Bitcoin’s Recent Rally Is Explained Amidst Eastern Europe War

The geopolitical tensions have triggered all kinds of moves in the price of Bitcoin. Check out the latest reports about the king coin’s latest rally.

At the moment of writing this article, BTC is trading in the red, and the coin is priced at $41,419.

It’s been also reported that the chief executive officer of Mobius Capital says that Russia’s currency collapse has a hand in the latest upward surge for Bitcoin (BTC).

During a new interview with CNBC, the important investor Mark Mobius explained the fact that Russian investors who are investing their money into Bitcoin to escape the collapse of the ruble is what sent BTC skyrocketing. The price of BTC went up during Russia’s attack on Ukraine.

“If I was a Russian, I would be a buyer [of Bitcoin]… of course, [Bitcoin] is an avenue to get money out of Russia, so I would say that’s the reason why Bitcoin has shown strength.”

The Russian ruble has seen a sharp drop recently in the light of the latest events.

The online publication the Daily Hodl notes that the latest reports show that the Russian ruble sharply declined after the sanctions took effect.

“It went down from a 30-day high of $0.013 USD to $0.0092, a 28% decrease.”

Mobius also said that Russians are using BTC to ease some of the economic burdens they are facing these days.

“[With Bitcoin], the Russians have a way of getting money or getting their wealth out, otherwise, they’re really in trouble with all the closures of the different avenues for them to transfer money out.”

Anyway, despite the massive price volatility that we’ve been seeing in the crypto space, there have been tons of optimistic predictions about the price of Bitcoin. Stay tuned for more news, and make sure to check out the crypto market as well.