02-27-2022, 02:30 PM
Prediction: with SWIFT sanctions hitting, Russians will adopt Bitcoin by the million
<!-- SC_OFF --><div class="md"><p>Just my prediction, but I’m expecting a huge surge in crypto pricing for Bitcoin and possibly Eth in the next few days. With the SWIFT payment sanction coming into effect, many Russians will likely withdraw their funds or transfer to crypto to protect themselves from the banking network collapsing. There is a genuine possibility that banks will run out of physical cash in the short term. </p> <p>The next part of the puzzle will the be the volatility of Bitcoin. It may surge in price, but as we know it’s a rollercoaster. You may see huge wealth get wiped out if crypto drops in price along the way.</p> <p>Potentially the next few weeks could be pivotal for crypto if we see millions of new investors and likewise it may catch the eye again if regulators.</p> <p>I am not a war analyst.</p> <p>I am not a financial analyst.</p> <p>I’m just an idiot. </p> <p>Buckle in.</p> <p>EDIT: many small penis sized people on here are just saying this is uninformed opinion. Far from it fellow bitboys. It all comes down to bank runs. </p> <p>BBC analysts have said Russians need to withdraw their money right in the next 48 hours.</p> <p>There is substantial business articles showing why this will impact everyday Russians as the value of the currency drops even further, in particular with SWIFT:</p> <p>“Meanwhile in Russia, people are also queuing outside of ATMs trying to get US dollars as its citizens worry their own currency's value will continue to tank, according to the Wall Street Journal. Banks in the capital city of Moscow are running out of money, according to MSNBC.</p> <p>All of this has led to fears of bank runs, which is when people withdraw money en masse because they worry banks will cease to function. It has the potential to be a self-fulfilling prophecy, destabilizing banks to the point of bankruptcy. That's what happened in the United States during the Great Depression and it triggered mass unemployment and loan scarcities. </p> <p>In fact, what took place in the US between 1929 and 1939 serves as a case study of what can happen when banks can't keep up with withdrawals: for years to come, there could be less money to go around. “</p> <p>And perhaps the most damming quote from an article:</p> <p>“Sanctioning Russia’s central bank is likely to have a dramatic effect on the Russian economy and its banking system, Elina Ribakova, deputy chief economist for the Institute of International Finance, said before the latest round of penalties was announced. “This would likely lead to massive bank runs and dollarization, with a sharp sell-off, drain on reserves -- and, possibly, a full-on collapse of Russia’s financial system.””</p> <p>My opinion is actually based on something, albeit I’m a fucking idiot:</p> <p><a href="https://www.businessinsider.com/ukraine-russia-bank-runs-great-depression-stock-market-sanctions-deflation-2022-2?amp">https://www.businessinsider.com/ukraine-russia-bank-runs-great-depression-stock-market-sanctions-deflation-2022-2?amp</a></p> <p><a href="https://www.forbes.com/sites/kenrapoza/2022/02/26/russias-access-to-dollars-in-jeopardy-can-bitcoin-make-a-difference/?sh=214e327070d5">https://www.forbes.com/sites/kenrapoza/2022/02/26/russias-access-to-dollars-in-jeopardy-can-bitcoin-make-a-difference/?sh=214e327070d5</a></p> <p>EDIT2: In the last couples of hours, here are the queues of people getting their money from ATM machines. So a banking run could happen yes. <a href="https://twitter.com/battleepoch/status/1497828063723364356?s=21">https://twitter.com/battleepoch/status/1497828063723364356?s=21</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Dr_Viv"> /u/Dr_Viv </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/t2d45p/prediction_with_swift_sanctions_hitting_russians/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/t2d45p/prediction_with_swift_sanctions_hitting_russians/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Just my prediction, but I’m expecting a huge surge in crypto pricing for Bitcoin and possibly Eth in the next few days. With the SWIFT payment sanction coming into effect, many Russians will likely withdraw their funds or transfer to crypto to protect themselves from the banking network collapsing. There is a genuine possibility that banks will run out of physical cash in the short term. </p> <p>The next part of the puzzle will the be the volatility of Bitcoin. It may surge in price, but as we know it’s a rollercoaster. You may see huge wealth get wiped out if crypto drops in price along the way.</p> <p>Potentially the next few weeks could be pivotal for crypto if we see millions of new investors and likewise it may catch the eye again if regulators.</p> <p>I am not a war analyst.</p> <p>I am not a financial analyst.</p> <p>I’m just an idiot. </p> <p>Buckle in.</p> <p>EDIT: many small penis sized people on here are just saying this is uninformed opinion. Far from it fellow bitboys. It all comes down to bank runs. </p> <p>BBC analysts have said Russians need to withdraw their money right in the next 48 hours.</p> <p>There is substantial business articles showing why this will impact everyday Russians as the value of the currency drops even further, in particular with SWIFT:</p> <p>“Meanwhile in Russia, people are also queuing outside of ATMs trying to get US dollars as its citizens worry their own currency's value will continue to tank, according to the Wall Street Journal. Banks in the capital city of Moscow are running out of money, according to MSNBC.</p> <p>All of this has led to fears of bank runs, which is when people withdraw money en masse because they worry banks will cease to function. It has the potential to be a self-fulfilling prophecy, destabilizing banks to the point of bankruptcy. That's what happened in the United States during the Great Depression and it triggered mass unemployment and loan scarcities. </p> <p>In fact, what took place in the US between 1929 and 1939 serves as a case study of what can happen when banks can't keep up with withdrawals: for years to come, there could be less money to go around. “</p> <p>And perhaps the most damming quote from an article:</p> <p>“Sanctioning Russia’s central bank is likely to have a dramatic effect on the Russian economy and its banking system, Elina Ribakova, deputy chief economist for the Institute of International Finance, said before the latest round of penalties was announced. “This would likely lead to massive bank runs and dollarization, with a sharp sell-off, drain on reserves -- and, possibly, a full-on collapse of Russia’s financial system.””</p> <p>My opinion is actually based on something, albeit I’m a fucking idiot:</p> <p><a href="https://www.businessinsider.com/ukraine-russia-bank-runs-great-depression-stock-market-sanctions-deflation-2022-2?amp">https://www.businessinsider.com/ukraine-russia-bank-runs-great-depression-stock-market-sanctions-deflation-2022-2?amp</a></p> <p><a href="https://www.forbes.com/sites/kenrapoza/2022/02/26/russias-access-to-dollars-in-jeopardy-can-bitcoin-make-a-difference/?sh=214e327070d5">https://www.forbes.com/sites/kenrapoza/2022/02/26/russias-access-to-dollars-in-jeopardy-can-bitcoin-make-a-difference/?sh=214e327070d5</a></p> <p>EDIT2: In the last couples of hours, here are the queues of people getting their money from ATM machines. So a banking run could happen yes. <a href="https://twitter.com/battleepoch/status/1497828063723364356?s=21">https://twitter.com/battleepoch/status/1497828063723364356?s=21</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Dr_Viv"> /u/Dr_Viv </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/t2d45p/prediction_with_swift_sanctions_hitting_russians/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/t2d45p/prediction_with_swift_sanctions_hitting_russians/">[comments]</a></span>Kind Regards R