It was very controversial that President Alexander Lukashenko elected and extended his mandate. After this, the main questions arose about Belarus that how it will deal with the United States and European Union sanctions, and how the cryptocurrency like Etherum and Bitcoin help them to bypass sanctions.

Russian outlet RBC has published articles describing the effectiveness of the cryptocurrencies on the sanctions. It further said that cryptocurrencies like bitcoin or etherum are doubtful options for the Belarusian government to beat or settle the sanctions imposed by the Washington or EU on Minsk. It is said that the EU is moving a step ahead with sanctions against Belarus, according to the guardian.

The vice president of the market development and regulation for the association of the blockchain and cryptocurrency, Valery Petrov, put his opinion in an article saying that the best way to escape from sanctions is to use cryptocurrencies. He further said that it is only possible in one’s condition if it is not contradicted with the legislation of both external and internal types.

The industry is showing opportunities for business because of development in the sector across the country. As a result, Belarus is also representing a friendly attitude towards the crypto.

In May, the Belarusian government authorities said that they accept digital technology as a top issue, and they are also preparing a digital economy resolution for the OSCE session in berlin.

In July, a bill was also drafted that addresses the spheres of high tech IT that also includes cryptocurrency and blockchain technology. On the other hand, there was a hope of attracting investment in technology at an international level that was carried as risky and forbidden.

Petrov said that using the cryptocurrency to solve the economic crisis’s problem is a peaceful solution, pointing it to Iran and Venezuela’s case.

Experts like Nikita Zuboreb, a Russian analyst at Best change and crypto exchange, also believed that cryptos could be only a peaceful solution for an economy dealing with the sanctions.

Vice president, Petrov also said that the infrastructure of IT is more prepared and developed than that of other countries. So, with this benefit, it can still be considered as a better option by the Lukashenko. Overall, crypto could be an excellent option to deal with the sanctions according to people like Petrov.

Bitcoin or cryptocurrency is a type of online money or way of exchange. The bitcoins always has an inconsistent value. That’s why it is not easy to guess or calculate the price of bitcoin. Bitcoins experience significant fluctuations in price, and this makes investment in bitcoin highly risky.

Bitcoin is a type of cryptocurrency invented in 2008, by an unknown individual or a group with the name Satoshi Nakamoto. The use of this digital currency is high because it doesn’t involve any intermediate. Anyone can buy bitcoins online; many websites sell bitcoins online. You can use a bitcoin to buy a service or product online.

Recently, a report from Bloomberg suggests that the price of Bitcoin can rise above $12k. The Bloomberg also added the following statements in their release.

• The news declares that both on-chain and off-chain indicators for Bitcoin point to the asset’s appreciation. One of the critical metrics for Bloomberg is the number of active addresses.
• The continual growth of GBTC or Grayscale’s Bitcoin Trust and the shrinkage of the premium versus the Bitcoin spot market should be deducted as bullish for the market.

The Bitcoins or Cryptocurrency are so volatile because of the following reasons.

Bitcoin Market Is Still Growing

Cryptocurrency has gained a lot of attention in recent times, and many individuals have invested in it. Still, the cryptocurrency or Bitcoin market is smaller than that of the flat or gold market.

Today the total market of cryptocurrency is $800 billion, which is very low. Hence, small forces can induce a significant impact on the price of Bitcoins.

Bitcoin Is Purely Digital

Bitcoin is a purely digital currency, and its value is entirely dependent on the rules of supply and demand. The price of bitcoins changes according to the interests of the people. If demand is high, the price will increase, or if customers lose faith and start selling, the price may decrease.

It’s Easy To Enter In Bitcoin Market

The most crucial factor for the unstable price of the Bitcoin is anyone can enter the bitcoin market. Unlike markets like real estate and stocks, barriers for joining Cryptocurrency are very less. All you need is a device with an internet connection and some money.

As a result, bitcoin users are increasing at a steady rate. The stats show there are more than 42 million of Bitcoins Wallets already created. Hence, it is obvious why Bitcoins are so volatile.

Crypto-Currency has been a revolutionary new form of exchange in terms of the security and transparency it has brought to the game. The innovative blockchain technology, as well as the beauty of the peer-to-peer network, will go into many finance-history books. But the fact remains, that investors tend to be the ones that have a few thousand to spare not the ones that live from hand to mouth. Experts are now asking the question of whether crypto-currency will begin to change hand and thus be the harbinger of justice through wage-parity. The question is one of incredible importance and calls for a detailed and perfectly analysed answer. 

The Precursors of the change

The pandemic has brought a lot of ruin to nations all across the world. Many economies are stretched tight to offset the effects it has caused by printing more and more money which is a short-term solution but a long-term disaster. Economic experts predict a huge crisis to be looming in the horizon where altcoins may play a vital role that may tip the scales. The inception of Bitcoin had been a game-changer because of a fixed treasury against the government economy where the money is minted without care. The problem of inflation was thus fixed in the cryptocurrency ecosystem.

How will it happen?

The Coronavirus pandemic has played havoc on the old systems of the economy with a sudden and abrupt end to its progress which will inevitably be followed by further ruin in the likes of the great depression. Amid all this chaos, crypto-currency is steadily gaining ground as the money keeps blowing into its premises due to technical reasons that have been strengthened by the peculiar conditions forcible imposed by the pandemic. Further, blockchain technology is another golden guide waiting to show different aspects of society how beautifully it operates. Its transparency and efficacy can positively affect the upcoming fate of data protection in almost every sphere of importance, be it medicine, politics or personal wealth.

Crypto-currency can be the global bridge between all forms of financial products. It can be a country’s greatest asset is its ability to restore the disturbing times that the pandemic has brought upon humanity and its social constructs. It may not be the sole survivor who can magically solve the imminent crisis and bring everything back to normal. But it can surely improve the picture.