Big test for Bitcoin during the next Economic Collapse.

[wiss19]

I am starting to believe that Satoshi created Bitcoin for what’s coming next, or might come next. Because of the COVID-19 pandemic, I’m not sure about the rest of the countries, but the United Stated Federal Reserve prrrrinted inordinate amounts of U.S. Dollars to stimulate the economy, with plans to print trillions more under President Biden. All the prrrrinting and a falling GDP MIGHT be the seeds for the worst situation of an Economic Crisis. HYPERINFLATION.

Bitcoin has been criticized as a medium “for speculation”. Big test. Is it just merely “for speculation”, or an actual “safe haven”? Will Bitcoin crash together with the rest of the economy, or will everyone run to it as a Store of Value?

If anything is crashing, I don’t think that is going to be bitcoin. Bitcoin is for sure going to last and the value will increase, as we have seen it do at this time. If the economy is falling, bitcoin will still increase in value when the time is right for it to increase in value.

I think that this pandemic has already proven that to us all, and we have seen the way that bitcoin has been able to grow, even though at first it seemed like it was going to crash to a very low point when it started to drop, but it didn’t take time before it started going up again and even broke the record for its last ATH price and now moved up times three of that value. I just think that since the value is volatile, there will also be times when it’s going to crash heavily, even after this bullish trend we have seen, we are also going to see downtrend as well.

[ice098]

I remember last year when it crashed that was a blissful moment for me, it was a pandemic deal and I am sorry for all the lives lost to it, and I know it was all around a horrible year so far, but I have managed to buy bitcoin for very cheap and watch it do 10x right away, that is why I like bitcoin, if you know when to buy you could make a good profit.

This is why I buy every time it falls, if it is a 10%+ fall I will buy it, if it is 20%+ fall I will buy more and it goes on like that. At the end of the day I believe bitcoin will be doing fine, so why would I get scared and sell? It will recover one way or another.

Totally a blissful moment for you mate because you may didn't expected bitcoin to go as higher as $57000-$60000 today but you have anticipated that it is better to put an amount that you can afford to invest in bitcoin than be sorry. The trust that you have given to bitcoin market was unmeasurable that you take risk to put certain amount in bitcoinas an investment.

And now, you reap what you have sow, the market of bitcoin really produce a fruitful and abundant year and you can now earn your return of your investment as 10x as much as you have purchased it.

[Wind_FURY]

6 TRILLION U.S. DOLLARS! That’s Biden’s plan. The proposal, if approved, will be for the fiscal year of 2022 and will he the highest in federal spending since World War 2. For Bitcoin, that will extend the current bull market. The crash we just experienced? It’s a GIFT! During times of extreme fear in the market, Buy the dip, and HODL.

[Mauser]

6 TRILLION U.S. DOLLARS! That’s Biden’s plan. The proposal, if approved, will be for the fiscal year of 2022 and will he the highest in federal spending since World War 2. For Bitcoin, that will extend the current bull market. The crash we just experienced? It’s a GIFT! During times of extreme fear in the market, Buy the dip, and HODL.

I agree with you that any new fiscal stimulus package will likely have a positive impact on bitcoins. But there are also risks that we are facing right now with bitcoins. What if more countries and Billionaires join in on bashing bitcoins? Even though the bitcoin price I still high compared to one year ago, we need to remain cautious. This is probably the last chance for countries to stop bitcoin. Once we reach another ATH there won't be anything stopping bitcoins.

[Wind_FURY]

6 TRILLION U.S. DOLLARS! That’s Biden’s plan. The proposal, if approved, will be for the fiscal year of 2022 and will he the highest in federal spending since World War 2. For Bitcoin, that will extend the current bull market. The crash we just experienced? It’s a GIFT! During times of extreme fear in the market, Buy the dip, and HODL.

I agree with you that any new fiscal stimulus package will likely have a positive impact on bitcoins.

The impact will be positive and negative. It will make Bitcoin and many cryptocurrencies surge, but it might also cause uncontrollable inflation and cause hyperinflation. Then what should we do? HODL Bitcoin as a hedge.

But there are also risks that we are facing right now with bitcoins. What if more countries and Billionaires join in on bashing bitcoins? Even though the bitcoin price I still high compared to one year ago, we need to remain cautious. This is probably the last chance for countries to stop bitcoin. Once we reach another ATH there won't be anything stopping bitcoins.

That’s simply sentiment. Sentiments change.

[jaysabi]

6 TRILLION U.S. DOLLARS! That’s Biden’s plan. The proposal, if approved, will be for the fiscal year of 2022 and will he the highest in federal spending since World War 2. For Bitcoin, that will extend the current bull market. The crash we just experienced? It’s a GIFT! During times of extreme fear in the market, Buy the dip, and HODL.

