Bitcoin and USD Both Winning Amid War in Ukraine: Chamath Palihapitiya

The role of cryptocurrencies like bitcoin (BTC) has taken a centre stage during Russia’s invasion of Ukraine in the light of helping both refugees in the midst of a humanitarian crisis and Russian oligarchs trying to find a way to get around the sanctions that the West is trying to strangle them with. In the light of this, venture capitalist Chamath Palihapitiya takes a nuanced approach to the whole situation. Both BTC and USD Winning: Chamath Palihapitiya Silicon Valley venture capitalist Chamath Palihapitiya does feel like Bitcoin (BTC) is the only winner amid the Russia-Ukraine crisis despite the conflict that has thrust the flagship cryptocurrency into the spotlight. Instead, ‘BTC and USD are both winning right now’, according to him. BTC is separating itself as an institutional grade safe haven vs EVERY other crypto asset AND the US denominated assets are well bid vs assets in other currencies. When BTC falls, other cryptos fall more. When US assets fall, other non-US denominated assets/currencies get smoked — Chamath Palihapitiya (@chamath) March 7, 2022 Chamath’s comments perhaps stem from the fact that the U.S. dollar jumped to its highest level in nearly two years while the Russian ruble plummeted to an all-time low against the US dollar after the latter launched an invasion of Ukraine. As of Feb. 24, the dollar index rose 0.869% and was on pace for its biggest daily percentage gain since March 2020, when the U.S mark...