The Lemon Fool

If Russia relies heavily on bitcoin and other crypto currencies, and if the boycott of Russia widens, could this lead to a boycott of cryptocurrency transactions and a drop in value of crypto?

Cryptocurrencies appear to be benefiting from increased demand as a currency or store of value in countries ravaged by war and new financial laws — or even just their prospects.
According to the Bankless Times, on Feb. 24, the first day of Russia's invasion of Ukraine, daily trading volume between Bitcoin and the Ukrainian hryvnia increased by 270 percent. The same day, Bitcoin-ruble trading volumes increased by 271 percent, according to the research.

OTOH, as energy prices are going up, mining costs more. Would this not have a positive effect on the price?

bruncher wrote:If Russia relies heavily on bitcoin and other crypto currencies, and if the boycott of Russia widens, could this lead to a boycott of cryptocurrency transactions and a drop in value of crypto?

I can't see it myself.

After all are we to boycott the Euro or $ because of the war? I believe that Russia is still being paid for it's gas.
I assume that by boycott you mean that individuals will stop transacting in the currency, regardless of who they trade with.

So not trade or travel to Europe, India, China, USA etc, because countries trade with Russia often in $'s.

If you listen to the likes of "What Bitcoin Did", you will constantly hear the suggestion that bitcoin is the answer to the collapse of a state currency or need to flee a given state. I understand that people are leaving both the Ukraine and Russia because of the war. How do they take any portion of their wealth with them?

No I'm sorry but I don't see any who have an interest in a given cryptocurrency boycotting their chosen currency.

BTW, CNB had some bitcoin from a previous article. They recently sent it to a Ukrainian lady in Poland.
https://www.cnbc.com/2022/04/13/watch-a ... land-.html