- Bitcoin Was Created Out of the Notion that Banks Could Not Be Trusted
- The Next Economic Collapse Would Be Worse than the Previous One
- Bitcoin’s “Store of Value” Sentiment Is Now Stronger than Ever
Bitcoin News Today – About ten years ago, the world economy was not in a pretty good state. The world needed a solution and one came through in the form of a decentralized P2P digital monetary system. Bitcoin (BTC) came into existence, and ten years on, it seems to be a déjà vu for the world economy.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Was Created Out of the Notion that Banks Could Not Be Trusted
Banks were largely responsible for the previous economic crisis. They were engaged in hedge fund trading with derivatives then asking for more mortgages to support the profitable sales of these derivatives. Bankers are basically responsible for the global economic meltdown and everyone suffered.
Satoshi created Bitcoin (BTC) out of the notion that banks have proven that they cannot be trusted. In a statement, Satoshi Nakamoto wrote:
“The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”
United States debt is increasing to unexpected levels and there are indications that there is another potential economic meltdown. The national debt is now heading towards $23 trillion, and the situation seems to be out of control. The US, being one of the largest economies in the world, would drag the rest of the world into financial turmoil.
The Next Economic Collapse Would Be Worse than the Previous One
Goldbug Peter Schiff has predicted the time of the collapse several times, and he said it would be far worse than the previous one. Schiff said:
“The economic collapse that is going to follow the bursting of this bubble is going to be far more dramatic than 2008.”
Bitcoin’s “Store of Value” Sentiment Is Now Stronger than Ever
Bitcoin (BTC) is seen as a store of value and it is referred to as digital gold. The store of value sentiment of the digital currency is now stronger than ever. Many millennials will not forget the last crash and they would be wary of banks and their meddling. Bitcoin (BTC) might be their number one choice over gold because they grew up with the internet and technology, unlike the generation before them.
Weiss Ratings recently echoed the sentiment in a tweet that sums up the present situation. In the tweet, Weiss Ratings said:
“Bitcoin was an overreaction to the financial crisis and the monetary system that allowed it to occur. Today, instead of functioning as an efficient peer-to-peer system for transferring cash, $BTC is evolving into a store of value like gold.”