Here's why Ukrainian's and Russian's are buying millions in Bitcoin

Russians and Ukrainians are buying cryptocurrency in droves as residents of both countries fear their banking system will collapse.

@JakConnorTT
Published Thu, Mar 3 2022 12:04 AM CST   |   Updated Tue, Mar 29 2022 12:32 AM CDT

Russia began its invasion into Ukraine on February 24, and since then, residents of both countries have been moving their wealth into cryptocurrency.

Here's why Ukrainian's and Russian's are buying millions in Bitcoin 02 | TweakTown.com
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According to a new report released by Arcane Research, Ukrainians are purchasing Bitcoin and Tether like they never have before via the world's largest cryptocurrency exchange, Binance. According to the report, Ukrainians are purchasing Bitcoin and Tether with the hryvnia, Ukraine's native currency, currently worth about $0.033 USD. Right before the Russian invasion on February 24 the trading pair Tether/Hryvnia saw its 24-hour trading volume increase from $6 million to $8.5 million, when usually it doesn't exceed $3 million.

Additionally, Ukrainians are purchasing swaths of Bitcoin as data from the report indicates that the Bitcoin/hryvnia 24-hour trading volume increased from $1 million to $3 million. Ukrainians are purchasing cryptocurrency out of fear the traditional banking system will collapse under the pressure of the Russian invasion. Likewise, Russians are purchasing large amounts of cryptocurrency as a way to store their wealth that is safe from government seizure and the collapsing value of the Russian ruble. Cryptocurrency is a haven for both sides.

Read more: Russia government to seize $560 billion from citizens if this happens

Here's why Ukrainian's and Russian's are buying millions in Bitcoin 04 | TweakTown.com

"Like the Russians, Ukrainians are also buying crypto as never before. Many Ukrainians worry that the banking system in the country may collapse and are seeking to crypto as a safe haven", states the report.

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

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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 and space 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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