Conflicts and Crypto
Political or geographic conflicts when turn into wars always have negative impacts on economy of the region especially and on the other parts of the world commonly. In global village concept it is difficult keep aside from any war in any region.
Crypto currency has strong roots and relationships now in world's economy. It is never possible not to be affected by war and we experienced in current Russia/ Ukraine war when whole crypto market crashed and NFT market almost died. Until now the shakes of that war we can feel around. Why world feels more economical pressure in that war ? Simply Russia and Ukraine both has massive food production soils and exporters of oil , gas and industrial manufacturing products which all got affecte.
Other hand both countries has strong roots of crypto. 13% Russians and 11% Ukrainian individuals have heavy investment in crypto, exchanges working there , store value is there and hundreds of merchants working in area. When Russia hits Kiev, an earthquake rise in crypto and trading went in freeze so prices declined due to more sellers then buyers.
Then social media put his share in negativity as if we study the Google Search index during February 2022 to June 2022 , we can easily spot the point that how Google highlighted the negative Co- movement against crypto in search bars purposely under certain agenda.
I read report and listen interviews where crypto helps people in and after migration from war zones because crypto never need heavy baggage to carry. People reached in safe zones and use Bitcoin, Bitcoin Cash, Ethereum and other crypto currency for their survival. The easiest form of transfer the wealth is crypto and practically Ukrainian people experience it in early days of war.
Some people making another connection of crypto falls ( now and near future) due to Israel and Hammas conflict.
In my opinion they are wrong because this territory didn't have any deeper roots of crypto. But yes both have funding source and the supply chain of funding may hurt or intrepid. Both have links to developed countries with high adoption of crypto and there are possibilities of funding through different wallets.UAE , Saudi Arabia, Qatar and Bahrain has good visibility in crypto investment but these all are neutral and almost allies to US government.
I am not looking any disturbance in crypto market due to this conflict. First, there is very low crypto usages and second the economic condition of people not allowed to be part of it. In Israel, mostly citizens have dual nationality and if crises came over head , they will move to their native homeland easily with all assets. Conflict began on Oct 7 but Bitcoin not affected until now and keep escalation towards new heights exactly on its history trend.
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Note: The article originally published on Publish0x.
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Cheers,
Amjad
