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On the brink of recession: Can Bitcoin survive its first global economic crisis?

Published 06/23/2022, 04:12 AM
Updated 06/23/2022, 06:00 AM
On the brink of recession: Can Bitcoin survive its first global economic crisis?

Bitcoin (BTC) was a response to the 2008 global recession. It introduced a new way to transact without depending on trust of third-parties, such as banks, particularly failing banks that were nevertheless bailed out by government at the expense of the public.

"The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust," Satoshi Nakamoto wrote in 2009.

BTC/USD daily price chart. Source: TradingView
Fed funds rate versus inflation. Source: Ecoinometrics
The next recession in the U.S. will begin in 2023. Source: Financial Times
BravenewCoin Liquid Index featuring Bitcoin's bear market since 2011. Source: TradingView
S&P 500 drawdowns throughout its history. Source: Ecoinometrics
Altcoins that heave faced nearly 100% losses in 2022. Source: Messari
Ethereum leads the smart contract sector. Source: DeFi Llama

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Latest comments

But isnt the idea behind BTC that it would be completely detaches from the prevalent economic system??
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