Cryptocurrencies don’t appear to have been massively used to get money out of Russia amid sanctions, suggesting they have limited potential to ever replace government-run money, explains jonsindreu WSJWhatsNow
Only small sums of money seem to have left Russia via digital currencies, which suggests their chances of ever replacing today’s government-run monetary system are low
The consequences of harsh economic sanctions against Russia are already being felt across the globe. WSJ’s Greg Ip joins other experts to explain the significance of what has happened so far and how the conflict might transform the global economy. Photo Illustration: Alexander HotzIf cryptocurrencies can’t have their moment in the sun when the entire Western monetary system is called into question, it may be time to call it quits.
As new sanctions hit Russia, the price of bitcoin keeps falling and is already 13% below where it was at the start of the year. Other digital currencies like ether and dogecoin have dropped in lockstep as stocks have stumbled, confirming once again that crypto gyrations mostly depend on broader speculative appetite.
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