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Ukrainian Military Raises $5 Million in Bitcoins

A crowd-funding campaign has raised $5 million worth of bitcoin for the Ukrainian military, to help purchase arms and supplies as it fights pro-Russian separatists in the country’s east.

Ukrainian Military Raises $5 Million in Bitcoins

In response to the increasing Russian threat, Ukrainians have been raising money for the Ukrainian government to help fund their military. Currently, the Ukrainian government is fighting a war in the eastern part of the nation against pro-Russian separatists. This war has been going on since 2014 when Crimea was invaded by Russian troops. Also during that time, Ukraine has had several cyber attacks from Russia-based hackers.

Ukrainians have been sending funds via Bitcoin and Ethereum to help raise money for military equipment, food, and supplies. The largest campaign is being hosted by the non-profit organization known as “Patriot Defense” which is a charitable organization that assists Ukrainian soldiers. The Patriot Defense campaign has raised over 464 BTC ($3 million) and over 1,500 ETH ($1 million).

Bitcoin has been the most powerful force in the world over the last five years and no one can deny that. Not only is the decentralized tech a safer way to transfer money across borders, but it has also proven to be an inflation-proof store of value — something that’s been needed for quite some time.

A recent example of Bitcoin’s power comes from the Ukraine, which has been at war with Russia for almost six years now. And despite this, BTC donations are pouring in to help the Ukrainian military fight against Vladimir Putin’s regime.

Bitcoin Donations Pour in for Ukraine Military During COVID-19 Pandemic

With COVID-19 causing a global economic downturn, people are becoming desperate for financial assistance. A lot of people have lost their jobs and are struggling to pay medical bills or even buy food for their families.

Some countries have turned to printing more fiat currency, but this always leads to inflation and has a negative effect on a country’s economy. A better alternative is to use cryptocurrencies like Bitcoin since they are deflationary and there will only ever be 21 million bitcoins created. Having a fixed supply ensures there will never be hyperinflation or ‘currency debasement.’

The bitcoin community has once again shown its potential for good. Shortly after the story broke that Ukrainian armed forces were in desperate need of supplies, the people of the internet responded with donations in excess of $5 million worth of bitcoin. The small nation-state can now look to its newfound allies in decentralization as a possible saving grace in a time of crisis. With cryptocurrency and blockchain technology still being poorly understood by the masses, this story does more to put bitcoin in a positive light than any other headline recently. 

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