A COLOSSAL Financial MELTDOWN Is Imminent - Crypto Our LAST HOPE
With the global economy on the verge of jumping from the edge of a cliff we can recall the 2008 paradigm and take feasible precautions.
We will experience a crypto revival as the legacy financial system collapses and economies enter deep recession levels.
Until 2008 people considered their banks safe and too big to fail, a notion the 2008 economic meltdown invalidated.
Alternatives and safe-haven assets to bank runs are necessary security layers.
The housing market is in a new bubble once again.
High national debt makes bonds a risky move at times of recession.
Even gold lost its appeal after all those vast deposits discovered in the African continent in the previous years.
Perhaps Bitcoin (BTC) can act as an unconventional alternative, a final hope, a lifejacket that will sustain value during extreme economic conditions worldwide when everything else collapses.
Certainly, there are far better cryptocurrencies than BTC out there.
Alternatives to the Fiat Establishment
We seek coins with limited supply, decentralized procedures, permissionless nature, AND robust networks offering fast and cheap transactions.
In the previous recession, China sustained high GDP growth, thus reducing the extent of the crisis.
A financial meltdown today will deliver a huge blow on a global scale, and it can also begin in China.
For the time being, every field and industry is malfunctioning.
War or no war, the system after Covid 19 does not work.
Ships stranded in ports with transportation facing a logistics nightmare and raw materials becoming scarcer by the day. There’s nothing that points to recovery at this point. Western population is shrinking as a result of decades of extreme taxation of the middle class and lower wages. Greed is increasing.
The public sector in every economy has reached the size of a colossal walking corpse.
Nothing works properly in any economy except taxes.
Globalization is at its weakest moment. A race to the bottom. Who will sink first, and who will follow? This is the state of our economies today, almost two years after the first covid lockdowns.
From the US to China and Russia to Argentina, billions of people are trapped in a model that generates uncertainty, fear, and destabilization.
And, somehow, we find a gang of economists together with a few politicians and fiat-sympathizers, claiming crypto has no use case.
We will see about that.
Seek Cryptocurrencies With Vast Potential
Crypto potential derives from certain elements:
alternatives to failing fiat currencies, banks, and CBDCs
solving fundamental issues of blockchain networks (scaling, high fees)
supporting the development of new financial instruments (DeFi, NFTs)
disrupting finance with a net positive outcome for societies
In Conclusion
We can consider crypto a hedge against the effects of a recession and capital controls that are more than probable. However, cryptocurrencies haven't been tested as such in these conditions. Logic suggests money will move in crypto once it is used for its purpose.
Some consider Bitcoin (BTC) the best alternative to fiat, although there are many cryptocurrencies with more useful features and networks that scale to host mass adoption.
Unfortunately, Bitcoin (BTC) disregarded the global scale, and its second-layer solutions look like weak Paypal clones. The Bitcoin network can't sustain any more growth on-chain. We have better solutions.
Cryptocurrencies like Bitcoin Cash, Dash, Monero, ZCash, and even meme coin Doge can fill a massive gap during a financial meltdown.
When banks stop working, so will fiat money. Some of us experienced a bank run in the past, even lived under strict capital controls, and desired an alternative to deposit our hopes.
Crypto offers an alternative that wasn't there in the previous global economic disaster.
Cover picture by AlexAntropov86 on Pixabay (modified)
Also Read:
Posting on:
● read.cash ● noise.cash ● noise.app ● Medium ● Hive ● Steemit ●Vocal
● Minds ● Publish0x ● Twitter
Don't forget to Subscribe and Like if you enjoyed this article!
The problem is, people are still "comfortable" in putting their money in the bank for the "pseudo-security" they offer.