Bitcoin Advocate Andreas Antonopolous Urge For Economic Disaster In Crypto Circles
Bitcoin has been gaining massive popularity, and the mainstream adoption of the digital assets is also going great these days.
There are all kinds of rumors and predictions about the king coin’s price and what would trigger bullish moves for BTC.
Can economic disaster push the price of Bitcoin?
Bitcoin Advocate Andreas Antonopolous is addressing the fact that many crypto analysts from more crypto circles say that a massive economic disaster would become the catalyst of BTC’s price one day.
Antonopoulos recently told Laura Shin on the Unchained Podcast that BTC will drop in line with other assets when the global economy suffers a big setback, and such a terrible event would definitely not boost the king coin to the moon.
“The disaster glee that you see in some Bitcoin circles where it’s like ‘I hope the economy crashes because then Bitcoin’s going to the moon and I’ll have bags.’ That disaster romanticism is both creepy, as well as irrational, because, in the short term, exactly the opposite happens. In the short term, Bitcoin does get sold off just as hard as the other assets and probably harder because it has this extreme volatility. There are no mechanisms to stop it from dropping just as hard,” he said as quoted by the online publication the Daily Hodl.
Antonopoulos said that an “unprecedented injection of global liquidity” across the global economy over the past 10 years had the effect of correlating more and more assets to whatever the current degree of stimulus is being promoted by the U.S. Federal Reserve.
“It creates these weird phenomena like ‘good news is bad news’ because it will lead to less stimulus, and ‘bad news is good news’ because it will lead to more stimulus…” he explained.
He continued and said that BTC is definitely correlated with all the other assets because the king coin responds to the very same incentives.
At the moment of writing this article, Bitcoin is trading in the green, and the king coin is priced at $10,846.43.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.