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RUSSIA/UKRAINE: Bitcoin displaces gold, stock market as investors’ preferred war asset



Gold is usually the go-to asset for investors during a war, with stock market losing its appeal, but bitcoin seems to be positioning itself as best option to the investing community.

Since Russia invaded Ukraine on February 24, 2022, bitcoin has appreciated 11.36%, while Gold price (oz) surged 7.65% during the same period, reflecting investors’ movement amid the war.

In the last 37-days, bitcoin price has climbed from $37,278.57, adding $4,235.06 to its market price to sell at $41,513.63, with Gold oz on sale for $2,055.09, as at the time of filing this report, up from $1908.90.

Read also: Ukrainian govt adopts Bitcoin as Nigerians, others lose accounts to Russian war

Although, further analysis comparing both assets showed that year-to-date, the value of holding a Gold oz has appreciated by 12.45%, well above BTC, which had depreciated by -10.36%, according to Ripples Nigeria analysis.

However, despite the dip between January 1 to March 8, bitcoin’s bullish run since the invasion shows the Russia/Ukraine war is building up to be a support system for bitcoin, which doesn’t have an intrinsic value.

In comparison to major stock markets like the New York Stock Exchange, which is down by -2.45% since the Russian invasion, the Nigerian Stock Exchange down -0.24%, Nasdaq is -4.76%, while the FTSE (LSE) has depreciated by -3.37%.

Amid the fall of the stock market in the wake of the war, BTC is serving as an alternative, pairing up with Gold to provide safe haven for investors’ funds.

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