Topic: The state of Bitcoin during the war between Russia and Ukraine (Read 305 times)

For what happen today for sure many will realize how useful bitcoin is especially with those Russian guys who want to escape on heavy sanctions on them and guess this will be one of key opener for another possible adoption since provably once the situation became calmer and both government will agree on peace talk maybe we can see that bitcoin will also get included and been adopted by them especially by Russia.

Ukraine is in ruins,innocent people are dying,the number of refugees might hit several million.
Do you really think that "the state of Bitcoin" is the most important topic right now?
I don't really believe that the Russian government and the oligarchs around Putin will adopt Bitcoin or any other cryptocurrency.The western world will track their transactions and block their funds in no time.
Putin is playing a gambling game with his own country and he bets all in,which will eventually lead to his end.
He doesn't care about finding a way to bypass the western sanctions.I have overestimated this guy in the past.

How could these country will have that Banning thing when they are both considering adoptions of Bitcoin right? so basically There will be no banning instead there are only some regulation needs to be implemented for the safer of their own people of course and to prevent abuses from using Bitcoin as the war increases momentum and this will make people hide their funds from here and there.

If Russia will officially adopt Bitcoin, it would mean that Bitcoin will come under scrutiny in the West, chainanalysis and kyc will get ramped up, but I hope that it won't be banned, because the world saw that it can be used for good.

The state of BTC is that it's tied to real-life situations even though it's a decentralized system not connected to other monetary fluctuations. But it is connected to overall economic situations, and if the economy suffers, then BTC and crypto will go down. It doesn't mean it would stay down, but the war will definitely have an impact on it, maybe even prompting the long-awaited bear market. The more the war goes on the more world economies will suffer (I am not saying that people don't suffer, but this thread is an economic discussion).

It wouldn't really change much? I mean, sure it may dip but I don't expect any huge changes related to that. Heck, the dips might even be just the usual market movement that happens every now and then. Even if it was going to dip (which I highly doubt already at this point in time), Bitcoin should be able to show good recovery since most of it would honestly just be FUD dips instead, might even go past the initial value if it ever actually dipped.

As for the Russian economy, They'd probably still be able to stand back up but it'd still hugely affect a lot of the citizens, at least in the short term. it still remains to be seen how the country would develop in the long term, it is based on how it would be lead.

Most likely, the financial system and economy of Russia will face a complete collapse, since the end of the war is not in sight, it is turning not in favor of Russia, but the bloodthirsty Putin does not abandon his intentions to seize Ukraine and pushes more and more new forces into the military meat grinder.
Ukrainian President Zelensky agreed to talks at Putin's suggestion, he said, so that no one would complain to him that he was not trying to stop the war. At the same time, he stated that peace would not be concluded by concessions to the aggressor of its territory or Ukraine's desire to join the European Union or NATO. It is the right of a free people to make a free choice. Therefore, at the talks, the condition for ending the war was Russia's proposal to remove its troops from the territory of Ukraine, including from the previously occupied Donbas and Crimea. Representatives of Russia did not agree to this and again repeated their ultimatum, which actually leads to the surrender of Ukraine as an independent state. Therefore, the negotiations have not yet led to anything.
The Ukrainians have so far skillfully and heroically defended their territory, having already destroyed more than 5,000 invaders, about 200 tanks, 816 armored vehicles, 29 aircraft and other equipment, and at the same time they have not surrendered a single large city to the enemy.

From what is happening between Russia and Ukraine, it seems that Putin is acting on his own agenda and interest.
Because a lot of its citizens are protesting about this war, and even some Russian soldiers don't want to go to war.
Some captured Russian soldiers don't even know that they are going to war according to the interrogation videos.
And with the limited options in the financial system in Russia once they are out of SWIFT system, they will opt to use crypto and bitcoin as alternatives.
It is good for crypto market. But then again, we all just hope that Putin will clear his mind. We are not in the uncivilized world anymore.

Meanwhile, Russian government can not do necessary things to restrict their citizens to use Bitcoin or cryptocurrency. It takes time and lot of resources for them to execute such things which not sure will succeed or fail.

Local citizens have more intention to store their money in USD rather than in rube. It sucks in eyes of Putin and with his power, he will do strict regulations on his citizens and this in turn will be another thing to prove that he does not actually care about Russian citizens

Gold is not flexible and portable if you hold physical gold bars. For digital platforms, I am not sure more sanctions will not target on gold in case the war in Ukraine will be escalated more or last too long. If the war continues too long (which I don't hope it will), more issues will happen and the whole world will react more seriously against Putin and Russia. It will not be a future Russian citizens want to face with. About Putin, I don't know what he does actually care about. Only his power, maybe.

