As western investors have sold out of bitcoin and other cryptocurrencies in favour of safe havens like gold this week, Russian investors have been rushing to get their hands on cryptocurrencies.
The imminent bear market in the former Soviet Union resulting from Russia?s invasion of Ukraine has seen the Russian ruble plunge to a record low at the equivalent value of 1.2 Australian cents.
The ruble tanked as western countries like the US impose sanctions on Russian companies, and business people. So as the volatility of the ruble rises, Russians desperately look for security in digital currencies.
Binance shows the trading volume between the ruble and cryptocurrencies climbed this week, while the price of Bitcoin and Ethereum have rebounded as much as 13% and 10% respectively this week.
As the ruble continues to tumble, Russian investors are turning to digital currencies that operate outside of the regulated global banking system, turning the once ?volatile? cryptocurrency into a new safe haven for Russians.