Economic situation around the world and Bitcoin

[stompix]

You may have a point here, but its the young generations that can push these bitcoin. Millennials, are knowledgeable enough especially this digital assets (not decentralized). Happenings in Hong Kong, those rallies push the bitcoin or crypto trading. They are looking for other option and cryptocurrencies are the favorable choice now. Look also to Venezuela, Africa etc., bitcoin is a viable  option.

The young generation can do nothing if they are pennyless. Pab said it perfectly:

People in Venezuela and Ghana have no money to buy bitcoin.

People looking at massive adoption in Africa should really do some math first, it's not how many you are but how much $ you have in your pocket.
Just for a moment let's look at some numbers.
Europeans (400millions) spend on tourism more than the entire GDP of Nigeria (200 million).
Can you people even imagine the difference between the purchasing power?

Which economic situation? You're not specific here. It is not only Venezuela and Ghana that are adopting Bitcoin.

You probably have no idea what a country adopting bitcoin means.
There is no country that has adopted bitcoin in the world, just because it has made bitcoin payments legal it doesn't mean adoption.
Has Spain adopted eBay? Has Portugal adopted KFC? Has Canada adopted PayPal?

Also...Ghana...the new financial capital of the world...s/

They might not have much in the way of savings in the current market, but they are using BTC as a way to survive now, and it's almost as popular as their main currency due to the issues with that.

It will be as popular as their own currency the moment I see 30 million transactions in the chain a day originating from Venezuela.
Oh...wait!!!
Let's stop with all those bs about a country surviving because of bitcoin!
Seriously, this stupid propaganda has reached madness levels.

Why can't you people see bitcoin as a normal currency that is used by people who afford to buy things it in places where there are shops and businesses to do so? But no, you have to find the most usage in some forgotten 5th world country where there is only a hyena selling two gazelle horns for 100 satoshis.
Just as bad, whenever a country falls, thousand lose their job, kids go hungry....this is good for bitcoin. Soon moon!!!! Some of you are worse than those corrupt governments with your ideas.

[Polo7]

Economic situation all over the world depends now on talks about tariffs between USA and China.If talks will fail we will see mega crisis.Now ask yourself if your economic and financial situation uncertain will you put your money what you need to survive in most risky asset.Bitcoin is most risky and most profitable asset in the world

Talks between the USA and China are definitely going to fail. The Chinese leadership is gambling that Trump won't get re-elected and that there will be another "softer" president in place by Jan 2021.

So the stand-off will continue and whether the US goes into recession depends on how resilient their economy is and whether they can shrug off slowdowns in the rest of the world.

Recession???
Fed just started money printing!!
What recession u talk about here?
Recession it was all Ready.
Same for Europe.

[Polo7]

You may have a point here, but its the young generations that can push these bitcoin. Millennials, are knowledgeable enough especially this digital assets (not decentralized). Happenings in Hong Kong, those rallies push the bitcoin or crypto trading. They are looking for other option and cryptocurrencies are the favorable choice now. Look also to Venezuela, Africa etc., bitcoin is a viable  option.

The young generation can do nothing if they are pennyless. Pab said it perfectly:

People in Venezuela and Ghana have no money to buy bitcoin.

People looking at massive adoption in Africa should really do some math first, it's not how many you are but how much $ you have in your pocket.
Just for a moment let's look at some numbers.
Europeans (400millions) spend on tourism more than the entire GDP of Nigeria (200 million).
Can you people even imagine the difference between the purchasing power?

Which economic situation? You're not specific here. It is not only Venezuela and Ghana that are adopting Bitcoin.

You probably have no idea what a country adopting bitcoin means.
There is no country that has adopted bitcoin in the world, just because it has made bitcoin payments legal it doesn't mean adoption.
Has Spain adopted eBay? Has Portugal adopted KFC? Has Canada adopted PayPal?

