Bitcoin again viewed as safe haven amid geopolitical tension

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Bitcoin prices have surged as investors again appear to view the volatile cryptocurrency as a safe haven for their money and Russians and Ukrainians seek alternatives to their country’s financial institutions. After initially falling to around $34,000 following Russia’s advance into Ukraine last week, bitcoin pushed about 10% higher on Monday and is now up more than 25% in the past week, to $43,900 Wednesday afternoon. Russians are exchanging their rapidly declining rubles for bitcoin to try and mitigate the impact of recent economic sanctions. Ukrainians, with the government limiting their ability to conduct electronic fund transactions, are also turning to cryptocurrencies.