Bitcoin surpasses Russian Ruble - now top 15 currency - page 2.

teosanru

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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.

I think this isn't a feat of bitcoin but rather a failure of the Russian currency and government. If the sanctions remain the way they are going on. Russia's economy will collapse like hell. It already is on the verge of its foreign debt obligation default, already has put a lot of restrictions on its people relating to the flow of money. The only way out Russia now has is to end this war in peace negotiations or be ready for a complete cut-off from the rest of the world or the west at least. But just out of general curiosity I was thinking if the same thing was being done by the US? will the behavior of other countries would have been the same? leave alone countries what would have been the behaviour of the tech giants? Dollar would have suffered the same problem?

Sterbens

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Restoring the price of the ruble to stability is a long time, during which the process of improvement continues. So that Bitcoin holders will also not immediately return to the ruble until it is completely stable. Russia, which is now hit by the fall in currency prices, the exchange process of Bitcoin has no effect on the price. As long as the Ruble is in a period of economic growth of all sectors, the infrastructure to restore it takes time, so that period of time plays a role in which Bitcoin can wait longer.

DdmrDdmr

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Quote from: hugeblack on March 03, 2022, 02:06:37 AM

If we look at the market value of Russian ruble, we will find that its value is much lower than many emerging economies such as Brazil or Spain <…>

Spain has had the Euro as its currency since 2002 …

I wouldn’t expect things to go back to "normal" for quite a long time as far as the economy goes, and I figure that the Russian economy (amongst others) is going to suffer for the years to come as a result. Despite the fact that some people will have managed to move at least part of their saving to crypto, I don’t think that it has been a really significant chunk (although I have no way of telling myself), and the restrictions are going to make it significantly more difficult to do so.

pawanjain

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I feel bad for Russia but at the same time I feel so good for bitcoin since people are finally realizing the value of holding bitcoin.
We can finally say that it is actually holding value. Many treat it as a safe haven and it's just a matter of time until we see it in the top 10.
Although Russian Ruble is losing it's value due to the war, I don't think it will be able to recover fully after the war is over.
Once the damage is done it's done. It will have it's affect on the economy and we might see bitcoin being more valuable in future.

swogerino

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Quote from: batang_bitcoin on March 02, 2022, 02:32:41 PM

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.

I don't think so. When the covid 19 has hit the world, many have been worried about bitcoin's price and it went the opposite. Now, that the world is turning back to normal, the effect is still there.
And the same goes for this Ukraine-Russia war, we thought that most economies would collapse including bitcoin but, we've just seen the surge on its price. It's very likely that when things back to normal, the effect will remain to bitcoin and people who have held it during the war are likely to hold it.

Bitcoin will not be that much affected after the war ends,it will do its thing like it has always done before not being impacted that much by global events,as that is at the core the true power of a true decentralized economic system.The only real losers from this war are beside the victims of Ukrainian civilians the Russian civilians,as they will suffer the consequences of the sanctions for much longer even after the war has ended.The leaders of EU will have a nice argument that Russia started a war and have that as a precedent so unfortunately the true losers are Russian civilians.As for Bitcoin it is not that much impacted by global events or at maximum it is only affected temporarily like when China imposed a ban.

hugeblack

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If we look at the market value of Russian ruble, we will find that its value is much lower than many emerging economies such as Brazil or Spain, and therefore it will not have an effect linking the price of the ruble to the price of Bitcoin.
Paper money calculates its value from commercial exchanges and the economic strength of the state, and therefore it is linked to political factors rather than just economic aspects.
Bitcoin is not linked to stocks and politics although it can be affected by accompanying events.

Poker Player

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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.

pooya87

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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.

Bitcoin price didn't go down because of the conflict, it went down because of market manipulation.

Quote from: BitcoinsGreat on March 02, 2022, 01:23:24 PM

Russian's native currency Ruble is losing its value and therefore people are converting their wealth in bitcoins. We cannot yet say how things will develop after the war. It entirely depends upon the outcome of this war.

Bitcoin price also didn't go up because of the conflict, it went back up because the manipulated ended and couldn't keep the price lower than $40k any longer.

Thinking things are going to change during or after the conflict means you have never looked at bitcoin charts before. If you study them for a little while you can see that volatility like this is actually very common in bitcoin and the overall movement is always upward regardless of the insignificant events in a small corner of the world.

poldanmig

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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.

The fact is that now the russian people are starting to secure their money in bitcoin and this they are doing as an alternative to storing currency values, having realized the wider benefits of bitcoin, of course i think after the war is over and their life will return to normal of course they starting to understand about the benefits of bitcoin in each of their economic conditions so far, what is happening with russia right now of course will open the world's eyes to be more open to the development of bitcoin, and i am very sure when the war is over and russia is in a state of sanction by the west , the first thing that president putin will do is legalize bitcoin in russia.

batang_bitcoin

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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.

I don't think so. When the covid 19 has hit the world, many have been worried about bitcoin's price and it went the opposite. Now, that the world is turning back to normal, the effect is still there.
And the same goes for this Ukraine-Russia war, we thought that most economies would collapse including bitcoin but, we've just seen the surge on its price. It's very likely that when things back to normal, the effect will remain to bitcoin and people who have held it during the war are likely to hold it.

kaya11

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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.

BitcoinsGreat

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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.

Russian's native currency Ruble is losing its value and therefore people are converting their wealth in bitcoins. We cannot yet say how things will develop after the war. It entirely depends upon the outcome of this war.

kentrolla

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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.

Bitstar_coin

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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.

Topic: Bitcoin surpasses Russian Ruble - now top 15 currency - page 2. (Read 306 times)