RUSSIA/UKRAINE: Bitcoin replaces gold and the stock market as investors’ favorite war asset
Gold is usually the asset of choice for investors during a war as the stock market loses its appeal, but bitcoin seems to be positioning itself as the best option for the investing community.
Since Russia invaded Ukraine on February 24, 2022, bitcoin has appreciated by 11.36%, while the price of gold (oz) has jumped by 7.65% over the same period , reflecting the movement of investors in the middle of the war.
Over the past 37 days, the price of bitcoin has risen from $37,278.57, adding $4,235.06 to its market price to sell at $41,513.63, with Gold oz selling for 2,055, $09, as at the time of this report’s filing, down from $1908.90.
Also Read: Ukrainian Government Adopts Bitcoin as Nigerians, Others Lose Accounts to Russian War
However, further analysis comparing the two assets showed that since the start of the year, the value of holding an ounce of gold has appreciated by 12.45%, well above BTC, which had depreciated by -10.36%, according to Ripples Nigeria analysis.
However, despite the drop between January 1 and March 8, bitcoin’s rise since the invasion shows that the Russian-Ukrainian war is turning into a support system for bitcoin, which has no intrinsic value.
Compared to major stock exchanges like the New York Stock Exchange, down -2.45% since the Russian invasion, the Nigerian Stock Exchange down -0.24%, the Nasdaq at -4.76%, while the FTSE (LSE) depreciated by -3.37%.
Amid the stock market’s fall in the aftermath of the war, BTC is serving as an alternative, partnering with gold to provide a safe haven for investors’ funds.
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