The First Crypto War Is Happening Right Before Our Eyes
Some $100M has been donated in cryptocurrency to Ukraine
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“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” — Peter Thiel, co-founder of PayPal
Amid rising tensions between Russia and Ukraine, cryptocurrencies like Bitcoin and Ethereum play a significant role in funding both sides of the conflict.
On the one hand, US sanctions against Russia have been met with defiance from Putin, who has continued to push forward with his invasion of Ukraine despite economic costs.
Meanwhile, Ukrainians living both inside and outside their home country have been donating significant amounts of cryptocurrency to help fund the fight against Russia.
Some $100M has been donated in cryptocurrency to Ukraine since the start of the conflict, with much of it coming from Ukrainian ex-pats. This represents a significant shift in how conflicts are funded.
This is the first war where cryptocurrencies play such a significant role, and we’ll likely see more conflict funded by d…