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Russia attacked Ukraine on Thursday, sending stock and crypto markets tumbling. The geopolitical turmoil wiped out around $150 billion from the crypto market as major coins such as Bitcoin (BTC) and Ethereum (ETH) suffered significant losses.
Thankfully, crypto prices rebounded the next day after Russia hinted that it is willing to start negotiations with Ukraine. However, Bitcoin’s price drop has raised questions about BTC’s role as an authority-free zone, a safe haven asset, and as a resource for the unbanked.
For crypto trader Scott Melker, the Ukraine crisis showed just how useful Bitcoin’s decentralized nature is during conflicts. “Bitcoin is a crappy tool for criminals but a brilliant one for charity and donations,” Melker tweeted, according to Business Insider.
Indeed, people are increasingly using Bitcoin to send funds to support Ukraine in its efforts against the Russian invasion. On Thursday, the BTC wallet of Come Back Alive, a charity organization that supports the Ukrainian military, received nearly $400,000 in Bitcoin within a 12-hour period.
Despite BTC’s decline on the first day of Russia’s invasion, Bitcoin bull Michael Saylor believes that conflicts would make the crypto more appealing to investors. “Wars create inflation, cripple commerce, and make bitcoin compelling,” he said.
“Nation-state conflicts create uncertainty, constrain production, weaken currency, cripple trade, and undermine credit, making investments in debt & equity riskier and underscoring the benefit of converting treasury assets into pure digital energy – Bitcoin,” he explained in a tweet.
Meanwhile, Morgan Creek Digital co-founder Anthony Pompliano is concerned about the diminishing appeal of the US dollar in international trades. “The United States has to start considering what to do in a world where a large portion of the world doesn't use the US dollar as their reserve currency,” he said, noting that Russia and China have long publicly stated their intention to get off the US dollar system.
Pompliano offered Bitcoin could be the solution, calling it the next best thing. “This game theory leads us to bitcoin, he explained. “The next best option to being the producer and distributor of the global reserve currency is to be the most advanced user and holder of a global reserve currency that no single country controls.”
To dominate in this Bitcoin-powered international finance scenario, Pompliano suggested that the U.S. should not only maintain sizable BTC holdings but it should also be a global leader in crypto mining. “That incentive leads these superpowers to realize that bitcoin will be essential for decades to come,” he added. “The countries that have a large ownership stake, along with conducting mining and other pro-bitcoin activities within their country, will have a significant advantage.”
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