Also...Ghana...the new financial capital of the world...s/

They might not have much in the way of savings in the current market, but they are using BTC as a way to survive now, and it's almost as popular as their main currency due to the issues with that.

It will be as popular as their own currency the moment I see 30 million transactions in the chain a day originating from Venezuela.
Oh...wait!!!
Let's stop with all those bs about a country surviving because of bitcoin!
Seriously, this stupid propaganda has reached madness levels.

Why can't you people see bitcoin as a normal currency that is used by people who afford to buy things it in places where there are shops and businesses to do so? But no, you have to find the most usage in some forgotten 5th world country where there is only a hyena selling two gazelle horns for 100 satoshis.
Just as bad, whenever a country falls, thousand lose their job, kids go hungry....this is good for bitcoin. Soon moon!!!! Some of you are worse than those corrupt governments with your ideas.

All right we have Solution here!
We need to move Europe, Asia and USA Capital into Bitcoin.

I Hope to see more capital in crypto!

[SummerBliss]

There are definitely a direct correlation between what happens in global markets and what is happening with the Bitcoin price. We see a lot of third world citizens buying more bitcoins to protect the value of their wealth, when their economy are struggling. Bitcoin as a store of value has proven that it is just as good as Gold and in some instances even better than Gold as a store of value. <It is easier to buy bitcoins and it is less regulated.>  

Hyperinflation in Fiat currencies are Bitcoin's best friend, because it serve as a alternative protection when these currencies fail to protect people's wealth.  

There may be some instances of it but we can't say bitcoin has prominent share in investment market in third-world countries. People still rely on traditional means like gold or invest in stock markets. Although Bitcoin is quite popular in these countries but hardly 2-3% population really invest in Bitcoin.  It may be a good investment at individual level and several lives do change with Bitcoin investment but it is too soon to link Economy as whole with Bitcoin.

[Ailmand]

Do you think this Economic situation will push More People into Bitcoin?


We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

China USA  trading?  Do you think that has impact too?


Coz i think the gold market is about pop the bubble soon

Venezuela adopted bitcoin with a hope to cope up.with hyper inflation. Let us be clear that crypto will not fully help a country to fix economic problem. True that it can be a good way to open new opportunities and help ease a new money system, however it cannot fix the whole economy if it is already suffering.

[NavI_027]

People in Venezuela and Ghana have no money to buy bitcoin.Do you think that average person in these and similar countries is able to buy even 0.100 btc a month

Wait, you don't need to judge them. For me you sounds like you are belittling them. Anyway, always keep in mind that greater investment doesn't necessarily means greater profits. Best example? The early adapters. They invested only few bucks back on those days but some of them are now billionaires.

Just invest as much as you, let it accumulate then wait for btc's price to skyrocket. That's it, you can now earn a decent amount of money .

[doomistake]

It's unlikely that people will move to bitcoin during the economic crisis! Gold and other precious metals like Silver or platinum is becoming their obvious choice. If you see the price chart of gold for last 6 months, the trend will be visible to you! You can refer the link below,

https://goldprice.org/gold-price-chart.html

Now let me prove my statement when I say that bitcoin will not be the obvious choice during the economic slowdown. The reason is very simple! During an economic slowdown, a person would want to look for another investment asset to safeguard their capital. That person probably wouldn't look for profits but to ensure that his capital is not depreciating. This kind of people would want some investment asset which is less volatile and have a proved track record. Simply put, Bitcoin doesn't fit that criteria!

 

The prices of Golds and other precious metals that you mentioned is also depreciating, but not as much as bitcoin have because of its volatility. It is true that people don't want to go that far risking their capital on something they are not even sure of, and that is investing in bitcoin or other cryptocurrencies, but, going for Bitcoin instead of Gold is much superior, bold, and risky decision that they could ever made but securely going to give them a lot of profits in the long run.

Nonetheless, there is a 40:60 chances that they will choose bitcoin, you can't risk what you all have if your daily needs is on the line.

