Here’s Why Bitcoin Sparked a Huge Rally Amidst War in Eastern Europe, According to Veteran Investor Mark Mobius

The chief executive officer of Mobius Capital says that Russia’s currency collapse has a hand in the latest upward surge for Bitcoin (BTC).

In a new interview with CNBC, seasoned investor Mark Mobius says that Russian investors pouring their money into Bitcoin to escape the collapse of the ruble is what sent BTC skyrocketing during Russia’s attack on Ukraine.

Track live crypto price of 10000+ coins!

“If I was a Russian, I would be a buyer [of Bitcoin]… of course, [Bitcoin] is an avenue to get money out of Russia, so I would say that’s the reason why Bitcoin has shown strength.”

The Russian ruble has seen a sharp drop since the nation invaded their neighbors to the west in a territorial dispute, causing a major backlash in the form of severe economic sanctions from both the United States and members of the European Union.

Data shows that the Russian ruble sharply declined after the sanctions took effect, as it went down from a 30-day high of $0.013 USD to $0.0092, a 28% decrease.

According to Mobius, Russians are using BTC to ease some of the economic burdens they face as most of their financial institutions are dealing with crippling closures.

“[With Bitcoin], the Russians have a way of getting money or getting their wealth out, otherwise, they’re really in trouble with all the closures of the different avenues for them to transfer money out.”

Bitcoin is exchanging hands at $42,446 at time of writing, an 18% increase from its seven-day low of $35,945.

Related:  Ethereum Showing Bullish Divergence On-Chain As Idle Bitcoin Addresses Start To Wake Up, Says Santiment


Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/diversepixel/SergZSV.ZP

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: