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Bitcoin may touch $50k because of Ukraine crisis, says DeVere CEO

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The chief executive officer of deVere Group shared his stance on the current geopolitical situations among Russia and Ukraine and noted that it can act as a catalyst to a significant pump in the price of Bitcoin. 

Today is the 9th day of the Russia vs Ukraine war. Reportedly Ukraine’s president left his country because of his safety issues and now he will fight against Russian invasions from outside the country. This situation showing that Ukraine is in a very terrible situation, where the president himself left his country after 9 days of the ongoing war. 

Nigel Green, CEO of deVere Group, shared his opinion on this geopolitical critical situation between Ukraine and Russia. He said that the current situation resulted in “significant financial upheaval” and almost every person (Companies, individuals, people, and even government) is looking to get into an alternative to their existing financial system. 

“As banks close, ATMs run out of money, threats of personal savings being taken to pay for the war, and the major international payments system SWIFT is weaponized, amongst other factors, the case for a viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare.”

Green further opined that if such financial sanctions will increase rapidly against Russia then in that situation Bitcoin will touch $50k by the end of this month. 

However, at the same time, he noted that it will not be easy for Bitcoin to hit its all-time high price, which was near $69,000 in November of last year.

Russian fiat facing a huge downfall against USDT 

At present 1 USDT is equal to 107.76 Ruble and this is enough to show the Panic level of Russian people.

USDT is a stablecoin pegged by the US dollar and each USDT tends to have exactly 1 US dollar value. 

Usually, the value of 1 USDT remains below 80 Ruble but the current price is showing that the value of the Ruble is down against USDT by 33%+ within 9 days. 

To fight against this situation, the Bank of Russia increased its interest rate to give high rewards to the bank holders. 

Under these situations, Ukraine, as well as the Russian crypto exchange, saw a huge surge in the price of crypto assets. 

At present, the price of Bitcoin in Ukraine is $52,430, while in Russia the price of Bitcoin is 33% higher than the global market price because of inflation in the value of the Ruble. For both countries, the situation is almost the same. 

Read also: people are not interested in Metaverse & NFTs: Google Trend 2022

Bitcoin may touch $50k because of Ukraine crisis, says DeVere CEO

 

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