Buterin Says “Ethereum Is Neutral, But I’m Not” In Condemning Russia’s Attack

Minutes after Russia announced a “special military operation” in Ukraine, effectively declaring war on the Eastern European country, Vitalik Buterin, a Russian-Canadian co-founder of the Ethethereum B blockchain, criticized Russian President Vladimir Putin on Twitter.

Buterin speaks out

Buterin said Wednesday night he was “very upset” by Putin’s choice to go to war rather than find a peaceful solution to Russia’s issue with Ukraine.

Vitalik wrote in Russian on Twitter:

“Very upset by Putin’s decision to drop the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people.”

“I want to wish everyone safety, although I know there will be no security,” the Russian-Canadian crypto co-founder wrote, closing his statement with “Glory to Ukraine.”

on Wednesday evening, CNN reported a “constant stream of explosions” in multiple Ukrainian cities, including Kiev, the country’s capital, and Kharkov, the country’s second-largest city. “The subways are full, so are the streets, people [are gathering] with loved ones and [trying] to flee,” tweeted Oleksiy Sorokin, a correspondent for the Ukrainian outlet Kyiv Independent. The Ukrainian state air traffic services company stated on its website that Ukraine has also closed its airspace to civilian aircraft, citing significant threats to aviation security in the current situation.

Buterin has spoken out a number of times on philosophy, geopolitics and the use of blockchain technology for: “public goods” such as scientific research, the dissemination of news and the mitigation of various dangers to humanity.

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Crypto Market Collapses

After Putin’s announcement, cryptocurrency prices plummeted. Bitcoin prices fell 3.8% to $35,031.86 Thursday morning, while Ethereum prices plunged 5.2 percent to $2,388.98. Over the past week, Bitcoin is down about 20% while Ethereum is down 22%, undermining the premise that cryptocurrency values ​​can withstand geopolitical crises that wreak havoc on traditional financial markets.

In contrast, stablecoins such as USDT, BUSD and USDC saw their value rise slightly on the day. Stablecoin trading volumes have skyrocketed as the demand for safe haven assets has surged.

ETH/USD is trading at $2.5k. Source: Trading Display

Aside from the cryptocurrency sector, the stock market has also plummeted, while oil prices have risen. The Russian stock market has plunged to its lowest point since 2016. The price of oil has risen from $60 to over $100 a barrel.

Geopolitical concerns are likely to persist for some time to come, putting downward pressure on these higher-correlation digital currencies. As a result, investors should include increased volatility in their calculations before considering Ethereum at this time.

Related literature | Crypto Winter Or Not, Here’s Why Index Trading Can Help Spread Risk

Featured image from Unsplash, chart from TradingView.com

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