Is Bitcoin prepared for the next global financial crisis?

Is Bitcoin prepared for the next global financial crisis?

Is Bitcoin prepared for the next global financial crisis?

When thinking about the next financial crisis that might occur globally, one shouldn’t be asking themselves if it’s going to happen but, rather, when will it hit the banks. Many members of the Bitcoin community believe that the digital currency won’t be going down with all fiat currencies, as it’s decentralized, peer-to-peer, open-access and border-less.

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Bitcoin is the first alternative that was presented in opposition to the existing monetary system, if we don’t count bartering or precious metals. The creator of Bitcoin, that goes by the name of Satoshi Nakamoto, is considered by many to be frustrated by the traditional financial system’s failure.

The global financial system is not looking so great with stresses coming from different countries. Brexit seems to be a worry to bankers but they are also keeping an eye on Japan and their helicopter money plans, as well as on the bubble economy of China. These stresses are quite often accompanied by upticks in Bitcoin’s price. Andreas Antonopoulos, a Bitcoin guru, doesn’t think this can be considered a positive sign, if the global economy is about to collapse. He says that, in the event of a global economic crisis, Bitcoin isn’t ready to absorb anything. He also believes that “there is no exit valve, even if everybody in Bitcoin actually gains an advantage from having some diversification — that’s not going to make much of a difference to anybody else. All of the investment in Bitcoin, not just in companies but also individuals and entrepreneurs, and startups dries up instantly over night and we’re all set back across the board by a decade.”

He concluded by saying:

I certainly don’t want people to think just because Bitcoin can act as a safe haven investment, just because it can act as an exit valve, just because we see things like Brexit or the Yuan devaluation happen, Bitcoin spikes up. There’s a big leap between that and saying ‘I hope the world burns so I can make money on my bitcoin.”

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