Crypto overtakes gold as 'safe haven asset' amid Ukraine crisis

Digital currencies have rocketed in value over the last week, with bitcoin having increased in value by more than 13% following sanctions on Russia, a nosedive in the rouble and increased geopolitical uncertainty.

But while the decentralised nature of crypto has led to an increase in Russian citizens buying into the currency - as well as donations to Ukraine totalling $52m at time of writing - investment professionals warn that investors must tread carefully. The GNY BTC Range Report, released last Wednesday (2 March), said: "War in Ukraine and the shock to the global financial system coupled with speculation about fewer rate rises this year and the potential increased use of cryptocurrency in the light of a rapidly devaluing rouble has sent bitcoin prices soaring and prompted claims it could hit ...