Russia-Ukraine Crisis

Russia-Ukraine Crisis Puts Cryptocurrency in Spotlight

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The tech industry is responding to Russia's invasion of Ukraine.

This week hardware giant Apple said it will no longer do business with Russia, with software giant Oracle announcing the same stance.

George Washington University economics professor Diana Furchtgott-Roth said we can expect even more high-tech opposition.

"We could flood social media accounts in Russia with pictures of what's going on in Ukraine, because I think the average Russian does not know what's going on," Furchtgott-Roth said.

Rubles and dollars will be hard to come by as banks cut off access to Russia. But that's not all - crypto accounts could be frozen as well.

The response to Russia has put crypto currency into the spotlight. The value of currency like Bitcoin is shooting higher lately because Russia and its citizens might adopt more of it.

According to San Francisco-based Beyond Protocol CEO Jonathan Manzi, crypto may be hot right now, but Russia will likely struggle to get their hands on it.

Many crypto exchanges will not do business with the country, and the ruble is falling in value, giving the county less buying power.

In fact, crypto may actually be a bigger help to Ukrainians under attack.

In addition to more banks and tech companies pressuring Russia in the days to come, Furchtgott-Roth said America has another way to hit the country -- energy.

The professor said we could ramp up our own oil and gas production in response to rising prices, and even send some to European countries dependent on Russia for energy.

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