Bitcoin To The Moon. Ukrainians Buying Crypto Like Never Before

Ukrainians are "buying crypto like never before" as consumers seek a safe haven for their savings, according to a new report.

Arcane Research says the surge in trading volumes is driven by fears that the country's banking system could collapse.

On Tuesday, the UN estimated that 677,000 refugees have now fled Ukraine — and converting cash into digital assets means those escaping the country can "bring some of their wealth with them."

The report's authors also noted that trading volumes in Russia have also spiked. Pairs that link Tether and Bitcoin with the ruble have reached all-time highs in recent days.

Earlier this week, the ruble dropped to a record low against the U.S. dollar as the full effect of economic sanctions began to be felt. Russia's central bank hiked its main interest rate to 20% after warning that the economic climate has "drastically changed," and a number of major corporations are now severing business ties with Moscow.

Bitcoin Magazine recently spoke to one man who was attempting to flee Ukraine and enter Poland. With banks suspending cash withdrawals — leaving people worried about how they would pay for necessities — he managed to sell his Bitcoin for fiat so he had "enough money to get by." After successfully crossing the border, he said:

"Without Bitcoin, I probably would not be here talking to you right now."

(Source : https://coinmarketcap.com/alexandria/article/ukrainians-are-buying-crypto-like-never-before)