[Google+]

the possibility of economic conditions could have an effect on the price of bitcoin if the economy is good there will be many who make transactions using bitcoin while if it is not good it will be few who make transactions using bitcoin and will make the market quiet.

[MonsterV]

The gold market will indeed happen but before that happens I think the world economy and by various countries will adopt Bitcoin as a digital currency for online payments.We know that currently the world economic turmoil is underway, between China and USA they are fighting to become the No. 1 in the world.

Not that easy, dude, the problem of bitcoin adoption so far is regulation, bitcoin adoption is limited by regulations of each country causing a lack of equitable knowledge of crypto currencies. Not only that, understanding of gold and bitcoin in economic crisis is still unclear especially on bitcoin so most of them would prefer gold.

The biggest impetus of bitcoin is on investors, especially ICO / IEO investors. When ICO was still popular in 2017, bitcoin was able to reach ATH. At the moment I do not know very well whether,  economic situation will side with gold or bitcoin, if there is a bad FUD against bitcoin then I am sure this holder will run to gold.

[ashmodeus]

Do you think this Economic situation will push More People into Bitcoin?
Coz i think the gold market is about pop the bubble soon

no no, not anytime soon.
u know, and i guess people of the world know too, bitcoin its a final choice.
since the bitcoin can drop 20% a day, people must think more than 2 times for make it assest like gold.

[Wexnident]

Do you think this Economic situation will push More People into Bitcoin?


We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

China USA  trading?  Do you think that has impact too?


Coz i think the gold market is about pop the bubble soon

It's too early. The countries that are currently adopting coins could buy them regularly which could change the market prices but those countries with poor economic backgrounds would have difficulties integrating themselves into the cryptoworld since they lack the funds to participate in the trade. If gold popped, those countries would lose a huge part or their financial ability. Of course, investing in crypto could still get large gains, but time is needed for it to produce results.

[ivakar]

Not that easy, dude, the problem of bitcoin adoption so far is regulation, bitcoin adoption is limited by regulations of each country causing a lack of equitable knowledge of crypto currencies. Not only that, understanding of gold and bitcoin in economic crisis is still unclear especially on bitcoin so most of them would prefer gold.

The biggest impetus of bitcoin is on investors, especially ICO / IEO investors. When ICO was still popular in 2017, bitcoin was able to reach ATH. At the moment I do not know very well whether,  economic situation will side with gold or bitcoin, if there is a bad FUD against bitcoin then I am sure this holder will run to gold.

I think the main moving power for investing in bitcoin is an expectation to gain high profit,  that is why investing into ICO was so popular in 2017 and quite a lot of ICO were scam because of hype. After regulators added some rules to regulate this, a lot of ICO scum died.
Poor people have dream to become reach in a magic way, that is why taking into accout, that crypto could return high profit in a short given time - sometimes it could work out.

[Eclipse26]

Venezuela might be trying to find ways on how to solve their economic problems that's why they're adopting bitcoin. Though I don't have an idea if it was successful on not. Venezuela's money are losing its value because of inflation, I bet they don't really care about their money so their looking for something new that has still value.

Developed countries are unlikely to adopt bitcoin since their currency is still doing well, why would they adapt another currency?

[Beparanf]

Both can be a better solution in every economic problems, but it will depends on their resistance for risk and timeline needed. Having gold is a good asset but still depends in the country of how much they will buy and sells it, depends on their capability to utilize this resources. Unlike in bitcoin as often give more chance to fast transactions and volatility we will just need to acquire some and wait for a time were it will arise or simply do trading that can give us profit if well trained. Both choices need a help from their country as their economic situation isn't that good, adapting and acquiring both will be hard , it will be in their personal skills how they can buy and use it to help to influence their government for a better economic solution.

[NathanJB]

Do you think this Economic situation will push More People into Bitcoin?


We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

China USA  trading?  Do you think that has impact too?


