A new research note from the biggest bank in the U.S., JP Morgan, suggest that the crypto and stablecoin markets are looking good since last week Russian citizens started adopting cryptocurrencies in order to protect themselves from a plummeting ruble.
Noting that the stablecoin share of the crypto market jumped up to a record 10%, JP Morgan implied that they would be used to buy cryptocurrencies.
The bank explained:
“Ruble denominated bitcoin volume surged to nearly 1.5 billion RUB last Thursday on the day of the invasion with another spike on Monday, suggesting that some Russian citizens have been responding to the collapse of their currency by shifting towards crypto.”
In addition, history shows that the collapses of currencies in other countries like Venezuela, Turkey, and Brazil has also led to increased adoption of cryptocurrencies by citizens.
“Bitcoin enjoys a special status in the current juncture as it represents the only cryptocurrency that is perceived as a substitute to gold and thus as a hedge to a catastrophic scenario.”
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