Bitcoin Falls Over Ukraine Tension While Putin Could Buy Stablecoins to Evade Sanctions

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Last Updated on 19 February 2022 by CryptoTips.eu

Jeroen Kok

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Russia and Ukraine are now in the world’s eye as they could possibly enter into conflict (analysts believe Russia is waiting for the end of the Beijing winter Olympics to do so) and Wall Street investors and the cryptosphere are going risk off. Stocks are falling and Bitcoin nears the $40k level again. Meanwhile some interesting theories are being launched as to what Russia could do next.

At the time of writing, Bitcoin trades at $40k, whereas a week ago we were all this hoping it would touch $45k again. Ether trades at $2,800.

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Putin could enter into crypto

An interesting theory that has gained popularity in the past few days which could spell good tidings ahead for crypto is the following: if Russia does enter into Ukraine and launches a land war, it will be met by crippling financial sanctions from the West. In order to avoid those, President Putin could move into crypto.

TheoTrade analyst Don Kaufman said earlier this week:

If sanctions hit Russia and hit Russia heavily, there is no question that they’re going to go into every stablecoin. They’re going to go into bitcoin. This is how they’re going to circumnavigate it.

Quantum Economics analyst Jason Deane agreed with him, stating that:

The theory is that uncertainty in traditional markets – all linked to a fiat system already under pressure – would drive capital to Bitcoin and make Russia look for alternatives. It’s a hard call whether the asset is mature enough for that to happen.

Ruslan-Lytvyn / Depositphotos.com