Mike Novogratz has shared his opinions regarding the current situation in Ukraine, saying that the Russian invasion may work as a booster for the crypto market as people decide to step away from the US Dollar.
Due to international sanctions, the Russian ruble has fallen by 40% compared to the USD, reaching an all-time low.
Ukraine has also started to rely less on the local currency and began accepting crypto donations in order to help with its defense.
This is why Novogratz thinks that people may be pushed basically towards decentralized currencies. Still, he mentioned, this shouldn’t be seen as crypto being a method of avoiding sanctions.
“We’ve never had a group of nations, in essence, confiscate real estate from Russian tycoons. This sends a message: I want to have money that lives outside of traditional power.”
As the Russian invasion of Ukraine began, the crypto market has dealt a huge blow, although it began to recover following the sanctions imposed on Russia. In fact, yesterday, the crypto market managed to record double-digit gains.
At the same time, as a way of avoiding those sanctions, Russians have turned to crypto as well with the Russian ruble trading volumes for Bitcoin increased by three times over the previous week on Binance.