Why is bitcoin losing value at a time of conflict? Isn't it intended to do the opposite?
Pretty simple, if you're from a region that has conflict, you're better off with fiat than bitcoin so you trade that bitcoin for fiat and hopefully it would be enough for you to survive for awhile at least until the aides and help come which might take a long time because in a war, most resources are focused on offensive and defensive efforts of the country.
i don't think it's necessary to sell bitcoin into fiats despite of their situation. If however some of them have bitcoin investment.
because surely they have enough back up money to sustain their needs and in order to survive of that war.
Most people nowadays has savings mate so its not needed probably.
Infact bitcoin isn't legal tender on their country and just implemented few days ago, so i don't think most of their money is on bitcoin.