Biden Imposes Sanctions On Russia, Bitcoin Jumps To $39K
By Namcios After Russian President Vladimir Putin ordered his troops into Ukraine, the G7 leaders agreed to attempt to contain further movements by applying financial sanctions and potentially even ejecting Russia from international payments SWIFT.
The U.S. announced it will block five of the biggest Russian banks and freeze all assets they hold in America, worth over $1 trillion. U.K. Prime Minister Boris Johnson imposed similar sanctions earlier the same day, cutting off Russia from U.K.'s financial markets.
After the sad event of Russia's attack against Ukraine, bitcoin traded rapidly under $35,000 and correlated to the stock market as gold rose in price — but just after the announcement of assets being frozen, bitcoin recovered most of its losses as an immediate reaction.
Bitcoin treats all users equally, making it a powerful tool for those under scrutiny of a totalitarian regime. Regardless of our opinions on the morality of a third party, bitcoin acts as a commodity, a digital bearer asset — it doesn't care.
“Neither dictators nor human rights activists will encounter any censor on the Bitcoin network,” — Matthew Sigel, head of digital assets research at investment manager VanEck | 