Complaining To Praise
Many began to badmouth Bitcoin when it became apparent that Putin was most likely going to make use of the Cryptocurrency to evade sanctions and defy the west. What we have since seen transpire has probably surprised many and perhaps even taught a lesson to some. Bitcoin is a neutral asset. This is what makes it unique. It should never be politicized and yet, unfortunately, we are seeing gatekeepers coming under severe pressure to do just that. Regardless of increased censorship, Bitcoin continues to function as it was intended to. A neutral asset can be utilized for both good and evil and it is inspiring to see the Crypto community condemning Russia’s unnecessary act of war. Simultaneously, the Crypto community is leading by example, as Crypto donations have flooded in support of Ukrainians.
Millions Within Hours
It has been extremely encouraging to see how Crypto donations have been pouring in for Ukraine. There has already been approximately $20 million donated for Ukrainians. The Ukrainian government has also started to receive Crypto donations in the form of BTC, ETH, and USDT. The last figure I heard was that there was already $3 million donated in support of the government. As Ukrainians no longer have much access to functional banking services, Bitcoin is making a world of difference. Crypto is busy operating as a currency and medium of exchange in a time when government-issued money and banks are failing.
Although we most definitely wish that this tragedy never happened, it is proving to be a perfect test run for Bitcoin. This is exactly what Bitcoin was designed for, being able to transact peer to peer, regardless of government or banking status.
A Global Audience
With all eyes on Ukraine, it is almost impossible for the masses not to see how Bitcoin is being used as a tool to help and empower Ukrainians. In a time of absolute dire straits, as the traditional monetary system begins to fail, Bitcoin enters the picture. The idea of Crypto and its motivation appear almost prophetic in times like these. What solution would there be if Crypto didn’t exist? With all the chaos of late, even in first-world “havens” such as Canada, you can bet what people are thinking. I am sure many are considering having a rainy day, emergency Crypto fund.
I am sure new wallet stats are going to be on the rise as people begin taking out Crypto insurance policies. Trust is eroding away faster than anyone could have imagined three years ago. The last two years have been like one long commercial encouraging everyone to buy Bitcoin.
We Are Still In Volatile Times
Sure, there is still a constant risk for the Crypto market, as violent volatility can still be triggered. What we have been experiencing of late is definitely a volatile market but things could get a lot more hectic, given the right stimulus. However, at some point Bitcoin tends to thrive in difficult conditions but usually after initially falling victim. At this point, I am personally expecting some serious upside in the next three to six months. That is not to say that the market cannot go lower. However, we are seeing more and more motivation for people to begin holding at least some Bitcoin and Crypto.
I really believe that even though many may not like Bitcoin for whatever reason, recent events may just have convinced them otherwise. Whether you approve of something or not means very little when you desperately need it!