When Russia invaded Ukraine, it was a moment for bitcoin to shine, at least for crypto enthusiasts, who have long called it a safe-haven asset; it didn’t.
The world’s largest cryptocurrency by market cap rose more than 20 per cent in the first week of the war to $44,800, but plunged shortly after, reversing almost all the gains of the previous week.
Bitcoin’s promoters, also known as maximalists, always touted it to be a digital gold or a hedge against inflation, geopolitical risks and economic uncertainty. So, when Russia started the war, the biggest conflict in Europe since World War II, the digital asset had all the boxes checked for another rally: US inflation topped a 40-year high, a cost of living crisis gripped much of the world, and experts issued warnings about another recession.
Save for the initial spike, none of these risks could trigger another rally, questioning bitcoin’s status as a safe-haven asset. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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Bitcoin should be put in asset class. It has a worth and is being used as a digital, flexible, divisable asset.
In the days of war – you cant move out with a physical gold, your property can’t fly with you.
This is the only thing that has global recognization and can be easily convertable (if required).
There are stories where people from ukraine run to poland and Bitcoin being their financial safeguard.
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