Bitcoin To Face Challenges “Unlike Anything We’ve Experienced In Our Lifetimes,” Says IMF – Recession Is Coming
Amidst the global crisis triggered by the coronavirus pandemic, people have turned more and more to Bitcoin as a safe haven. Traditional finance is being his drastically by the economic crisis, and people are searching for a flight to safety.
Bitcoin and cryptos are definitely one choice these days, and it’s been revealed that interest in BTC has been on the rise.
Also, earlier today, it’s been revealed that during the past couple of days, about $18 billion have been added to the crypto market.
At the moment of writing this article, the total market cap is above $208 billion.
IMF predicts the world is heading towards a massive financial crisis
The IMF is predicting the world is heading towards a massive financial crisis which will be even greater than the Great Depression that hit 90 years ago.
Bitcoin was born during the last financial crisis from back in 2008 and the crypto will reportedly face an unprecedented challenge to prove that it meets the main purpose for which it was created.
Bitcoin will be forced to survive and thrive with a fixed supply amidst widespread money printing.
The speed of collapse is new to us
Not too long ago, IMF chief economist Gita Gopinath said that the magnitude and speed of the current collapse that’s been brought by the coronavirus pandemic is “unlike anything we’ve experienced in our lifetimes.”
Gopinath also said that there is too much uncertainty these days, and this will affect human life and the global economy.
“There is substantial uncertainty on the impact it will have on people’s lives and livelihoods. A lot will depend on the epidemiology of the virus, the effectiveness of containment measures, and the development of therapeutics and vaccines – variables which are very hard to predict.”
Make sure to check out the video above in order to learn more details.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.