Crypto During Ukraine Crisis
Its time when we need to agree that the crypto is not just limited to one of the investment instruments instead its use case has broadened and now we have a bunch of use cases even with a variety of options for the investment. We have seen scenarios when crypto or bitcoin has been asked for ransom but now things are turning to be on the positive side. This is a good sign and I see this as a positive move which I also hope will bring more positivity and probably more institutional investors or countries. Ukraine crisis is the global news and on any social media or news media, this is the only news we can see as of now. We can't say as of now about what will happen next and how Russia will behave in the coming days but the world has come forward to help Ukraine financially.
The Crypto community is not left behind and there has been a significant donation by the exchanges like FTX or Binance to support the Ukrainian people during this tough time. Its not just the two exchanges but even the Celsius platform founder who has done the fundraising to support the country. This is a new kind of support that has taken place and this is really making a positive impact on the crypto space and even we have seen similar initiatives before for India. During the second wave of the covid pandemic, MATIC founder started the fundraising initiative to support the people in India and this initiative was called crypto relief.
While it was initially unclear how exchanges would respond to Fedorov’s latest call, the CEOs of several of them have publicly shared their support for Ukraine since the Russian invasion. On Sunday, a verified Twitter handle associated with Binance posted that the exchange was donating $10 million “to help the humanitarian crisis in Ukraine," while an affiliate, Binance Charity Foundation, launched a fund to provide emergency relief through crypto crowdfunding. Binance CEO Changpeng “CZ" Zhao said in a similar post on his personal account that the focus was on providing on-the-ground support
Now those who are not in favor of crypto can see and understand how crypto is changing lives in a positive way and its not something that is just always compared with Ponzi schemes or related to scams. Just imagine that if there is no crypto then probably this kind of support would have never been possible and to get this type of support a country has to have a positive and favorable crypto atmosphere.
src
When many things go wrong then also something great happens and this is one of those that is doing good for the crypto space because the crypto community has come forward to support humanity. There is even an update that Russia might be banned in SWIFT so to overcome this sanction the country will use crypto and its not needed to share that Russia has been a great name when it comes to crypto. Even now its a leading country for crypto mining.
Let's wait and watch how things will be unfolded in the coming days this war is surely not the solution but one thing to note is that the market is up again and bitcoin has crossed the 41k USD mark which means this crisis effect is over already in the market.
Thank you so much