From the already prevailing volatility in the global economy made worse by the recent sanctions on Russia due to its invasion of Ukraine, cryptocurrency bears say its market offers increased stability and consistency.
The $3 trillion cryptocurrency market is looking more and more attractive, at least to cryptocurrency enthusiasts. The financial system which has gripped the world can only be shattered and can be made to loosen its grip on the people by offering them liberation promised by the cryptocurrency network.
The pandemic shook the world violently as it shattered economies and rattled global processes. It still hasn’t been completely eliminated, but the world is seeing the aftershocks: War in Europe, economic abruptions such as in Russia, historic levels of inflation in the United States,
Global supply chains have been disrupted along with global markets. Capital, along with Forex markets and equity markets, is seeing fluctuations, which are only growing as each day passes. The world is witnessing a transition of handing power, and the whole face of politics is changing.
Trade has been harshly affected, and the only commodity looking to release some stress is cryptocurrency. The increasingly becoming digital currency market was only valued at around $14 billion, and now the figure makes the old figure minute.
Seeing this digital boom, world governments are trying to ride the storm. They are working on central bank digital currency. While not entirely falling on the definition of a cryptocurrency as a central authority will regulate them, it still is a step towards acknowledging the digital token sector.
One of the fastest-growing economies in the World, China, has recently announced the digital Yuan, and the announcement came during The Winter Olympic Games just last month. The United States President Joe Biden also has signed an executive order to conduct due diligence on creating its own CBDC.
This move towards reimagining the sector is a positive move, if not a fully transitioned one. Governments such as the US also is looking to mitigate risks for consumers and the private sectors and already reported figures of American citizens already engaged in digital trading is in double figures.
This year is already looking to be very interesting for enthusiasts in the digital asset market. As the geopolitical conflict and mix are looking increasingly risky, what can be said is that the ruling systems, instead of moving away or offering resistance, are actually forcing people to go to another system bound by current policies and processes.
The recently imposed sanctions on Russia pose an excellent example. The recent suspension of services from PayPal, Mastercard, and Visa (by the companies themselves) has cut off the local citizens from the external world.
Citizens residing in foreign countries but having their financial abode in their native country have found themselves in a corner. They are shut off from their financial accounts and are being driven down to embrace another channel with which they can safely transact forcefully.