Many people feel that an impending economic crisis is about to hit the global economy. In this situation, many are suggesting that Bitcoin may help in passing and coping with the economic crisis.
Even though the economy seems to be doing just fine as of now, some visible negative signs were a clear heads-up for the global economic recessions. Some of the worst economic recessions are that of the oil crises in the seventies, the Dotcom and the great recession.
There has never been a global recession since Bitcoin was created. Next time it happens, there is an escape hatch. https://t.co/XmwcCcuSU9
— Erik Voorhees (@ErikVoorhees) April 16, 2019
The global debt is increasing day by day, and since the economic fiasco in 2008 the amount of debt has been increased by trillions of dollars. All of this is because of the immense neglect and lack of responsibility shown by all the parties involved.
Trace Mayer has been a long time supporter of the decentralized systems and Bitcoin cryptocurrency. According to him, the global debt stands at over eight-seven trillion dollars ($87 trillion). This only goes to show that humanity has failed to learn from the mistakes that it made in the past.
As of now, the USA alone has a debt of over twenty-two million dollars, and it is increasing with each passing day. The Peterson Foundation is a group that tackles economic issues, and they said that the problem the USA is facing is not only unsustainable, but it is rapidly growing with time
Analysts and researchers are also noticing that the current financial ecosystem is extremely vulnerable and fragile as the extreme lack of volatility and increase in VIX is troublesome. The current political and social climate is only igniting the economic crisis
Seeing the current situation, it is fine to say that Bitcoin and cryptocurrencies may be a way to tackle the crisis seeing that they are decentralized. If the current situation continues then, America will be stuck paying back its debts for all eternity, and by that time Bitcoin and crypto currencies will already have dominated the world.