions were cut from SWIFT. The ruble’s value against the dollar reached ₽108 on Monday, a significant rise from the ₽83 the week earlier.

Source

What happens when the war is over and things go back to normal, this can affect the price because not many of those who bought would want to hold. What's your opinion.

No one knows mate , yes there is a effect nowadays but this maybe also Russians are putting their funds inside Bitcoin than their own currency Ruble .

this can happen of course right? because suddenly because of the Invasion their currency value drops that bad.

Quote from: kaya11 on March 02, 2022, 01:29:43 PM

This is an eye opener for those people who doesn't still believe in Bitcoin's potential. It can overcome any countries currency, and stand on even times like this. The past weeks dip is now gone and Bullish is on the way. More investors are attracted and maybe could see another ATH soon this year.

Don't take it that much because we know nothing what is the reason for this increase in value.

because if this is because of Russian converting their money to Bitcoin then this is not really a great thing for future because once the war ended they will take all funds out again .

pooya87

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Quote from: Poker Player on March 03, 2022, 01:46:30 AM

It is curious. Does anyone know how to measure the market cap of currencies?

The source in OP is using coinmarketcap.com where they are essentially taking the M2 money supply (which is "a measure of the money supply that includes cash, checking deposits, and easily-convertible near money") of each fiat currency and converting it to a single unit (bticoin) using their exchange rate, so it can be compared.

P.S. This is a flawed method in my opinion because each fiat currency belongs to a single country (in some cases a handful of them) whereas bitcoin is a global currency that belongs to the whole world. So comparing bitcoin with a single fiat currency is wrong, it should always be compared with the sum of all fiat currencies (all money supply in the world).

Smartvirus

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Quote from: Bitstar_coin on March 02, 2022, 12:34:35 PM

What happens when the war is over and things go back to normal, this can affect the price because not many of those who bought would want to hold. What's your opinion.

When someone sustains some large wounds, there is always a scar to note what suffering that part of the flesh has endured. This is always the case of wars and Russians are paying heavily to have started this war with the Invasion of Ukraine. Of course a lot of sanctions has been ditched out to Russia and most of it if not all, would be revoked after the war though, I strongly believe things won't come rushing back to normal. There are families, Ukrainian families who have suffered a lot from this Invasion and I don't see them smiling at Russia or even setting a part of there portfolio for some Russian based investments. Same to other citizens of the world who shares in the sufferings of the Ukrainian people. The war being called to an end is still not going to have a major effect on bitcoin.

uneng

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Quote from: Poker Player on March 03, 2022, 01:46:30 AM

It is curious. Does anyone know how to measure the market cap of currencies? I have also seen this website:

https://fiatmarketcap.com/

There it seems that they measure the market cap with respect to Bitcoin, it would be simply adding up all the printed currency, so to speak. The thing is that for very devalued currencies can give a very high number, so it is better to measure it against a reference, as they do on this page with respect to Bitcoin.

Very nice website/tool to instantly compare in numbers of bitcoin how much each country's currencies worth and how much the total fiat supply really values.

I'm looking ruble currency right now and although the russian economy is facing a deep crisis, the total amount of fiat circulating still worths more than half of total amount of bitcoin supply. That is almost 600$ billion dollars in currently bitcoin quotation. But probably it's going to get worse for Russia yet before it gets better again... They are in 18º position so far, with less than 1,000,000BTC advantage over Singapore and a little more than 1,000,000BTC advantage over Israel. That would be interesting if these countries were able to surpass Russia in marketcap volume soon.

Topic: Bitcoin surpasses Russian Ruble - now top 15 currency (Read 303 times)