Why bitcoin is going up during war? - page 5.

m2017

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Quote from: dkbit98 on March 01, 2022, 10:14:22 AM

Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

People are looking for something stable in times of war, and for some people it may sound strange at first they why would they choose Bitcoin that is very volatile.

The national currency may turn out to be even more volatile than Bitcoin. When it comes to preserving at least some value of their finances, then people can consider any possible and available tools. Bitcoin is one of those tools.

Quote from: dkbit98 on March 01, 2022, 10:14:22 AM

You can't move gold or other hard assets out of your country or region so easy or it's almost impossible, and for Bitcoin you only need to have piece of paper with seed words or remember them if you can.
When you cross the border or enter safe zone with internet you will have full access to you funds, that is obvious advantage of Bitcoin.
You can't fo that with gold, and your domestic paper currency may be worthless in other countries.
Simple conclusion, people buy more Bitcoin and price goes up.

You correctly and accurately noticed that in this vein, gold is certainly inferior to bitcoin. From the point of view of refugees, bitcoin in my opinion has no competitors. But some difficulties may arise. For example, not all residents of these countries have the experience and skills to use bitcoin. The older generation doesn't always know how to use a PC, not to mention cryptocurrensy.

Little Mouse

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Because bitcoin is store of value. Do you know Russian Ruble had a deflation of 30% in value? Would you love seeing your money getting devalued or thinking of alternative? Gold is another option but Bitcoin is now the most considered store of value. In a world war, peoole will have the option to save their asset in form of bitcoin.

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

Ok first of all I have really given up on trying to understand bitcoin behaviour, I remember so called experts said that bitcoin will touch 100k by the end of 2021 and we all know how much accurate that prediction comes out to be, then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

Yeah it's pretty confusing. I also read experts have predicted that the bitcoin will touch by 400.000$ that's crazy... but in addition to war there are also potential influential factors that could have an impact on the price like restrictive measures on bitcoin mining and stuff. So maybe there are other aspects that could explain the fact that bitcoin is going up... hope it could help!

dothebeats

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It could literally be anything right now. Perhaps people realized that bitcoin is the way to go during these times, especially those who are within those regions that are struck by this current armed conflict. Sanctions are in place, and the economy is really badly beaten, that's why they chose for alternatives. Or it could just be another random pump, but again, it could be anything under the sun, really.

TribalBob

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maybe it's just a coincidence that the price went up, because of the flow of requests to donate to ukraine with bitcoin
I see the current price has not increased significantly

Quote from: pawanjain on March 01, 2022, 09:46:19 AM

The bank accounts of Russians and people of Ukraine are being frozen and they don't have any better option than to use bitcoin.

which is my current thought if frozen how do they transact??

Zilon

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The war is disrupting lots of economic and financial activities across both countries and many Ukrainian and Russian are switching to buying crypto specifically Bitcoin to avoid been stranded after the war. This is one of the strongest reason why I feel the sudden pump took place. After the war many will be forced to start a fresh life so crypto is just the only saving grace at the moment

batang_bitcoin

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

Ok first of all I have really given up on trying to understand bitcoin behaviour, I remember so called experts said that bitcoin will touch 100k by the end of 2021 and we all know how much accurate that prediction comes out to be, then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

It's just a normal sequence for the entire market that we get a surprise squeeze and then a sudden pump. You can think of any world issue when bitcoin is pumping.
And when there is bad news that's being published by news/media, the market suddenly plummets. That's really an unknown act but you just have to get used to it. Soon, we'll get to see the real reason why the market has been up and we might be surprised if it plummets again.

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

...
And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

You need to follow the news if you want to understand the markets. Right now the ATMs in Rusia are getting empty, with all the sanctions they are afraid about having their money in the banks, that's why all of them are looking for cash, and some valuable things like Gold, Silver, and Cryptos.

The market capitalization is growing fast, which means this is an opportunity to see a new ATH in some months.

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

Ok first of all I have really given up on trying to understand bitcoin behaviour, I remember so called experts said that bitcoin will touch 100k by the end of 2021 and we all know how much accurate that prediction comes out to be, then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

Who is the expert in your statement?
In fact, it's always been said that nothing is 100% correct and nothing is really 100% accurate. Don't know for sure, Bitcoin moves according to supply and demand in a long or short time span and that's natural. It could be that when the war declines, that's when many are ready to pocket more Sats. While on the other hand there are not a few who panic to sell, the mental game is actually being tested here. While everyone is starting to worry about the impact of a sharp decline, there are also those who are ready to wait for your sell below the correction line.

Are you following the whales or are you following the game in the market? always prepare 2 baskets in anticipation.

kentrolla

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First of all understand that noone can predict about Bitcoin and gone are those days when people used to belive in experts or influencer's because these so called experts as they just predict based on market momentum which fails most of the time.

Coming back to your question it depends on so many factors and market has been in correction phase for an extended phase and rise or drop was supposed to happen and it has moved towards positive way and also there has been more demand since the war broke out as both Russia and Ukraine are relying on crypto for their own purpose one using it for donation and other one to bypass sanctions which has given much needed boost to bitcoin.

