Crypto overtakes gold as 'safe haven asset' amid Ukraine crisis

Lauren Mason
clock • 2 min read

Digital currencies have rocketed in value over the last week, with bitcoin having increased in value by more than 13% following sanctions on Russia, a nosedive in the rouble and increased geopolitical uncertainty.

But while the decentralised nature of crypto has led to an increase in Russian citizens buying into the currency - as well as donations to Ukraine totalling $52m at time of writing - investment professionals warn that investors must tread carefully. The GNY BTC Range Report, released last Wednesday (2 March), said: "War in Ukraine and the shock to the global financial system coupled with speculation about fewer rate rises this year and the potential increased use of cryptocurrency in the light of a rapidly devaluing rouble has sent bitcoin prices soaring and prompted claims it could hit ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Alternatives

City moguls warn government against scrapping tax breaks on AIM stocks

City moguls warn government against scrapping tax breaks on AIM stocks

Ahead of Autumn Budget

Linus Uhlig
clock 25 September 2024 • 2 min read
Carmignac launches semi-liquid private equity fund

Carmignac launches semi-liquid private equity fund

First private markets offering

Valeria Martinez
clock 23 September 2024 • 2 min read
Deep Dive: Too many investors are ill timing their liquid alternatives investments

Deep Dive: Too many investors are ill timing their liquid alternatives investments

'A diversifier is not a hedge’

Eve Maddock-Jones
clock 13 September 2024 • 4 min read
Trustpilot