Rich people in Russia are and will eventually turn to Bitcoin. There's recent news that Putin forbid its citizens to use foreign currencies. He's trying to make them use the russian ruble which is currently at it's lowest price to the dollar ever. Even when Russia announced bankruptcy it was trading higher, so imagine how oligarchs who had billions of USD in rubles must feel.
They could buy gold but that's hard to move around and getting physical gold takes time, you can't just go and buy a gold bar at a store. Bitcoin and other cryptocurrencies are the best alternative when your fiat is tanking, so is the stock market, and you can't buy other fiat money because it's banned.

It will be good and bad things for Bitcoin.

Because with the successful donation by Bitcoin and cryptocurrency to Ukraine, it proves the power of cryptocurrency and Bitcoin is a leader in this industry. It is a free marketing but at global scale.

The disadvantage can occur when Russia makes Bitcoin legal tender and uses it as one of their ways to avoid traditional sanctions.

In consequent responses to it, many governments might have more aggressive perspective on Bitcoin which we never want to see. However I believe that because of Bitcoin's decentralized network, it won't be killed by any or a few governments.

So many things that is to be understood as what is really.going on. Not so ever have we heard of someone even on youtube about the effects of these sanctions in the economist perpective.

And why Putin has yet not moved ahead to capture the Ukrainian president. No explainations so far that comes from a real  source that understood military strategies from Putins perpective.

Could he be buying time?  Or saving ammonitions thats why he didnt yet go insde the cities of Ukraine?

I agree with your statement about Ukraine. If this conflict will continue to happen for the next few days, weeks, or even months, the worst-case scenario is that their economy will collapse. If their economy will collapse, it will have a big, negative impact on the community, most particularly on the citizens. And I really do hope it will not happen because there are too many infrastructures, livelihoods, and lives that are being damaged and taken away due to some misunderstanding and perhaps greed and misplaced grudge towards the other. Although recently, I've seen on the news that the two countries are considering peace talks. Hopefully, the genuity will reach Putin because Zelenskyy already stated what Ukrainians desire - peace.

And regarding bitcoin, I believe prior to the war between the two countries, bitcoin is already at a low position due to the market season as well as the manipulation of the whales in the market. The war did not really directly and continually affect the price of bitcoin. It did, but only on the onset of war because some people panicked and were driven by emotion that bitcoin won't be able to bounce back. However, it did. Not just as high, but it is considered now to be the usual track of bitcoin in the graphs.

Bitcoin is a good alternative to traditional fiat money. Especially if people want to support Ukraine from abroad, then bitcoins is a quick way to pool money from all around the world to send to Ukraine. There are two issues which could be a problem. First, Russia might target the Internet infrastructure and tries to jam the access from abroad. Without working Internet it's hard to deal with bitcoins, and you always need to convert it to fiat money. That is probably why so many countries send goods and weapons directly, like medical supplies and fuel. With large amounts of money it might be hard for Ukraine to purchase things. The second issue is that there are fake donation requests to help in Ukraine. With bitcoins there is only a small chance to recover funds that have been send to a scammer.

What is happening in Ukraine is quite inspiring as ordinary citizens are taking ammunitions to help defend the country against a big and strong invader that is Russia. I am sure that this is going to be a big warning to any country planning the same to think many times over before launching of similar proportion to fulfill one's bloody ambition. In the case of Russia and Ukraine, both sides can be using Bitcoin for their own different purposes. Russia can use Bitcoin for international settlements while Ukraine can be receiving Bitcoin to help in the fight to fend off the invasion. I am hoping that something positive can happen with the possible negotiations.

The Russia and Ukraine war ultimately had little or no effect on bitcoin as people started thinking that the correction was a market manipulation strategy by some whales. I may agree with that opinion even though the panic of traders has also been going on for some time.

Currently bitcoin is trying to recover above $40K again but sadly that is not the case after the recent correction. Bitcoin almost hit $40K yesterday but sadly now its price has dropped a bit to $38K. I'm not too worried about bitcoin and its potential future due to the fact that the war between Russia and Ukraine hasn't completely affected the price on a larger scale. Even without war, regulations and prohibitions in several countries such as China and Russia some time ago also made prices go down. So the real war doesn't 100% affect the price, it's just that manipulation and FUD make people afraid to hold it.

Thats why Putin should stopped. This could be a lesson learn to all leaders in every nations around the world.The leaders should know all the consequences if ever they try to copy this type of action which Putin did.Russian people should show Putin that they are not happy to stop this kind of madness.Its better to apologize and stop the war.I hope both countries (Russia and Ukraine) to get through this strategy.Make peace not war

What most people do not understand is that the market for Russia only closed mostly in the West, while still having free access in the East where the Asian market resides. Also, sooner or later, Europe will want to have its supply of Russian oil back if their supply dwindles and no other option is out there. It's not a dead-end for Russia just yet, but I do agree that if their current situation against Ukraine goes on for long, they couldn't afford it and may have their economy crumble so hard.

