As tensions continue to rise between Russia and Ukraine, Bitcoin (BTC-USD) may end up a winner. Yesterday, the Ukrainian parliament unanimously voted to legalize cryptocurrencies, including BTC. Bitcoin price predictions are all over the place today in response to the latest legislative approval.
So what do you need to know about the latest crypto news out of Ukraine?
Well, despite mounting concerns of a conflict between Russia and Ukraine, the latter country found time to address another pressing matter. As per a statement from the parliament, the Law of Ukraine on Virtual Assets passed with more than 270 votes. The legislation, which is in line with the president’s recommendation, allows crypto companies to operate freely in the country.
While cryptos weren’t banned in Ukraine prior to the law, this legislation outlines the regulatory landscape and gives protection to digital assets. Previously, as Bloomberg reported, crypto existed in the shadows in the country despite Ukraine being one of the top countries for crypto trading.
Mykhailo Fedorov, the Ukrainian deputy prime minister, had some kind words for the law.
“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets.”
Despite the news, market uncertainty continues to overwhelm the markets. Bitcoin dipped below $40,000 briefly today, spooking investors around the globe.
With BTC-USD currently sitting at $40,244, let’s see where the experts think the king crypto is headed.
Bitcoin Price Predictions
- Wallet Investor believes Bitcoin will continue to thrive in the short and long term. The site set a one-year forecast of $68,942 and a whopping five-year prediction of $174,872 per coin. This represents more than 300% upside by 2027.
- DigitalCoinPrice is also long on the crypto mainstay. The site set a 2022 price target of $56,301, and a 2027 prediction of $116,706.
- CryptoNewsZ is, perhaps unsurprisingly, also bullish on Bitcoin. The site believes the coin can hit roughly $72,000 per coin this year alone. For 2025 it believes they coin will mostly trade between $100,000 and $125,000.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
