When Russia attacked Ukraine, Putin might have thought it would be easy. But most of the world responded with a resounding, “No!” And Bitcoin found another place on this earth to be of value.
Its time had come. When Bitcoin was created, it was meant to be the next currency. Some people mistook it as a fly-by-night scheme that would fade. But the war in Ukraine has demonstrated that it’s not going anywhere.
Why Ukraine Is Embracing Bitcoin
More Bitcoin transactions are happening in Ukraine as we speak. It’s literally as if the world got together and decided that Bitcoin would be the way to back Ukraine and aid them in this war that won’t go away. The thing is, there is an excellent reason for that.
It’s a safe store of value. Think about it. Simply put, a bank can be bombed, or access to banks may be off-limits under certain circumstances. It seems as if Putin doesn’t care what gets destroyed in its path. As long as his army is marching forward, they’re not concerned about anything else.
What Does That Mean?
So, using fiat would be a hard way for Ukrainian troops to survive right now. But the fact that Bitcoin is digital and decentralized brings an entirely new perspective of how valuable it is. Ukrainian troops can purchase beans, bullets, and bandaids without dragging a literal bag of cash from point A to point B, sometimes including other stops along the way.
People worldwide are capable of donating to Ukraine, and the digital currency is received instantly. As the government in Ukraine has now recognized it as legal tender, its purchasing power has increased tremendously. The digital currency continues to legitimize itself, and the current conflict only shows us how effective it can be.