Bitcoin Crosses 5 Million in Russia, Marking All-Time High

Despite Bitcoin being far from its all-time high against both the dollar and the real, the price in Russia has already passed more than 5 million rubles, breaking its all-time high as of November last year.

While the reason for this rise in Bitcoin in the country is the devaluation of the ruble against all other currencies, the same happened to Turkey when bitcoin also hit an all-time high against the Turkish lira.

With this, it is noteworthy that Bitcoin serves as a protective asset, easily accessible, for those who do not want to be tied to the monetary policy of the state.

Looking at a longer period, five years, Bitcoin is already up more than 9,000% against the Russian ruble. Compared to bitcoin’s 2017 peak, the increase is already 448%.

Apart from price increases, another important point is that more and more services are ending their ties with Russia. While some exchanges advocate that the Russian population can buy Bitcoin, it is clear that buying BTC is not as easy as it used to be.

In addition, we can also mention countries that prohibit their populations from buying cryptocurrencies.

Therefore, it is increasingly necessary to have a supply of bitcoin before such events can affect our trading. Especially with the advent of central bank digital currencies where the government will have absolute control over individuals’ money.

Bitcoin reaches 5 million in Russia

While some argue that Russians could have bought dollars instead of bitcoin for capital protection, it’s worth noting that US and other sanctions are freezing the assets of Russian citizens. So converting your rubles to dollars can be even worse.

That said, the best rescue for Russians looking to protect their financial wealth is to buy Bitcoin. After all, this is a global currency, anti-censorship and not dependent on any country.

For example, Russians who bought Bitcoin before the start of the conflict with Ukraine have already earned about 77% against the ruble in just two weeks. Not that it makes them rich, their currency has been devalued after all, but BTC has been a great form of protection.

Although Bitcoin is stable in the region of $40,000, the ruble’s devaluation has caused Bitcoin’s price to surpass 5 million Russian rubles. The contrast can be seen in the charts below, with the BTC/USD and BTC/RUB pairs.

Finally, there is once again the warning to have BTC reserves in front of a crisis or a crackdown on governments. Otherwise, your money could have a similar fate to the Turkish lira and the Russian ruble.