Bitcoin Has Now Surpassed The Russian Ruble In Value
Bitcoin has surpassed the Russian Ruble after a series of geopolitical events that included a significant price rebound and a significant drop in the Russian fiat currency.
Bitcoin is now competing in the global financial system’s major leagues, and geopolitical events are working in its favour.
The globe’s most valuable cryptocurrency has surpassed the Russian Ruble in the global list of currencies by market value, after the Russian Ruble’s spectacular drop to levels not seen in the previous 30 years.
Bitcoin’s price increase of about 15% over the previous 24 hours subsequently propelled it above the capitalization of the Mexican peso and Thai baht.
BTC Is Climbing The Financial Ladder Slowly
Bitcoin now ranks in the top 15 most valued currencies, surpassing Saudi Arabia, Israel, and Sweden. The next adversary to overcome is the Swiss franc, which has a market value of around 29,021,260 BTC. With about 18,971,018 BTC in circulation at the time of writing, a 52 percent increase (ceteris paribus) would be necessary for Bitcoin to celebrate capturing a new rung on the worldwide ladder.
When compared to the market capitalizations of the world’s greatest firms and commodities, Bitcoin has already exceeded the global market capitalisation of palladium. It is the world’s ninth most valuable asset, exceeding Meta, Berkshire Hathaway, Visa, Mastercard, and JP Morgan Chase, as well as the world’s biggest exchange-traded fund, the SPDR S&P 500 ETF Trust.
Above Bitcoin is the electric vehicle manufacturer Tesla – which, incidentally, has a sizable investment in BTC – followed by silver, the commodity to beat with a market valuation of more than $1.3 trillion.
For the inquisitive, the cryptocurrency market as a whole now ranks #5 on the list with a total value of $1.9 trillion. With a market value of $12.1 trillion, gold is an unchallenged king.
How Russia’s Conflict with Ukraine is Affecting Bitcoin
The reversal did not go unnoticed by the cryptocurrency world, which reacted swiftly to the news. The crypto community has, on the whole, chosen sides, spoken out and acting in support of Ukraine, thus the overall tone was positive, almost as if to say “take that, Russia.”
The Ukrainian government has made a Bitcoin address public in order to collect contributions instantly and without fear of censorship. Ukraine has reportedly received $20 million in bitcoins alone to finance the conflict.
However, just as Ukraine has profited, Russia may as well, and the Ukrainian government has advocated for control of Russian user wallets as a means of exerting pressure.
However, Bitcoin is a neutral currency, and its trade volume has increased as Russians hedge against the weakening of their own currency.