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Jafrin Ahmed
Mar 7, 2022
by Jafrin Ahmed

Bitcoin and USD Both Winning Amid War in Ukraine: Chamath Palihapitiya

Bitcoin Russia Ukraine
The role of cryptocurrencies like bitcoin (BTC) has taken a centre stage during Russia’s invasion of Ukraine in the light of helping both refugees in the midst of a humanitarian crisis and Russian oligarchs trying to find a way to get around the sanctions that the West is trying to strangle them with. In the light of this, venture capitalist Chamath Palihapitiya takes a nuanced approach to the whole situation.

Both BTC and USD Winning: Chamath Palihapitiya

Silicon Valley venture capitalist Chamath Palihapitiya does feel like Bitcoin (BTC) is the only winner amid the Russia-Ukraine crisis despite the conflict that has thrust the flagship cryptocurrency into the spotlight. Instead, ‘BTC and USD are both winning right now’, according to him.

Chamath’s comments perhaps stem from the fact that the U.S. dollar jumped to its highest level in nearly two years while the Russian ruble plummeted to an all-time low against the US dollar after the latter launched an invasion of Ukraine.

As of Feb. 24, the dollar index rose 0.869% and was on pace for its biggest daily percentage gain since March 2020, when the U.S markets were under the impact of the first wave of the COVID-19. In fact, the greenback reached a high of 97.740 against a basket of major currencies, its highest since June 30, 2020.

The venture capitalist further went ahead to say that Bitcoin (BTC) is positioning itself as an institutional-grade safe haven in comparison to other cryptocurrencies while the US-dominated assets have placed itself to the top in comparison to assets in other currencies.

“When BTC falls, other cryptos fall more. When US assets fall, other non-US denominated assets/currencies get smoked,” Chamath concluded.
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Bitcoin and USD Both Winning Amid War in Ukraine: Chamath Palihapitiya
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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