Posted on 02/24/2022 6:56:44 PM PST by FarCenter
The National Bank of Ukraine released a statement on Thursday with a spate of resolutions, including an order to suspend the foreign exchange market, limit cash withdrawals, and prohibit the issuance of foreign currency from retail bank accounts.
As Ukraine cracks down on pathways to cash and Moscow unleashes airstrikes and ground troops, some Ukrainians are instead turning to cryptocurrencies.
Kuna, a popular Ukrainian crypto exchange, shows that domestic buyers are paying a premium for Tether’s USDT stablecoin, which is pegged to the price of the U.S. dollar.
“We don’t trust the government. We don’t trust the banking system. We don’t trust the local currency,” said Michael Chobanian, the founder of Kuna, in an interview with Coindesk. “The majority of people have nothing else to choose apart from crypto.”
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Earlier today BTC was down to around $35K, and now it is over 38.
Could this war, and Ukraine’s new economic need for BTC be the trigger causing the big disconnect from BTC from the stock market and the rest of the economy?
BTC is highly volatile. Daily swings of that much are commonplace, so I wouldn’t put too much thought into it.
Yeah, still down 19% for 2022.
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