If there is a conflict between Russia and Ukraine, bitcoin’s “bullish” dynamics will be short-lived

​Peter Schiff suggests bitcoin price drop amid heightened geopolitical tensions

12.02.2022 - 08:35


2 min

What’s new? American stockbroker Peter Schiff has again suggested a drop in the price of bitcoin due to the tense geopolitical situation. He published a Twitter post in which he criticized the CNBC news portal. The reason for the publication was that the channel ignored the 2% drop in bitcoin’s price and the 2% rise in the value of gold because of the unstable situation between Russia and Ukraine.

What was the reason for the prediction? Peter Schiff has made predictions of a fall in the exchange rate of BTC due to the escalating geopolitical situation. With the United States urging its citizens to leave Ukraine amid the threat of armed conflict with Russia, many are wondering if this will lead to a fall in bitcoin’s price. Schiff stated in one of his posts that gold cannot be considered a potential alternative to bitcoin and a safe investment. He reasoned that due to the tense situation between nations, the bitcoin exchange rate has fallen by 2% while the gold exchange rate has risen by 2%.

What do analysts say? According to cryptocurrency expert Trofim Eremenko, if there is a conflict between the two countries, it will hit the exchange rate of the first cryptocurrency hard. If that happens, bitcoin’s bullish dynamics will be short-lived from the moment when it managed to make its way up to $45 000 after falling to $33 000 in January.

Link to expert’s opinion


Tatiana Darda Tatiana Darda

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