The news in recent weeks has clearly shown the intrinsic value of cryptocurrencies. Bitcoin has helped people facing unbelievably challenging situations access the goods and services they need. Examples of this were seen with the Freedom Convoy that received Bitcoin donations in Canada and the Ukrainian refugees who have benefited from Bitcoin as they fled Ukraine to Poland.
How Bitcoin Is Assisting Ukrainian Refugees
As soon as the war in Ukraine began, many Ukrainians fled their home country to the Polish border. They were forced to abandon things they loved, including their belongings and pets.
In the prelude to the Russian attack, many Ukrainian banks shut down. People flooded ATMs, and these quickly ran out of cash. The only way Ukrainians could afford to travel from one place to another, buy food, and get other necessities is if they had Bitcoin in their digital wallet.
Many Ukrainians who have relatives living abroad that sent them money were unable to access it through traditional means. The only way they could do it was via Bitcoin network transfers. Additionally, the Ukrainian government and people have received more than $24 million in crypto donations.
All of this points to the value of cryptocurrencies, like Bitcoin. It highlights the power of a currency that is not tied to central organizations or a government.
Bitcoin Is Providing Relief in Russia and Turkey
As a result of sanctions, there was a massive increase in the Russian ruble supply. As a result, the ruble fell by 27%. While panicking, Russians sold rubles in an attempt to purchase foreign currencies.
The Russian central bank did what it could to stave off inflation by hiking interest rates. However, there were lines of Russians at ATMs trying to withdraw money that they used to purchase goods before the money lost value. This led to many purchasing Bitcoin or the US dollar.
A similar scenario is playing out in Turkey. The Turkish lira has lost 40% of its value against the US dollar over the last year. Many people have decided to invest in Bitcoin as a store of value. Those who were early adapters to Bitcoin have been protected from the steady decline in value of the Turkish lira.
Bitcoin Offers Financial Freedom to Canada’s Protesters
More than $7.9 million in donations directed to the Freedom Convoy protesters in Canada were frozen by Go Fund Me. As a result, drivers turned to Bitcoin and other cryptocurrencies to get donations. The Ontario government is attempting to freeze donations to the protesters. However, Bitcoin’s ability to circumnavigate banks and regulatory institutions has been useful in helping these truckers access money.
Some governments, like El Salvador, welcome the decentralized flexibility offered by Bitcoin. Many in Ukraine, Russia, and Turkey have benefited from it. However, some in Canada and the United States wish to limit people’s ability to purchase and sell cryptocurrencies.
Bitcoin Solves Different Problems
As Bitcoin is helping people worldwide solve challenging financial problems, the intrinsic value of the cryptocurrency has become more evident. Undoubtedly, the future will bring more unique circumstances that highlight the benefit of a decentralized digital currency.