Trump's last budget while in office was 4.8 trillion dollars, so a 25% increase that goes towards actually investing in transforming the economy seems pretty reasonable when put in the proper context.  The emphasis on infrastructure and renewable energy is going to create a ton of well-paying and lasting jobs as the economy transforms and catches up to other economies that have already focused on greener energy sources.  Looks pretty reasonable to be focusing on initiatives that benefit the middle and lower classes for once.

[wahyu wida]

6 TRILLION U.S. DOLLARS! That’s Biden’s plan. The proposal, if approved, will be for the fiscal year of 2022 and will he the highest in federal spending since World War 2. For Bitcoin, that will extend the current bull market. The crash we just experienced? It’s a GIFT! During times of extreme fear in the market, Buy the dip, and HODL.

I agree with you that any new fiscal stimulus package will likely have a positive impact on bitcoins. But there are also risks that we are facing right now with bitcoins. What if more countries and Billionaires join in on bashing bitcoins? Even though the bitcoin price I still high compared to one year ago, we need to remain cautious. This is probably the last chance for countries to stop bitcoin. Once we reach another ATH there won't be anything stopping bitcoins.

right, the government seems to only prohibit the use of bitcoin as a means of payment, but does not prohibit people from owning bitcoin. With this, it is like the government wants to kill bitcoin but cannot, so it only limits its space. we can see that until now the main goal of bitcoin has not been achieved

[stadus]

6 TRILLION U.S. DOLLARS! That’s Biden’s plan. The proposal, if approved, will be for the fiscal year of 2022 and will he the highest in federal spending since World War 2. For Bitcoin, that will extend the current bull market. The crash we just experienced? It’s a GIFT! During times of extreme fear in the market, Buy the dip, and HODL.

I agree with you that any new fiscal stimulus package will likely have a positive impact on bitcoins. But there are also risks that we are facing right now with bitcoins. What if more countries and Billionaires join in on bashing bitcoins? Even though the bitcoin price I still high compared to one year ago, we need to remain cautious. This is probably the last chance for countries to stop bitcoin. Once we reach another ATH there won't be anything stopping bitcoins.

right, the government seems to only prohibit the use of bitcoin as a means of payment, but does not prohibit people from owning bitcoin. With this, it is like the government wants to kill bitcoin but cannot, so it only limits its space. we can see that until now the main goal of bitcoin has not been achieved

Obviously, that's the intention, and if they are successful with that, bitcoin demand will decrease as it will only increase if it's widely used as a payment system which is what we hope a massive adoption. However, I think I'm done with believing that bitcoin as a payment method will be ban in most countries as it's been in the news or speculation and until now bitcoin is still here and it's still valuable.

[Wind_FURY]

6 TRILLION U.S. DOLLARS! That’s Biden’s plan. The proposal, if approved, will be for the fiscal year of 2022 and will he the highest in federal spending since World War 2. For Bitcoin, that will extend the current bull market. The crash we just experienced? It’s a GIFT! During times of extreme fear in the market, Buy the dip, and HODL.

Trump's last budget while in office was 4.8 trillion dollars, so a 25% increase that goes towards actually investing in transforming the economy seems pretty reasonable when put in the proper context.  The emphasis on infrastructure and renewable energy is going to create a ton of well-paying and lasting jobs as the economy transforms and catches up to other economies that have already focused on greener energy sources.  Looks pretty reasonable to be focusing on initiatives that benefit the middle and lower classes for once.

But the consequences. You don’t believe it will cause an “inflation-death-spiral”? Plus if the Fed starts to control it through raising interest rates, they would risk another economic crash/crisis. Is there a person brave enough to become the next Paul Volcker? I believe there’s none.

[AicecreaME]

I think this is just a phase for bitcoin. The decrease of bitcoin's value last month was just totally normal given its volatile nature. The sudden price drop will surely bounce back in no time. It's not like fiat money which undergoes hyperinflation whenever there's an economic recession and disruption of market flow. Bitcoin, despite the hyperinflation, will still do well. Maybe that is why a lot of investors are now pouring their money on crypto because they see its potential compared to fiat if ever worse comes to worst. It is now perceived as a safe haven due to minimal effect whenever hyperinflation happens.

[justdimin]

You don’t believe it will cause an “inflation-death-spiral”? Plus if the Fed starts to control it through raising interest rates, they would risk another economic crash/crisis. Is there a person brave enough to become the next Paul Volcker? I believe there’s none.

I do not believe that it would cause a "inflation death spiral", you know why? Because Trump had a 2 trillion dollar tax cut just on the rich people, then he had so much money given out just for stimulus, and he had also a 5 trillion dollar budget as well.

When you combine all of that it gave the rich people so much money and it helped nobody but just to increase the inflation and the world is still spinning, sure it was bad and it was terrible for the poor people with how much unemployment and the low income increase but the reality is that we are not suddenly talking about USA becoming like Venezuela with all that horrible printing of money and not taking taxes from wealthy. It means if that didn't destroyed the nation, how could infrastructure investment would? This would at least help everyone, it is a much better way to spend money, I rather not do it at all, but if we have to at least this is a better reason than the last administration.

