Bitcoin's total value is now worth more than Russia's own currency

Russia's invasion into Ukraine has caused the value of the nation's native currency, 'Ruble,' to plummet in value catastrophically.

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Since its invasion into Ukraine, Russia has been hit with sanctions that are crippling its economy, and as a result, the value of the country's native currency is plummeting.

Bitcoin's total value is now worth more than Russia's own currency 01

Over the weekend, Western nations implemented sanctions on Russia after it began its invasion into Ukraine. These sanctions caused investors to bail out of Russian assets, causing financial turmoil for the country, which is precisely what the sanctions were designed to do. Additionally, Russia has been removed from the SWIFT interbank messaging service, while also having its central bank assets seized. In order to keep things afloat, Russia more than doubled its interest rate, but that hasn't seemed to slow the crashing value of the ruble.

Since the sanctions and other economic impacts, the ruble has crashed by almost 30%, which makes Bitcoin's total value more than the ruble for the first time ever. Furthermore, Bitcoin has seen a spike in value by 20% compared to its trading price of around $35,000 USD last week. The spike in value for the digital asset can be attributed to the demand cryptocurrency is seeing in Ukraine and in Russia, as residents in both countries are deciding to store their wealth in digital assets that either government can't seize.

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NEWS SOURCE:forbes.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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