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Because there are fundamental factors to support Bitcoin.

Inflation in all nations because of pandemic and money printing, QEs from governments, central banks.
War and sanctions in long term will cause more inflation.
More financial and economic issues over the world.

It's time for Bitcoin because the whole world is on the verge of bailout, not the first time.

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

Ok first of all I have really given up on trying to understand bitcoin behaviour, I remember so called experts said that bitcoin will touch 100k by the end of 2021 and we all know how much accurate that prediction comes out to be, then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

When an asset price goes up, it usually means that demand has increased for that particular asset. Also it is pretty much self explanatory why bitcoin price is going up during a war. It means people are buying bitcoin for various reasons.

The value of Rubble has been decreased to a great extent. So it makes sense for Russians to buy bitcoin. Ukraine is not sure how their finances will work out once Russia fully takes them over, so they are buying bitcoin. These buying pressure is creating demand and increasing the price.

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

...then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

Why would El Salvador be so important as to cause a price explosion? People simply inflated the whole story as if Bitcoin had become a legal tender in the US or the EU, and not in a country that most don't even know how to find on a world map. Bitcoin has become part of the world's markets, and mostly follows them in the direction they are moving - and as we know the world is not doing well in recent months.

Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

How much truth there is in the rumors that Ukrainians and Russians are buying Bitcoin en masse I can't say, but I wouldn't say that millions fleeing or fighting have time for such things, although some say the volume of crypto trading in those countries has increased. Yet if you look at the past 2 months, it is clear that we have had almost identical jumps and falls in price, and that the current situation may have nothing to do with the war.

coinmanhere

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Yeah what I am sort of realised of sudden spike might be because of Ukrainians and who knows Russians too. I had heard that before too that the sudden attitude of Russia was charged towards bitcoin as they started seeing it as alternative to sanctions. And now it might be more true as Russian civilians will be affected by it more so they might come running at crypto. But who knows just few minutes after this post there might be a flash crash. And by the way it is already going down.

But the most convincing argument was by mk4 it is most likely aliens Cheesy

dkbit98

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

People are looking for something stable in times of war, and for some people it may sound strange at first they why would they choose Bitcoin that is very volatile.
You can't move gold or other hard assets out of your country or region so easy or it's almost impossible, and for Bitcoin you only need to have piece of paper with seed words or remember them if you can.
When you cross the border or enter safe zone with internet you will have full access to you funds, that is obvious advantage of Bitcoin.
You can't fo that with gold, and your domestic paper currency may be worthless in other countries.
Simple conclusion, people buy more Bitcoin and price goes up.

songchunlai

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Demand determines the price, and people are donating to their home countries. Bitcoin is a convenient route.

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

Ok first of all I have really given up on trying to understand bitcoin behaviour, I remember so called experts said that bitcoin will touch 100k by the end of 2021 and we all know how much accurate that prediction comes out to be, then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

1. When you want to flee with your wealth, Bitcoin is easier to carry than gold.
2. When your currency value plunges badly, you may want to spend it for basically any investment you can, especially one that has a chance for not getting restricted.
3. Various traders seize the opportunity for speculation.
4. Bitcoin was going down for quite some time, it's about time for a reversal/recovery.

PS. Never take into account the short term price movements, speculators may trick you; never believe anyone's price prediction, they don't have a crystal ball.

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

Ok first of all I have really given up on trying to understand bitcoin behaviour, I remember so called experts said that bitcoin will touch 100k by the end of 2021 and we all know how much accurate that prediction comes out to be, then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

The bank accounts of Russians and people of Ukraine are being frozen and they don't have any better option than to use bitcoin.
May be this is why bitcoin is increasing since last few days. I think the news definitely has some role to play in the current spike of bitcoin price.
One funny I heard was that Ukraine has bought a huge missile using bitcoin although I don't think it is true.
There may be many catalyst to current increase in price of bitcoin.

Questat

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Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

Ok first of all I have really given up on trying to understand bitcoin behaviour, I remember so called experts said that bitcoin will touch 100k by the end of 2021 and we all know how much accurate that prediction comes out to be, then there is El Salvador we thought it will touch sky after El Salvador made it legal tender but it crashed.

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

Not that trying but you need to understand that the market will certainly be like this and you know what, it is very exciting to see how experts will speculate the market make newbies get fooled.
I'm not going to believe how these experts will say, not even one of them had made it right. Of course, you can see the market seem growing despite the war and that was because they are not connected nor do these countries Russia and Ukraine influence the market, no and they are not.

mk4

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Why are you listening to these so called "experts" in the first place? If I could accurately predict markets, I'd be a billionaire in a nice beach with some blackjack and hookers, not posting on forums and social media.

Quote from: coinmanhere on March 01, 2022, 08:33:43 AM

And now i thought it will go new low and now it is going up, like what is happening, why it is going up in such situation of uncertainty and war?

Could literally be anything. Write these down on a piece of paper and throw a dart at it:

- whales buying
- institutional investors buying
- Russians buying
- Ukranians buying
- aliens buying
- Tupac Shakur buying

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