With rising gold prices and a declining currency, many people are considering investing in bitcoin. But will this pay off in the long run?

The ongoing war between Russia and Ukraine has affected the market in many ways, with oil prices rising, gold prices soaring, as well as many countries suspending their businesses and boycotting Russia altogether. What's more, the value of the Russian ruble has taken a nosedive following these events. And with many fearing the precarious position of the market, they've turned to investments to protect their hard-earned money.

One option includes cryptocurrency—specifically Bitcoin. While skeptics call it a bubble waiting to pop, advocates claim that cryptocurrency can be used to store value over time, especially in times of stress like this.

Bitcoin Trade on the Rise

But here's the thing: Bitcoin now is trading about 4% higher, while the price of gold grew by almost 5% since the invasion of Ukraine two weeks ago. With Bitcoin notching far larger swings than gold and remaining more than 40% below the record it achieved this past November, cryptocurrencies have held up better than stocks and gold since the war started. That's considerable growth, given that their trading was more closely correlated in the past.