The founder and CEO of investment firm Social Capital, billionaire venture capitalist Chamath Palihapitiya, is denying that Russia’s invasion of Ukraine will be a net benefit for cryptoassets at the expense of the US dollar.
Palihapitiya, a cryptoasset advocate, believes that Russia’s invasion of Ukraine and the resulting weakening of the US dollar would not result in the…
“crypto windfall we’ve all been waiting for.”
Instead, the wealthy investor stated that “for now, both Bitcoin and USD are gaining.”
Palihapitiya asserted in a series of tweets that Bitcoin was establishing itself as a “institutional grade safe haven” asset. He also said that BTC was able to distinguish itself from every other cryptoasset on the market. Also, as well as US-denominated assets like stocks and bonds.
He also pointed out that assets denominated in US dollars were seeing a similar phenomena when compared to assets denominated in other currencies.
Palihapitiya points out that when Bitcoin falls, other cryptoassets tend to suffer worse losses, with a similar effect occurring when dollar-denominated equities decline.
Since mid-January, Bitcoin dominance has climbed from 39 percent to 43 percent. Then, measuring the percentage of BTC’s value across the crypto market capitalization.
MicroStrategy’s founder and CEO, Michael Saylor, tweeted that Bitcoin was the answer to a variety of pressing global challenges. Which, includes “inflation, regulation, and war.”