The tension between Russia and Ukraine may reflect more of its impact on the global markets to the crypto money markets. Some experts, who share their views on the subject, say that this tension is a part of Bitcoin (BTC) He thinks it might trigger his downfall. The reason for this is shown as donations to Ukrainian volunteer and hacker groups through BTC. It was even claimed that some of these cryptocurrencies were purchased with military equipment.
Cryptocurrency Markets Face Uncertain Times
The world economy already seems to be facing uncertain times with the risk of war in Europe, and rising inflation and upcoming rate hikes are a major factor driving uncertainty and volatility. These are the views of IG market analyst Kyle Rodda. eToro market analyst Josh Gilbertthinks that markets hate uncertainty and that is why many have taken a step back in recent days.
Josh added that when there is an increase in uncertainty, investors give up on risky assets. He thinks that the tension between Ukraine and Russia may indeed affect the crypto industry.
News.Com.Au quoted Gilbert’s words in an article it published. “Cryptocurrency is likely to come under pressure if political tensions intensify between Russia and Ukraine. As a result, it could potentially test the lows of 2022 once again. But we are now in a position where global economic instability seems like the ‘new normal’.”
However, Gilbert reiterates BTC’s ultimate goal of being a transparent, open-source, peer-to-peer network that is not controlled by a single administrator or central bank. In other words, if banks are shut down due to political turmoil, the public will still be able to access capital via crypto.
An executive of US investment firm Miller Value Partners told CNBC that BTC and other crypto assetsHe stated that the most important factor is financial insurance against the disaster witnessed in Lebanon or Afghanistan, where the people cannot use their money due to political turmoil and civil war.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.