Even in times of war, the intrigue and enigma that have always surrounded Bitcoin – the world’s most sought-after digital asset – still hog the headlines.
In cases like these, Russia’s protracted invasion of Ukraine has put the entire cryptocurrency market to the test multiple times over.
Despite a decline in the price of Bitcoin since November, the digital asset is still on course to hit the vaunted $100,000 per coin mark, according to the CEO of a cryptocurrency and blockchain hedge fund management firm.
$100,000 Still A Possibility For Bitcoin
Joe DiPasquale shared his viewpoints about Bitcoin’s role in the Russia-Ukraine war and his bullish forecast for the cryptocurrency markets in the coming months.
According to the Bitbull CEO, despite the gloomy mood that has dominated the crypto markets since the start of the year, Bitcoin is still on course to hit $100K within the next 24 months.
DiPasquale stated that the year 2023 is “a fair bet” and that people may require some time this year to “relax and let off some steam.”
Biden Crypto EO Lifts Bitcoin
On Thursday, a robust Wall Street surge — mixed with anticipation about US President Joe Biden’s cryptocurrency executive order — aided in the recovery of digital currencies such as Bitcoin, which gained nearly 10% to around $42,000.
Speaking of “safe bets,” it appears as though DiPasquale’s positive prognosis for Bitcoin carries a lot of weight, particularly now that the US government has expressed a strong interest in crypto and its potential to reshape the financial status quo.
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BTC total market cap at $741.70 billion on the daily chart | Source: TradingView.com
“The devil will be in the details,” according to Ryan Selkis, founder and CEO of Messari, a cryptocurrency research platform.
“While we’ll have to wait and see what the big regulators suggest in the months ahead, this is a positive move, and there were no red lights on the first read,” Selkis added.
Bitcoin As A Currency
Following the outbreak of the Russia-Ukraine conflict, Bitcoin displayed a mixed reaction, initially plunging alongside stocks but then making a significant recovery. Many questioned if cryptocurrency could still be called the digital equivalent of gold.
“We need to view Bitcoin as a currency, not as digital gold, but as one that is not subject to the whims of a central bank and instead has a very limited supply,” DiPasquale said.
Individuals are adopting cryptocurrencies in order to mitigate the effects of financial turmoil on both sides of the conflict.
There are growing concerns that Russia’s elite will attempt to dodge Western sanctions through the use of cryptocurrencies.
According to analysts, Russia may shift to Bitcoin mining — an industry in which President Putin previously declared that Russia has a “competitive edge” — or to the use of non-compliant exchanges, a tactic currently exploited by Russian hackers.
As has been the case with a number of other analysts in recent weeks, DiPasquale believes bitcoin is unsuited for that purpose.
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Featured image from NaijaGreen Movies-Music, chart from TradingView.com