[Tangent: Crypto-, In War-Times.] Bitcoin May Be Of Some Use -- To Aid Ukrainian Freedom Fighters... But It Won't Work For Putin.

Despite the Ruble falling out of bed this morning, due to the sanctions now all landing at once, on the heads of the Russian oligarchs, we see a slight pop in Bitcoin spot prices emerging.

I do not think it will be long lived. True, the Ukrainian Freedom Fighters are receiving worldwide donations, now over $22 $8 million worth, in Bitcoin and other cryptos-. . . but that won't change the overall crypto-winter '22 trajectory -- not by a long shot.

I am gratified to see that smart people are tracking the Bitcoin transfers, to look for ways to block Russians using it to evade sanctions.

But I write really for only one reason: to point out that the Bitcoin maximalists could not have been more wrong, as they last year predicted that the "next" global shock would mean that Bitcoin would take over as the world's "reserve" currency -- dropping the US Dollar like a stone(?!).

What a childish folly that turned out to be. The Russian Ruble is off about 30% against the world's reserve currency: the US Dollar, this morning.

And Bitcoin is at around 40% of what it was in the high times of last year. Those were the good old days of Bitcoin, indeed.

They are gone.

And tomorrow or the next day, we should see Riot's GAAP Year End 2021 losses.

Charming.

नमस्ते