Cryptocurrency
Bitcoin Must Live Up To Potential Or Risk Becoming Luxury Good: Analyst
As reported on NewsBTC, “Bitcoin is at a critical inflection point, not just in its current trend or price action, but of its entire existence. With a recession potentially around the corner, Bitcoin is about to face its most challenging environment yet, and will either live up to its full potential or fade into obscurity as a […]
As reported on NewsBTC, “Bitcoin is at a critical inflection point, not just in its current trend or price action, but of its entire existence. With a recession potentially around the corner, Bitcoin is about to face its most challenging environment yet, and will either live up to its full potential or fade into obscurity as a non-essential luxury good.
“Bitcoin was created in 2008, during the peak of the Great Recession.
“It was designed to be decentralized, requiring no third-party such as a central bank or other authority to validate transactions, and includes other unique attributes that are beneficial over fiat currencies.
“Fiat currencies can be printed at a whim by reserve banks, while Bitcoin is hard-coded to be capped at just 21 million BTC.
“The recession was such an important motivator for the asset’s creator – Satoshi Nakamoto – they even included a quote referencing a headline published by The Times referencing the economic instability caused by fractional-reserve banking.
“The ultimate goal of Bitcoin is to replace fiat currencies, do away with fractional-reserve banking, and with it, remove the control central banks and governments have over humanity by way of their money.
“Bitcoin has now lasted a decade of positive economic growth but is about to face its toughest environment yet that will either make or break the crypto asset…”