Outside Source
TL;DR
- Bitcoin’s value dropped significantly due to Russia’s invasion of Ukraine in early 2022. The conflict is ongoing and continues to impact global financial markets.
- The end of the war could boost the cryptocurrency market, potentially pushing BTC’s price up. However, reaching the $100K milestone would require additional conditions.
What if the Conflict Ceases?
The cryptocurrency market, particularly the price of bitcoin (BTC), can be significantly affected by geopolitical tension. Russia’s invasion of Ukraine at the start of 2022, described by the former’s authorities as a “special military operation,” is one evident example.
BTC’s value plummeted severely on the news, while the crypto sector lost approximately $200 billion in a day. The war is still ongoing, remaining a burden on global monetary stability and causing huge uncertainty in financial markets.
But what if the countries bury the hatchet? We decided to ask ChatGPT whether such a potential scenario could boost BTC’s price to an all-time high of $100,000.
The AI-powered chatbot estimated that the war’s eventual end will most likely cause an upswing in the entire cryptocurrency industry. BTC has previously reacted positively after reports that the two nations are getting close to declaring a truce.
However, ChatGPT claimed that reaching the $100K milestone would require additional factors. Some of the depicted elements include positive market sentiment, investor confidence, favorable regulatory changes, and increased BTC adoption.
It is worth noting that the price of the primary cryptocurrency has been progressing despite the military conflict in Eastern Europe. It was trading at around $37,000 at the time of Russia’s invasion, while currently, the price is around $61,000 (a 75% increase). Things looked even better for the bulls in mid-March when BTC hit an ATH of over $73,500.
Could Trump Speed up the Process?
One possible factor that could cease the clash between Russia and Ukraine is the potential election of Donald Trump as America’s new President. The Republican candidate has repeatedly claimed that he can solve the war in just a day should he enter the White House as a winner.
He insists that his established relationships with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky would allow him to negotiate a quick deal between the fighting nations.
One should keep in mind, though, that the military conflict is very complex, meaning the chances of a resolution in such a short time are quite slim.
Even if Trump fails on the peace front, his potential election could positively impact BTC. The billionaire, who was a fierce critic of cryptocurrency in the past, has made a U-turn lately, presenting himself as the right choice for the pro-crypto voters in the US.
He promised to let the industry thrive and pledged to increase America’s BTC mining efforts. Last week, Trump attempted the Bitcoin conference in Nashville, making the headlines with his speech.
He expressed his desire for the United States to become the global leader in cryptocurrency and to create a national strategic reserve of the leading digital asset.
This article first appeared at CryptoPotato
