The case for cryptocurrencies in times of war

Both sides in the Russia-Ukraine war are turning to cryptocurrencies. Saloni Sardana looks at the case for digital cash in times of war.

Woman walking past a bitcoin cryptocurrency exchange
(Image credit: © Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

A week is long in the cryptocurrency world, and the past week is a perfect example of this.

The cryptocurrency market tanked last week, moving in tandem with risk-on assets such as equities when news broke of russia’s invasion of Ukraine. This led crypto-sceptics to claim that digital currencies clearly aren’t the gold 2.0 that many crypto-bulls believe.

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Saloni Sardana

Saloni is a web writer for MoneyWeek focusing on personal finance and global financial markets. Her work has appeared in FTAdviser (part of the Financial Times),  Business Insider and City A.M, among other publications. She holds a masters in international journalism from City, University of London.

Follow her on Twitter at @sardana_saloni