Michael Saylor, chairman and CEO of business intelligence company MicroStrategy, tweeted on Thursday that war or any war-like conditions will increase the adoption of Bitcoin. Saylor also cited a Wall Street Journal article on how the war in Ukraine has led to higher global inflation, as it has historically.
War Promotes Bitcoin Adoption: Michael Saylor
Recently, in an interview on PBD Podcast, Michael Saylor said, Bitcoin is the only scarcity in the world and snubs gold and ‘everything else’ as commodities that can be manufactured indefinitely.
Moreover, he believes that bitcoin is the best store of value and not property, gold, or commodities, and will stick with buying the digital asset even as it comes under pressure.
Russia’s invasion of Ukraine has disrupted the balance of global political and economic forces toward higher inflation. War is once again disrupting supply, boosting military spending, and threatening to sustain rising prices around the world.
On 24th February, Bitcoin value had slumped near $34k. Since then, the most popular crypto asset’s price has jumped over 20 percent.
— Michael Saylor⚡️ (@saylor) March 10, 2022
As the war between Russia and Ukraine rages on, it has brought into focus cryptocurrencies and their use. The Ukrainian government appealed on Twitter for cryptocurrency donations following its invasion by Russia.
Crypto Donations to Ukraine, Not Gold During the Russian-Ukrainian Conflict
Ukraine’s Vice-Prime Minister Mykhailo Fedorov tweeted the wallet addresses for donations.
Stand with the people of Ukraine
Now accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022
He also urged crypto exchanges to block the addresses of Russian users.
“It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users,” he tweeted.
I’m asking all major crypto exchanges to block addresses of Russian users.
It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.
— Mykhailo Fedorov (@FedorovMykhailo) February 27, 2022
According to blockchain analysis firm Elliptic, millions in digital currency have been donated to Ukraine’s government and non-governmental organizations there since the start of Russia’s invasion.
Elliptic Chief Scientist Tom Robinson said that most donations to date have been in Bitcoin and Ether. Some people are sending non-fungible tokens, or NFTs, to the Ukrainian government’s Ethereum account.