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The world has been in shock and at a near standstill as we continue to witness the amount of devastation currently being meted out to Ukrainians by the Russian military.
This Russia invasion of Ukraine has lasted for up to a Month now, and in this short period of time we have seen in real time:
- The collapse of a country
- Effects of econmoic scantions in the bussiness and finaces of ordinary citizens
- Limitations and failure of the banks and the current fiat banking system
- And how fast fiat money can lose value during times of crisis
This Russian invasion has also put the role of cryptocurrency as a mainstream part of the global financial system in the spotlight.
For the first time in the world, this crypto era has provided us with a tool that can move billions of dollars easily across borders.
In this article, we will be talking about the 3 Ways The Russian/Ukraine Crisis Is Fueling Crypto Adoption World Wide.
A More Secure Store Of Wealth During Crisis
Despite its massive volaitility, crypto has proven to be a better store of wealth than the traditional fiat currencies especially in the case of Ukraine.
Since the start of the invasion, the official curreny of Ukraine (Ukrainian hryvnia) has lost almost all of its value and continue to loose more daily.
Not only that, the countries stock market is in ruins and all businness are closed. The Ukrainian financial institutions have also been limiting people’s access to bank accounts and foreign currency.
This has left hundreds of thousands of people stranded and in need of aid even though they still have substainial amounts in fiat currency seating in the bank.
This failure of the bank and the fiat monetry system has pushed more and more people into adopting cryptocurrency as a more secured and reliant alternative with sign up for crypto wallets spiking allover the globe.
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Its Role Has Digital Gold!
With the Banking and finacial system failing, Bitcoin is finally living up to its reputation as the Digital Gold of our era.
The ease of moving money across international borders has endared the technology to fleeing Ukrainians. Unlike gold, it is easier to carry around and all you need to do is to remember the private keys to your crypto wallet.
Testimonials are coming from Ukrainian refugees who have some financial stability solely because they brought along cryptocurrency with them.
We are also seeing financial aid come in the country mostly through crypto also. The Ukraine Vice President also tweeted about accepting international support via cryptocurrency and have raised more than $54 million through cryptocurrency donations.
Check out our top list of the most popular crypto exchanges to find one that best suits your needs the most.
Its Neutrality From Geo-Politics
While Cryptocurrency has a lot of postive qualities, it is also important to note it has a few flaws as well. Currently the neutality of cryptocurrency makes it a double-edged sword.
Russia and Ukraine, two economies that have led the way in embracing the digital money are each turning to it to gain an edge in the geopolitical showdown currently playing out.
Although it is a great alternative when it comes to receiving monetary aid directly, it is also a decentralized tool with no controller to impose their morals on its user. This helps Russia evade monetary sanctions imposed on by the west.
No matter which side you fight on, one thing is for certain! Crypto is here to stay and will continue growing in its role in global finace. What we are witnessing in Ukraine is just a sample of how big that role can become in the years to come.
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