Sanctions following Russia's invasion of Ukraine continue to grow. The world's largest financial companies have decided to veto Russia. Visa and Mastercard suspended all their services in Russia. Visa and Mastercard, which make up 74% of all payment transactions made in the country, have cornered Russia.
As of now, many credit cards have become unusable in Russia. While Russian citizens could not withdraw money from ATMs and banks, the use of cash for payments became widespread.
Russian citizens, who still have not found a solution for large payments, are turning to cryptocurrencies. In the coming days, the Russian government is expected to recognize cryptocurrencies as legal tender.
If, after El Salvador and Switzerland, Russia legally accepts Bitcoin and cryptocurrencies, the Bitcoin price is expected to experience a very serious increase in value.
Momentarily, the Russian ruble is no longer recognized in 1st class countries. Citizens who only trade with the Russian ruble on the black market have turned to cryptocurrencies due to this depreciation of the ruble.
Recently, the payment giant Paypal, which is instantly banned in our country, decided to freeze its transactions in Russia. The fact that Visa and Mastercard will not work in Russia is expected to drag the country into great chaos.
While Russian citizens continue their orientation to cryptocurrencies, the fact that major crypto money exchanges will not impose sanctions or bans on Russian citizens may provide a large amount of money inflow to Bitcoin in the coming days.
Bitcoin and cryptocurrencies, which can start to rise sharply after such an investment, continue to grow stronger day by day.
Bitcoin price is priced around $38,283.71 at the time of writing. The last 24-hour trading volume is $14.673,598,826. BTC price is down -2.3% in the last 24 hours. FTX is currently the most active market for BTC trading. Bitcoin reached an all-time high price of $69,044.77 on Nov 10, 2021 (4 months).