Theotrade analyst Don Kaufman said in his statements that the tensions between Ukraine and Russia of bitcoin He argued that it would not prevent him from making an upward movement.
“Russia Could Pierce Sanctions With Bitcoin”
Kaufman said:
“I have no doubt that if Russia faces heavy sanctions, they will turn to stablecoins and Bitcoin. Heavy sanctions cryptocurrencies thanks to them they will pierce.”
While rumors of a war between Russia and Ukraine had slowed down in the past few days, they gained momentum again with the statements from the USA. Biden claimed that it was only a matter of time before Russian attacks began in Ukraine. Russia expelled Bart Gorman, the US deputy ambassador to Moscow.
With the developments, the S&P 500 lost 1.8% and the Nasdaq 2.5%. Bitcoin, on the other hand, fell to $ 40,750.
Despite this, Kaufman claimed that a bull run for Bitcoin is possible thanks to the rise of the DeFi market. According to Kaufman, thanks to these technologies, Russia can circumvent possible sanctions.
However, it is not certain that if sanctions are imposed, Russia will take such a course to deal with the sanctions. Not long ago, Russia’s Central bank requested a ban on cryptocurrencies to promote its own CBDC. However, the Russian Ministry of Finance advocates the regulation and taxation of digital assets.
“Russia Can Implement BTC Scenario In The Long Term”
While Quantum Economics analyst Jason Deane agrees that Russia could use Bitcoin to ward off some of Joe Biden’s threats, he thinks such a move would be more relevant for the long-term scenario:
“In theory, it seems plausible that with the pressure of fiat currencies, the uncertainty in traditional markets will divert capital to Bitcoin and Russia as an alternative. However, it is quite difficult to say whether Bitcoin is a mature enough asset to be a protagonist in this kind of event.”
*Not investment advice.