Economic inflation generated by the war will benefit Bitcoin (BTC), says Microstrategy CEO

Given the potential impact on the crypto market, crypto players are very closely tracking the development of the conflict between Ukraine and Russia. The announcement of Russia’s military aggression also plunged Bitcoin by 12% last Thursday. Cryptocurrencies were able to recover quickly the next day, but Microstrategy CEO Michael Saylor says the war makes Bitcoin more attractive.

Hedging alternatives to inflation

After the monumental crash in March 2020, Bitcoin Bull Run It’s impressive because the world economy has succumbed to a coronavirus pandemic. Cryptocurrencies have become known around the world as secure shelters and are accelerating adoption among institutions and businesses. The latter invested a significant portion of their cash in it. To protect yourself from the angry economic inflation at the time.. MicroStrategy is one of the pioneers of this movement and has since increased its Bitcoin inventory.

The company’s CEO, Michael Saylor, has returned to Bitcoin’s capabilities and provided a strong hedge against inflation in support of current geopolitical tensions. Hours after Russia’s invasion of Ukraine began He went to Twitter to suggest that this controversy is good for Bitcoin.. “” War causes inflation, cripples trade and makes Bitcoin attractive “, He said. As proof of the credibility of these statements, the amount of Bitcoin exchanges increased by 200% in Ukraine after Russia’s military operations.

Cryptographic sphere is mobilized behind Ukraine

In addition to Mr Sailor’s retirement, some of the cryptographic celebrities were keen to support Ukraine. FTX CEO Sam Bankman Fried said on his exchange Free $ 25 distribution to each Ukrainian who has an account on the platform.. Kris Marszalek, CEO of Crypto.com, has announced a $ 1 million donation to the Red Cross. He also urged the cryptosphere to do everything possible to support humanitarian activities in Ukraine.

Long before his complaint, the country received several cryptocurrency donations through local non-governmental organizations (NGOs) and voluntary groups. These donations have increased explosively since the Russian army invaded Ukraine. Thereby, Over $ 4 million in Bitcoin donations have already been sent to the Ukrainian army Through these organizations, we fund the purchase of weapons and medicines.

Despite the views defended by the CEO of MicroStrategy, rising tensions between Russia and Ukraine have rather benefited gold as a safe haven. Indeed, the latter seems to have regained investor support, and Bitcoin is now acting as a high-growth technology asset.

Source: Ethereum World News

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Luc Jose Adjinacou

Far from weakening my enthusiasm, the failure to invest in some crypto in 2017 only increased my enthusiasm. Therefore, I researched and understood blockchain and its many uses, and decided to relay information related to this ecosystem with a pen.