MODERN FINANCE
Slava Ukraini: A Bitcoin Battle Cry
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By Philip Dudley
may have been born at night, but not last night. Vladimir Putin’s “special military operation” within Ukraine has been nothing short of a despot seeking to restore the former Soviet Union to all its soPhilip Dudley called past glory. The war propaganda disseminated in Russia in March and the plight of the Ukrainian people has had the civilized western world understandably on a razor’s edge. Of interest to me, and surely others, is how many people on the planet have chosen to help the Ukrainians in an unconventional way. If you still think Bitcoin is not useful, just consider the February 26 tweet by Mykhailo Fedorov, Vice Prime Minister of Ukraine, when he asked the twitter sphere to send crypto donations. Stand with the people of Ukraine Now accepting cryptocurrency donations. Ethereum, Bitcoin and Tether (USDTtrc20) BTC – 57a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH – 0x165CD37b4C644C2921454429E7F9358d18A45e14 USDT (trc20) – TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
Ukrainian cryptocurrency exchanges are accepting donations and then in turn are sending crypto to the citizens so that they have currency to transact in country to buy basic necessities. This is truly astounding. Coinbase, the leading cryptocurrency exchange, estimates the donations have exceeded $100 million midway through March and here is a list of how some of the money is being used: Bulletproof jackets, meal kits, ballistic plates for bulletproof vests, thermal imaging and optics, helmets, walkie-talkies and medicine. Folks, war has never seen anything like this. A sovereign nation, in this instance, requesting crypto over U.S. dollars. In yet another incredible development, as the Russians systematically crippled Ukraine’s communication infrastructure, Elon Musk joined the fray after a tweet from, you guessed it, the above mentioned Mykhailo Fedorov. Within 10 hours, he activated Starlink, a high speed internet service via a small dish, in the country. Mykhailo Fedorov: “@elonmusk, while you try to colonize Mars – Russia try to occupy Ukraine! While your rockets successfully land from space – Russian rockets attack Ukrainian civil people! We ask you to provide Ukraine with Starlink stations and to address sane Russians to stand.”
Elon Musk: “Starlink service is now active in Ukraine. More terminals en route.” Another interesting case use is the following. Outside of the government, Ukrainian cryptocurrency exchanges are accepting donations and then in turn are sending crypto to the citizens so that they have currency to transact in country to buy basic necessities. As an example, when the battered city of Mariupol was under siege with no water, no heat, no money, etc., the internet was s alive and well and the lucky few were able to accept donations in crypto. That in turn provided a means to buy those essential items, if available. And so, by tweaking a few satellites and sending some terminals, Presto, internet service returned to the people. Request donations in Bitcoin, Ethereum and Tether, and you can supply a civilian army. There you have it, Ukraine is literally using technology to fight for freedom. And “Slava Ukraini” translated as “Glory to Ukraine” is their battle cry. Philip Dudley is the founder and managing partner of Dudley Capital Management, LLC based in Middleburg.
Country ZEST & Style | Spring 2022
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