After living through the frothy 2017 crypto apocalypse, can Bitcoin survive COVID-19 economic fallout? Bitcoin has fallen more than 65 percent from its all-time high of $20,000. The last year has been quite brutal in terms of loss in value, and the crypto industry is going through rough times.
So, why is it that Bitcoin is still seen as a savior in the current financially-perilous times? And can Bitcoin survive COVID-19 pandemic? That’s because it is this decade’s most valued asset and survived its first-ever crash fairly well.
Bitcoin promises more than just the monetary value it represents – it is an idea. It shows what people can do when they are determined to shed the traditional financial systems and adopt a whole new decentralized approach to asset creation. In essence, it is a new way to perceive money and achieve financial independence.
Can Bitcoin survive COVID-19 economic upheaval
The world has arrived at a precipice – a potential economic fallout more significant than the 2008 financial rout. The ever-rising global debt of governments is spiraling out of control. Excessive money is being pumped by central banks across the world to keep financial markets afloat. To prop up the illusionary sense of societal well-being, governments are spending beyond their means.
Drying tax revenues, failing businesses, declining quarterly results, and massive unemployment rates are all swept underneath a colossal rug made up of debt money and sewn by central banks. Government debt stood at $30 trillion in 2007 and has since ballooned to touch $70 trillion today.
— Debt To The Penny (@DebtToThePenny) April 16, 2020
What’s frightening is that this figure may soon touch infinity if central banks don’t stop their eternal printing machines. Unfortunately, the COVID-19 outbreak has accelerated the trend of rising government debt…