Note 102. «Crypto Backs the Interest of Russia»
Crypto backs the interests of Russia on the geopolitical stage. That’s a simple thing I learnt from years of investigating blockchain-minted crypto assets. This 2024-year crypto pricing jump is no exception (see the example of Bitcoin or BTC on the chart).
Yet many crypto advocates claim the only reason is Bitcoin Spot ETFs’ approval on the US market. Although the approval took place on the 10th of January 2024 and has a relatively humble effect for a consecutive month. The crypto wild rally just started next month, in February, when on the 6th of February 2024 the next round of delay in the US aid to Ukraine became evident.
On the 16th of February the shocking death of Alexei Navalny, the most prominent critic of the Russian regime, was announced. Later that month, the world marked the dark two years of the Russian invasion of Ukraine. It led to further crypto agony which was supported by the 4th of March, when the US Supreme Court favored Donald Trump to the Colorado ballot. In addition, prices went up on the 6th of March when Nikki Hayley suspended her presidential campaign.
Sharp decrease commenced on the 12th of March when a dual Russian-Swedish citizen was convicted for a colossal money laundering case of crypto mixer Bitcoin Fog. And it was combined with the effect of the 18th of March when Trump’s lawyers announced he couldn’t find cash (464 mln. USD) to bond himself in a civil fraud case.
On the 22nd-23rd of March, the terrorist attack in Crocus City Hall in Moscow was carried out. The mass shooting that took the lives of more than 140 people turned into cruel propaganda against Ukraine in Russia. So, crypto prices again rebounded. It was sustained on the 25th of March when the Trump bond was reduced from 464 to 175 mln. USD. He posted this bond on the 2nd of April and the prices began to tremble in the next attempt to grow.
To sum up, each time we observe events that benefit the Russian authorities such as support issues for Ukraine and pro-Trump assistance, the crypto prices rising, and vice-versa. The bitter truth is crypto backs the interest of Russia, and, perhaps, the former is even governed by the latter…
