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Cryptocurrencies – Could Crypto be a solution?

By July 22, 2022 No Comments
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the world found itself in a new conflict. This conflict sent shockwaves throughout all industries not the least of which were the financial markets. We bore witness to unprecedented sanctions by both parties engaged in the Russian-Ukrainian conflict. In the face of an actual war, we have witnessed a war of attrition as well, through unprecedented political and legal decisions that affect millions on both sides. From the ban on export of rocket engines and equipment to the West by Russia, which halted the development and production of many projects from companies such as SpaceX, Boeing and Airbus, to the seizure of private property by western democracies which were built on the principle of private property of many Russian citizens throughout the world, only some of which were the Russian oligarchs, we have seen that no one will come out of this conflict unscathed. This begs the question, what can SMBs and other business do to stay afloat in these trying times?

With this in mind, we can see that the individual must, above all else, understand, that contrary to popular belief, law is enforced only until it isn’t, or rather when politics of a particular country take a turn for the worse. The only current solution seems to be cryptocurrencies. Considering that we saw assets frozen by both sides, it is unacceptable for someone fleeing the horrors of war to have their funds frozen and be forced to be a part of a conflict they have no way of influencing.

Some may say that cryptocurrencies are extremely volatile. While that may be the case for cryptocurrencies in the past, during the Russian-Ukrainian conflict, we have seen cryptocurrencies not only retain value that is on par with the NASDAQ composite index during the same period, but also appreciate in value for over 10%. It goes without saying that while cryptocurrencies are at times volatile, they are the only way for an individual to retain his assets during extremely volatile times.

We are now fortunate, unlike in the early years of cryptocurrencies, where cryptocurrencies as a whole, have matured to a point where anyone can partake in the ecosystem, with easy-to-use UIs and UXs, a plethora of choices for long term value conservation and appreciation of assets and legal frameworks that have provided legal certainty when handling and operating cryptocurrencies.

Aside from the financial aspects of cryptocurrencies, cryptocurrency projects have shown themselves to be a beacon of free speech, where both Russian state media censorship and Western blocks on Russian news outlets and Russian affiliated outlets being banned from operating in western countries, have had no effect on crypto video and news platforms because of the immutable nature of most of these projects

With all of this in mind, in our professional practice, we have had many clients, both large and small, that have sought advice, succeed in preserving their lives and wealth thanks to cryptocurrencies, which is why we are looking forward to the future for anyone seeks advice how to preserve their livelihoods from politics.