Last Tuesday, bitcoin (BTC) hit an all-time high measured in rubles (RUB). Does that really mean anything?
Price feeds don’t tell the full story when comparing asset prices across different currencies, especially when one of those currencies is issued by a country facing financial sanctions for invading Ukraine (and the other is magic internet money).
A quick look at USD/RUB tells most of the story. One U.S. dollar was worth 84 rubles on Friday, Feb. 25 and over 114 rubles on Tuesday, March 1. With that type of devaluation, you might reasonably expect many assets priced in rubles to hit all-time highs soon, especially if the trend continues.