Here's What the Cryptoverse Has to Say About Russian Invasion of Ukraine
Many in the cryptoverse have taken it to social platforms to condemn the Russian invasion of Ukraine -- with people highlighting that this will put the lives of millions of civilians at stake, adding that it is essential now to "have some perspective" and not only worry about portfolios.
Echoing this point of view, Sam Bankman-Fried, founder and CEO of major crypto exchange FTX, warned that there might be war, which is "really bad for the world." He urged everyone to "go outside and do something nice for someone."
However, he seemed to be baffled by bitcoin (BTC)'s price performance. He pointed out the fact that the Ukrainian hryvnia has hit its lowest level against the US dollar, implying that people living there "might be looking to alternatives" such as bitcoin. And it seems like some of them are looking at BTC.
On the other hand, Bankman-Fried argued that BTC might be going down as people need cash. "Basically, selling BTC--along with stocks, etc.--to pay for war," he said.
Mark Jeffrey, an American author and crypto investor, argued that BTC might be going down because people are turning to cash and view it as an "exit." He added that people will again turn to gold and BTC when they "start thinking about how to preserve wealth in mad inflation."
Meanwhile, Polylunar, a pseudonymous Bitcoin enthusiast, has called this a turning point in worldwide geopolitics. They said that any western sanctions, including banning Russia from the SWIFT financial system, would not be able to deter Russia.
Polylunar further speculated that Russia will not stop in Ukraine.
"To secure their homeland they'll have to move further west into the Baltic countries, by whichever means possible - not today, but also not too far in the future," the
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