An economic context transformed by war
Since 2022, the war has reshaped the economic geography of Ukraine. High inflation, devaluation of the hryvnia, instability of the banking system, and currency restrictions have driven millions of citizens to seek tools for capital protection and financial resilience.
In this scenario, the data collected by Ipsos for WhiteBIT (April-May 2025) and the European Bank for Reconstruction and Development (EBRD) (September 2025) show how the population has redefined their saving and investment strategies: from cash and bank deposits, to the decisive entry of the cryptoeconomy into daily habits.
.The Ipsos/WhiteBIT survey: crypto in the top 5
The Ipsos survey (650 respondents aged 18 to 65, residing in cities with over 100,000 inhabitants) highlights that:
- More than 50% of financially active Ukrainians use or consider alternative instruments to bank deposits.
- Cryptocurrency in the top 5 investment instruments, alongside current accounts, deposits, and real estate.
- 25% have already invested in cryptocurrencies.
- 23% plan to do so shortly.
The main motivation is no longer speculation, but:
- protection against inflation and currency devaluation;
- asset diversification;
- possibility of generating passive income through instruments like crypto deposits.
The founder of WhiteBIT, Volodymyr Nosov, emphasizes how the success of “crypto deposits” lies precisely in the ability to combine savings and returns, while at the same time offering independence from the volatility of the national economy.
New Financial Habits
The Ipsos report describes a cultural shift: cryptocurrencies are no longer seen solely as “trading assets,” but as multifunctional tools.
Among those who already use them:
- 57% do trading;
- 52% hold long-term (holding);
- 51% consider it a hedge against inflation;
- An increasing share uses them for everyday payments and remittances.
A key element is the pursuit of independence from banking systems: many Ukrainians view digital assets as a form of financial autonomy in a context of geopolitical risk.
The EBRD Analysis: 1 Billion Dollars in Bitcoin
The EBRD report provides an eloquent figure: almost 1 billion dollars in hryvnia equivalent spent on purchases of Bitcoin between July 2023 and July 2024.
The institute links this data to the context of a “war economy”:
- the population uses Bitcoin as an alternative store of value,
- as a channel for international transactions (payments, aid, remittances),
- and as a means to access liquidity in dollars or euros when local banks do not guarantee stability.
Spending in BTC, the EBRD emphasizes, should be interpreted as a confidence indicator in decentralized instruments, capable of providing security where traditional financial safeguards are fragile.
Emerging Trends
From the intersection of the two reports, three major trends emerge:
- Divergence from conservatism: cash and deposits remain widespread, but diversification is now the norm.
- Search for financial sovereignty: the war has accelerated the adoption of tools independent from governments and banks.
- Growth of digital culture: 60% of respondents believe they need specific training to use crypto, stimulating the development of educational programs by exchange and Web3 startups.
Global Implications
The Ukrainian case is being closely watched internationally because it demonstrates:
- how cryptocurrencies can become “resilience assets” in economies under stress;
- how citizens, driven by urgency, are ready to adopt Web3 models even before regulation is fully defined;
- and how the experience of a country at war can anticipate dynamics that might replicate in other regions subject to political or financial instability.
Conclusion
The combination of Ipsos/WhiteBIT data and EBRD analyses paints a clear picture: in Ukraine, cryptocurrency is no longer a marginal alternative, but a structural component of savings and investment strategies.
If the war context has accelerated adoption, what emerges is a true digital financial culture, which integrates Bitcoin and stablecoin as tools for protection, autonomy, and participation in a borderless global economy.
Ukraine, despite itself, confirms itself as a unique laboratory for understanding the future of decentralized finance.