Bitcoin is Now Worth More Than the Russian Ruble
After the collapse of the Ruble in the wake of Russia's invasion of Ukraine this week Bitcoin has now officially surpassed the Russian Ruble -- according to CoinMarketCap:
"Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion."
MOEX -- the tracker for the Moscow Stock Exchange went dark after the combination of sanctions and people pulling money out of banks/exchanges went into effect. The country is now in economic turmoil -- some are speculating that even altcoins like Ethereum and Dogecoin may have surpassed Russia as well. (Though the data for it is now available, yet.)
While some countries are currently celebrating the economic "victory" over Russia, some analysts are expressing concern over secondary effects over oil and gas prices, potentially further worsening inflation and supply-chain woes that were already starting to mount all across the globe.
With a US recession looming in the horizon, what does this mean for crypto? So far there hasn't been any indication that the losses of fiat currencies leads to the decline in the asset itself. In the long run, this may prove to be an important factor in how the industry pans out over the next few years.
coindesk.com/markets/2022/03/02/crypto-market-cap-pushes-past-2t-as-major-cryptos-surge/
"Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion."
MOEX -- the tracker for the Moscow Stock Exchange went dark after the combination of sanctions and people pulling money out of banks/exchanges went into effect. The country is now in economic turmoil -- some are speculating that even altcoins like Ethereum and Dogecoin may have surpassed Russia as well. (Though the data for it is now available, yet.)
While some countries are currently celebrating the economic "victory" over Russia, some analysts are expressing concern over secondary effects over oil and gas prices, potentially further worsening inflation and supply-chain woes that were already starting to mount all across the globe.
With a US recession looming in the horizon, what does this mean for crypto? So far there hasn't been any indication that the losses of fiat currencies leads to the decline in the asset itself. In the long run, this may prove to be an important factor in how the industry pans out over the next few years.
coindesk.com/markets/2022/03/02/crypto-market-cap-pushes-past-2t-as-major-cryptos-surge/
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