Ukraine, Russia would suffer most if bitcoin crashed, analysts say - Kyiv Post
Ukraine will be among the five countries worst affected when the financial bubble surrounding the cryptocurrency bitcoin finally bursts, analysts from U.S. banking and financial services group Citigroup Inc., or Citi, have said in their latest report, the Kyiv Post wrote.
While all of the countries in the world will be affected by the possible crash, Russia will be worst hit, with Ukraine not far behind, the experts from Citi said, according to the Kyiv Post.
Citi’s analysts said the popularity of bitcoin is proportional to the size of a country’s shadow economy – the darker it is, the more people use cryptocurrencies. They calculated the share of bitcoins in the gross domestic product of a range of countries, and assumed that if bitcoin crashes, these countries will lose those shares.