The Chief Strategy Officer at CoinShares, Meltem Demirors, has said in a recent interview with Bloomberg that the ongoing geopolitical developments between Russia and Ukraine, as well as responses to it, could aid Bitcoin to become an asset to store values.
Growth Accompanying Chaos
The veteran cryptocurrency investor told his interviewers that the widespread sanctions greeting Russia’s invasion and the truckers’ situation in Canada where protestors are losing access to their bank funds for protesting against government policies could push Bitcoin from the realm of a risk-on investment to a proper risk-off one.
Demirors stated that it is not only about the war in Eastern Europe, but there is also, of late, the case of truck drivers in Canada who had their funds and other assets within the banking system being blocked from usage. The two scenarios, according to him, have brought about a lot of discussions around Bitcoin and other cryptocurrencies, and at the same time, they have widely increased the usage of crypto assets.
Individuals Now Stand Out from the State in Times of Crisis
He said further that he thinks what the world is currently seeing is an increasing global awareness that people who are the actual victims of wars fought by powerful countries have a choice for the first time. He clarified that Bitcoin and other crypto-assets like it are non-political monies, and they are indeed global forms of exchanges.
The CoinShares Chief Strategy Officer said in addition to the aforementioned that the more comprehensive cryptocurrency usage beyond what is going on in the conflict between Russia and Ukraine shows that global investors are looking up to digital assets as a proportionate response to political crises when they arise in the future.
He was quoted to have stated that the world is seeing not just an increased trading activity of crypto assets in Russia and Ukraine, but a lot of trading activities are also being recorded from the United States as people are intently observing unfolding invents around the globe.
Meltem Demirors concluded his statement at the interview by stating that a more extended period of time might be required to determine the status of Bitcoin and see if it has indeed matured as a risk-off asset.
He said that a couple of weeks are truthfully not sufficient for the thesis on Bitcoin’s new global status to be played out. However, the coming months, and probably years, will provide more data to prove what is presently speculated.
