Post
Topic
Board Bitcoin Discussion
Re: Bitcoin becomes priority alternative when cash fails
by
Wind_FURY
on 18/03/2022, 11:05:43 UTC
Sorry to go off-topic but it was an interesting observation that I can only explain as market manipulation (I'd love it if someone could explain any other reason opposite of what I said).

Pretty simple!

In Russia, everyone tries to get dollars including the government which banned dollars purchases, driving a black market which in some reported cases goes to 300 rubles for a dollar, the government is desperate for foreign currency and the lack of it does what you see happening.
In Ukraine, the country is flooded with billions in aid, poeple received a ton of donations which have to be converted in local currency, doing the exact opposite as it happens in Russia, driving the offset between demand and offer down, just the proposed help to date is about 1/3 of the monetary mass in the country.


But wouldn't the Russian government start avoiding accumulation of U.S. Dollars currently that they are sanctioned from using it? All Dollars held within Russia and in Russian banks are essentially "erased" from the ledger.