Deputies Of Ukraine Support Bitcoin As A Stronger Currency Than Hryvnia

In recent days, several reports were published in Ukraine’s media, telling about national deputies declaring their wealth in cryptocurrency. Is it possible that deputies don’t believe in the national currency and want to promote Bitcoin as the state currency? CoinIdol.com analysed the situation.

This week already, three deputies from different Ukrainian parties decided to declare a significant amount of their Bitcoins. According to a report by Ukrainian News, this information is now stored in the United State Register (a state information system for the gathering, recording, securing, and delivering of information on legal entities in Ukraine).

Dmitry Golubov, the chairman of the "Internet Party of Ukraine” has declared 4376 Bitcoins. According to his declaration of income and property, Golubov bought his cryptocurrency on November 22, 2012, when the price of bitcoin was $11.8, which means that on that date he paid about $50,000 to buy the cryptocurrency. On November 3, 2016, Bitcoin’s price reached $740 per BTC, which means that Golubov is now a happy holder of $3,238,240 in Bitcoin.

A Deputy from another Ukrainian party, the "Petro Poroshenko Block", Alexei Mushak, also mentioned cryptocurrency in his declaration, but a smaller amount – only 465 Bitcoins.

November 3, another newspaper reported a third Ukrainian deputy – Dmitry Belotserkovets, also from the "Petro Poroshenko Block", has declared cryptocurrency holdings of 395 Bitcoin, land in his hometown, and a collection of paintings.

Bitcoin’s market capitalization vs. Ukrainian Hryvnia market capitalization

Bitcoin’s price shows significant growth in recent weeks, while Ukrainian national currency – Hryvnia – steadily falls. According to a report by ForkLog, by the end of October Bitcoin’s market capitalization had beat the market capitalization of hryvnia.

No one can assume right now that the tendency in the market capitalization of these currencies might be the reason of Bitcoin declaration fever among Ukrainian deputies. However, this is a very interesting coincidence.