The donations capitalized by Come Back Alive in Bitcoin funds surpassed in these last two days all the donations originally collected since August 2021. Analysts described this phenomenon as the desire of people worldwide to support Ukraine in the midst of the armed invasion encouraged by Russia.
A report released by UK-based blockchain analytics firm Elliptic unveiled that the Ukrainian military organization “Come Back Alive” had acquired a total of $400,000 in Bitcoin funds amid the military conflict between Ukraine and Russia.
According to Elliptic’s research director, Jess Symington, the Come Back Alive organization is a group that brings back up to soldiers of the Ukrainian army through different methods, one of these methods is the reception of Bitcoin as donations.
However, from August 2021 to February 22, the entity had only collected at least USD $570,000 in BTC funds, capitalizing income of USD $4,000 or USD $5,000 in the digital currency monthly.
After the outbreak of the war and the violent incursions by Russia into Ukrainian regions, donations reached a high peak, capitalizing almost $400,000 in BTC in the last hours since the invasion started.
According to analysts, there is a considerable growth in donations made to this or other organizations that support the Ukrainian military, especially given the worrying view in the country where local troops will have to show presence and fight in front of the apparent Russian invasion of Ukraine.
Come Back Alive Received at least $400,000 as Donations made in Bitcoin
Some reports reveal that many Ukrainian organizations had already been adopting various crowdfunding models since 2014, a time when the nation struggled with violent tensions after the dismissal of former president Viktor Yanukovych, who sided in favor of Russia and got removed from office right after the Maidan revolution.
According to Come Back Alive, the organization handles other financing procedures, as is the case with its Patreon account, where followers allocate funds to support its cause.
Financing in the Midst of the Situation
Due to what happened in Europe in recent days and having many lines of financing partially impeded, the Ministry of Defense of Ukraine revealed that it has started accepting donations to support the country’s army by creating a designated bank account for bank operations in foreign currency. The account is exempt from the measures released by the central bank since it backs up the government’s mobilization strategies.
However, other reports pointed out that there were a lot of requests from natural and legal individuals who are not residing in Ukraine and desire to donate funds; the interested parties also addressed the opportunity of donating funds in cryptocurrencies because they find the activity easier to get carried out.
On Twitter, many cryptocurrency enthusiasts have requested the army to accept donations in digital currencies. Not everyone considers Bitcoin to be the best alternative to receive donations of this type due to its volatile fluctuation. This is why some have suggested that the military accept donations in stable coins, such as USDC.
By: Jenson Nuñez
