The entire crypto industry has been shaken a bit after the Russia-Ukraine conflict, which is currently active. This caused the value of Bitcoin to plummet; however, he managed to recover afterwards.
In any case, there are plenty of events currently using Bitcoin, and each one provides an increased level of utility for the BTC cryptocurrency token and shows what it is really capable of.
Bitcoin Utility as a catalyst for growth
According to data from blockchain analytics company Elliptic the Ukrainian government and NGOs have provided support to the military and raised $20 million through thousands of cryptocurrency donations since the invasion began.
An NGTO received a single Bitcoin donation worth $3 million. Based on their data, 56.4% of the total donations were in the form of the Bitcoin (BTC) cryptocurrency token, the second being Ether (ETH) at 31.8%.
Additionally, the Russian soldiers were offered Bitcoin in exchange for their surrender. In other words, any Russian soldier who goes to Ukraine will receive 5 million rubles in crypto or cash, according to Masha Efrosinina local television host and honorary ambassador of the United Nations Population Fund in Ukraine.
Polkadot founder Gavin Wood also said he would donate $5 million if the Ukrainian government provided Polkadot’s address, and Tom Robinson said the largest anonymous donation received by the Ukrainian government was Bitcoin worth $1.86 million .
Should you buy Bitcoin (BTC)?
On February 28, 2022, Bitcoin (BTC) had a value of $38,353.67.
In order for us to have a better idea of what kind of value point this is for the BTC cryptocurrency token, we are going to review its record high value, as well as its performance throughout the previous month.
The all-time highest value of the Bitcoin (BTC) cryptocurrency token was on November 10, 2021, when the token reached a value of $69,044.77.
When we review the performance of Bitcoin (BTC) throughout the previous month, we can see that its high point was on January 2, 2022, when the token reached a value of $47,730.23.
However, its lowest point was on January 24, when the token saw its value decrease by $33,495.91.
In other words, BTC has been used a lot due to the dispute, and it is likely to reach $40,000 by the end of March 2022.