European Wars, how can it affect cryptocurrency?
Quite recently, tensions broke between Ukraine and Russia as the latter mobilized massive efforts to invade and claim Ukraine’s territories for themselves.
One notable effort that Russia took is the apparent selling of cryptocurrencies, particularly Bitcoin, to fund war efforts, this is seen as one of the reasons why bitcoin is at a dump right now, along with other cryptocurrencies in the market.
Now, this is one good effect of war on currency and cryptocurrencies as a whole. It crashes the economy, hence causing massive depression on the part of the population and massive inflation in prices of local commodities and services.
Add to this the fact that technology is hampered during the war due to the fact that manpower and knowledge are pooled instead in military efforts.
Bitcoin could be immune to this given the fact that it is decentralized and has no physical representation that could either back or pull it down. Still, the effects are apparent and if no effort is done, it will be time until we get to see bitcoin at a much appreciable price point.
That being said, war is by no means good, however profitable it is. Efforts should be exerted to prevent conflicts from differing parties from happening.
