Conflict causes cryptos to fly as many flee fiat
Refusing the call from Ukraine’s vice prime minister asking cryptocurrency exchanges to block all Russian user accounts on the basis that the Russian citizens are innocent victims of their leader’s blind sightedness. One of the largest exchanges, Binance, told fortune magazine, “We are not going to unilaterally freeze millions of innocent users’ accounts,” the company told Fortune in a statement. “Crypto is meant to provide greater financial freedom for people across the globe. Binance did state that they will block accounts of Russians that have been hit with sanctions but that they won’t unilaterally freeze accounts of all Russian users. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.” Binance is not ignoring the crisis vowing to donate at least $10 million to humanitarian efforts in the region.
The index, which has been moving higher with few dips for the past decade hit its all-time high above 16,000 in November, only days apart from Bitcoin’s all-time high. Since that point both the Nasdaq and Bitcoin have been on the decline and with the ratcheting up of interest rates needed to fight inflation the major indexes are likely to remain on a downward trajectory. If Bitcoin can continue to make its own path decoupled from U.S. equities it would be very bullish indeed akin to dodging a bullet. For anyone interested in viewing more of my articles simply click this
Originally published at https://www.thegoldforecast.com.
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