As for bitcoin and crypto, the only 'decline' that I saw was within the first few hours of the invasion. Afterwards, it went normal from there. The ones who sold on a panic on February 24 were probably those who are afraid that the armed conflict will affect cryptocurrencies, but it didn't. Right now, bitcoin and crypto appears to be unbothered by what's happening in Ukraine. A few swings here and there but nothing too major, unlike on the 24th which is understandable.

Bitcoin is not declining. During first hours of the invasion, due to market manipulation price dropped down below $40k and has stopped there ever since.

This reminded me of the 10 months and 3 weeks resistance in our Khuzestan province from 6 November 1980 – 27 September 1981 where civilians kept the city from falling. Long story short most of Iranian soil is taken back in only 42 hours after the piece of shit president at the time was impeached, who we later found out had ties with the terrorists under cover.

Ukrainians are in a sense lucky that they are only fighting against Russia and conventional weapons. Back then the war was lonely Iran going against Iraq supported by US, UK, Germany, France, Italy, Finland, Arabs, ... where anything you can think of was dropped on Iran including US and German made chemical weapons!

Then is this something that we must Enjoy? will this help the crypto market most specially bitcoin in this process because this means Russia is truly into adoption of Bitcoin?

Legalizing bitcoin at this point will show something in connect to crypto matter but who cares? what is important for me is the legalization of this Big country and what we are looking to happen for years.

That is how the market shows its Volatility , the market will react to either good or bad news and this happens because the people inside react to those .

I notice that bitcoin and other cryptocurrencies first fall in price if something negative happens, and then the market gradually recovers. This was especially clear when the coronavirus pandemic was officially announced. Now bitcoin has dropped slightly again, its price is $37,827. But for sure this is no longer connected with the events taking place in Ukraine.
Now the Ukrainians are massively showing miracles of heroism, destroying and grinding the manpower and equipment of the occupiers under difficult conditions. It is the fifth day of defense and the Putin regime has not been able to achieve significant success in any direction. Yes, sometimes small settlements change hands in fierce battles, but the Russians were never able to take a single large city and not a single regional center (there are 24 of them in Ukraine). Ukrainians make "Molotov cocktails" in an artisanal way, and even civilians, including women, throw and destroy Russia's vaunted armored power with them on the outskirts of cities. Therefore, the Russians are already afraid to enter the cities.
Ukraine will definitely win

Russia and Ukraine are at war. That is why the Russia-Ukraine war. President Vladimir Putin announced the military operation shortly before 8 a.m. Thursday (February 24) local time in Russia. Soon after, Russian troops were ready to launch a military operation in southern Ukraine. Since then, war has started between the two countries.
At that time they were working on bitcoin due to various restrictions of westerners.
After the shelling during the war between Russia and Ukraine, it has been seen that Bitcoin is declining by 5-6 thousand dollars while others are recovering to donate a lot of BTC.
Bankruptcy in Russia in the face of sanctions.
Russia's central bank has been facing sanctions from the West since the start of the campaign in Ukraine. More sanctions are coming. Many customers are trying to withdraw money in advance for fear of creating financial crisis in the banks. The country's central bank has urged people to remain calm in such a situation.
Russia's central bank said in a statement that the Bank of Russia had enough resources and equipment to ensure Russia's economic stability and the financial sector remained operational.
Russia launched an attack on Ukraine on 24 February. The European Union (EU), the United States, the United Kingdom and Canada announced the seizure of Russian central bank assets in various European countries on Saturday. At present, the bank has a reserve of about 630 billion (63 trillion) US dollars. Billions of dollars) reserves.
Due to the Western sanctions, the Bank of Russia will not be able to sell assets abroad to help its banks and institutions. The United States, the European Union and other Western nations have also announced that Russian banks will be removed from Swift, the international financial exchange system.
Analysts believe that the markets will be open from Monday after the end of the weekly holiday on Sunday. Then the Russian currency ruble will fall in the market. As a result, the country's citizens will be more crowded to withdraw money from banks.
Clay Lowry, executive vice president of the Institute of International Finance, said the new sanctions would cause serious damage to Russia's economy and banking system. Sanctions will exacerbate the country's financial crisis.

Russia is shutting down Western airspace where everything is being cut off from them they are fighting BTC and working with BTC to legalize the country because where their central bank is closed they are working to legalize Bitcoin in the country as an alternative to Takhra instead of currency. Can use bitcoin.