There is no such thing as "good" in a crisis; there is just the best course of action given the circumstances. Is cryptocurrency beneficial in the face of Russia's invasion of Ukraine? Is it a problem? Neutral? It's a difficult question to respond to.
Cryptocurrencies are being used on both sides of the conflict in Ukraine sparked by Russia's incursion, or "invasion," as the mainstream media may call it. Their capacity to cross borders without respect for laws or regulations is assisting Ukrainian refugees in transferring funds out of the nation, but it could also be a tool for Russian elites to avoid punishing economic sanctions.
When this war started, I never could have imagined how this was going to play out for the global market because both crypto and the S&P 500 all went down.
Following the invasion last month, the Ukrainian government, in desperate need of equipment, issued a request for bitcoin and Ethereum donations on Twitter. Ukraine's bitcoin wallet has received over £8 million, while its Ethereum wallet has received over £4 million.
Unlike donations raised by non-governmental organizations and charities, these revenues were immediately available to the Ukrainian government. Other crowdfunding campaigns haven't been as straightforward. Because fundraisers tied to weapons violate Patreon's regulations - the different levels of donation were termed things like "bullet" and "bomb"—an account raising money for Ukraine that had garnered more than 14,000 donors, promising a monthly total of more than £300,000 was prohibited. Instead, the group that organised the Patreon page, Come Back Alive, later sold an NFT (non-fungible token) of the Ukrainian flag for nearly £5 million to raise funds.
I’m not in support of any form of invasion but I’m BULLISH on crypto. After the internet, crypto is another awesome gift this generation has come to witness
