As many economies slowly begin opening up again, their stability remains uncertain. 2020 will go down in the history books as the year financial markets suffered their worst day since 1987 and oil’s value went negative for the first time.
Bitcoin (BTC) continues to increase in popularity across the globe, particularly as emerging markets with populations counting billions begin to recognize its potential. The asset has proven extraordinary resilience in the worst economic crisis of our living time — even overtaking gold as the best performing asset of 2020.
The COVID-19 pandemic has pulled the breaks on the world economy, with the United States Federal Reserve — the world’s most powerful central bank — being left with no option but to print unlimited money from their magic money tree. The damage is estimated to cost at least $1 trillion, its flow-on effect causing widespread unemployment.
The crisis won’t be over when the pandemic is, and it will reveal to the traditional financial system that there is a lot to learn. This year, Bitcoin will create a new economic class, and it’s time for all to pay attention to it — or miss out.
Traditional finance needs to be revamped
The moment the Federal Reserve announced “infinite money” and oil’s value went into decline, the value of Bitcoin grew. People are beginning to realize that we can no longer continue relying on traditional forms of finance. For decades, indebtedness across the world has grown, and asset bubbles have continued to enlarge. It appears we have learned nothing from the 2008 Global Financial Crisis. This health crisis is the icing on the already crumbling cake that our society is built on. But with Bitcoin, 2020 could be a different story.
Bitcoin’s ability to ride traditional financial markets upward is a telling sign not only of its resilience but its role as a somewhat safe haven. On Jan. 3, 2009, when the Genesis Block…
… Continue Reading at: cointelegraph.com [source]