Senior strategist Tom Lee said that the Ukrainian government’s request for donations in Bitcoin demonstrates the utility of cryptocurrency and is a positive sign for the market.
According to blockchain data firm Elliptic, Ukrainian government accounts have raised nearly $17 million worth of cryptocurrencies after asking for donations to help the country in its war with Russia. Tom Lee, co-founder of financial research firm Fundstrat, on the subject, “Still think that Bitcoin is not useful?” made the statement.
Additionally, he said Ukraine’s cryptocurrency demands “emphasize the strength of the situation for Bitcoin and crypto as digital money.”
“A sovereign nation wants crypto donations, not USD donations. Wow.”
Bitcoin has fallen sharply since hitting a record high near $69,000 in November. However, Bitcoin and other tokens rose dramatically on Tuesday as the correlation with stocks weakened.
Renowned market investor Mark Mobius told CNBC on Tuesday that the fact that wealthy Russians are currently looking for ways to circumvent Western sanctions may be boosting the value of Bitcoin and other cryptocurrencies.
“I would say that this is the reason why Bitcoin is rising right now. Because the Russians have a way of “taking out” their money and assets.”
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.