Coz i think the gold market is about pop the bubble soon

Comparing those countries are not fair to be honest,and there is no reason for country like USA to move to bitcoin from now unless all their citizen think that way.Trade war has no influence to the adoption of cryptos.

There is no reason for the USA to move to Bitcoin because it is treated as an enemy of what makes the country USA. If they move to Bitcoin, Wall Street will fall, the US dollar will be worthless, and the country will be in debacle. The powerful will suddenly turn equal to everyone. They will not allow that to happen.

Trade wars could pull down the value of the currencies involved and that would make everything uncertain. Somehow, that may benefit Bitcoin if the rich will treat Bitcoin as a hedge to avoid getting caught in the war.

[EdenHazard]

The gold market will indeed happen but before that happens I think the world economy and by various countries will adopt Bitcoin as a digital currency for online payments.We know that currently the world economic turmoil is underway, between China and USA they are fighting to become the No. 1 in the world.

Not that easy, dude, the problem of bitcoin adoption so far is regulation, bitcoin adoption is limited by regulations of each country causing a lack of equitable knowledge of crypto currencies. Not only that, understanding of gold and bitcoin in economic crisis is still unclear especially on bitcoin so most of them would prefer gold.

The biggest impetus of bitcoin is on investors, especially ICO / IEO investors. When ICO was still popular in 2017, bitcoin was able to reach ATH. At the moment I do not know very well whether,  economic situation will side with gold or bitcoin, if there is a bad FUD against bitcoin then I am sure this holder will run to gold.

Gold will always become the most realistic safe haven of storing value whenever the world economics showing unusual activity or an unclear situation like we had right now. Honestly It must be bitcoin or any other cryptocurrency on top on that ... but since google claimed that they have a supercomputer which could solve / crack the powerful encryption in cryptocurrency few weeks ago.

Things went wrong ... cryptocurrency market crashed free fall down to $7,000 from $10,000 because of Google claim! People even leave their wallet empty and move it to gold or just cash them out.

The situation will remain like this all day at least until the end of this year, not much you can do but with the market swing ... you might could take some advantage to trade and get some profit out of it.

[Finestream]

Bitcoin is a better option IMO, I know gold is stable and recommended by top investors but we are in a digital era now, people are aware already that internet is a big factor and its already part of our daily life. With bitcoin and crypto as our holdings, we will be able to access it anytime and do what we want to do, as long as we keep it in our own wallet which we hold the key, it's a sign that we own something or part of the total supply and makes things very transparent on our side unlike the usual type of investment where we don't really hold it or completely own it.

[alyssa85]

Developed countries are unlikely to adopt bitcoin since their currency is still doing well, why would they adapt another currency?

The only situation that would persuade someone from a developed country to adopt bitcoin is something like the eurozone crisis.

People forget that it was the crisis in 2013 that pushed bitcoin into the mainstream (they were confiscating people's savings in Cyprus banks to save the banking system and instigated horrendous capital controls so people couldn't get their money out.

Since then, the eurozone countries have passed a "bail-in" law where people's savings are confiscated to bail out banks. This is in contrast with Anglosphere countries where the govt is expected to do the bailout.

Lots of the eurozone banks are weak, and if there is another crisis watch for lots of bail-ins, lots of people having their savings confiscated and renewed interest in bitcoin and crypto.

IMO the eurozone is the weak point in the developed world.

[Moiyah]

Do you think this Economic situation will push More People into Bitcoin?

Yeah, because of vast technology and knowledge of many people about crytpocurrency,  I think many more business will join the world of digital trading and exchanges. We consider the btc as gold of internet, the difference between a real gold is the value is continuously declining, other states incessantly printing fiat money that makes currency devalue by the central banks which also affects the economic situation of one country.
I just hope in the near future they will create application which protects the btc to hackers and scammers (I know there are insurance offering in crypto, but I mean almost 100% security) so that more people join the crypto circulation and feel their money is safe and sound.

[brightemo]

World economic situation can dump btc price, unfortunatly. Recession is not good in general