[Wind_FURY]

You don’t believe it will cause an “inflation-death-spiral”? Plus if the Fed starts to control it through raising interest rates, they would risk another economic crash/crisis. Is there a person brave enough to become the next Paul Volcker? I believe there’s none.

I do not believe that it would cause a "inflation death spiral", you know why? Because Trump had a 2 trillion dollar tax cut just on the rich people, then he had so much money given out just for stimulus, and he had also a 5 trillion dollar budget as well.

When you combine all of that it gave the rich people so much money and it helped nobody but just to increase the inflation and the world is still spinning, sure it was bad and it was terrible for the poor people with how much unemployment and the low income increase but the reality is that we are not suddenly talking about USA becoming like Venezuela with all that horrible printing of money and not taking taxes from wealthy. It means if that didn't destroyed the nation, how could infrastructure investment would? This would at least help everyone, it is a much better way to spend money, I rather not do it at all, but if we have to at least this is a better reason than the last administration.

OK, I respect your opinion. But for me, I believe history has a tendency to repeat itself, and we might not currently see it now, but it will be truly felt on 2022, starting when consumers’ purchasing power shrinks noticeably.

Who will be the next Paul Volcker?

[Wind_FURY]

https://www.fxstreet.com/news/feds-williams-demand-for-us-dollar-in-paper-currency-is-growing-202106281308

"Money market funds and treasury markets can lose liquidity in times of stress," Williams added. "Demand for the US dollar in paper currency is growing."

That’s exactly the same situation with the Weimar Republic during the 1920s, when the market demanded more Marks instead of demanding for stabilizing its purchasing power. Maybe some of you might be viewing me like I’m Chicken Little, warning that the sky is “falling down”. I hope you’re right, because it would put everything to the test including Bitcoin.

[Caldear]

The total amount of Bitcoin is controlled by an algorithm, eliminating thought intervention and future uncertainty, and bitcoin's algorithm technology guarantees its security. Bitcoin has the characteristics of non-replicability, and the real economy of the world has little influence on it. When the global economy collapses and currency inflation, the characteristics of Bitcoin can make its value more recognized.

[Wind_FURY]

https://fred.stlouisfed.org/series/BOGZ1FL153064486Q#0

The same pattern is currently happening as what happened in the Weimar Republic, Germany during 1921 - 1923. In the Weimar Republic, almost everyone, literally, whether rich or poor, was trading the markets because it was mania. It’s happening again, I believe everywhere, in every region of the world. But be ready to HODL the back up/fall back asset if the government loses control of the monetary system.

[ROSERTY]

Excessive printing of fiat currency will lead to hyperinflation and economic deterioration. Some large companies and institutions will transfer their cash to Bitcoin as a hedge and store of value. Bitcoin is a decentralized cryptocurrency that is not regulated by the government. It gives us the right to choose freely. Its number is also limited, and it will not be issued at will. People will choose it as a safe haven against banknotes. Over time, Bitcoin has become a trend and will be regarded as a currency reserve that can maintain its value during economic crises.

[BuNga_cute]

Excessive printing of fiat currency will lead to hyperinflation and economic deterioration. Some large companies and institutions will transfer their cash to Bitcoin as a hedge and store of value. Bitcoin is a decentralized cryptocurrency that is not regulated by the government. It gives us the right to choose freely. Its number is also limited, and it will not be issued at will. People will choose it as a safe haven against banknotes. Over time, Bitcoin has become a trend and will be regarded as a currency reserve that can maintain its value during economic crises.

I also believe Bitcoin will be the choice of people to save their wealth, when inflation occurs due to excessive fiat printing. It could also be during
the current economic crisis, because this long-lasting pandemic has caused many countries to experience an economic crisis. And for people who
are already familiar with Bitcoin, chances are they will transfer their wealth into Bitcoin, therefore it is evident that this year Bitcoin suddenly rose
to a price above $60k. So the Bitcoin price drop is now a test, for people who are weak hands will definitely panic and sell the Bitcoin they have.
But for those who can be patient, will definitely get a big profit from Bitcoin.

[Nora Olin]

Bitcoin failed to escape the epidemic in March, and the "Black Thursday" incident occurred. During the epidemic, the large amount of money printed in the United States will cause inflation. Therefore, a large amount of funds flowed into the market, and the value of Bitcoin reached a new high. After these events, Bitcoin once again rises to a new height. Although the crypto market has been greatly affected, it will slowly recover and become the best investment choice.

[Barinekapaul]

Challenges have been seen as tests of integrity as per the way one can handle them when they come.

Bitcoin and most economies of the world have experienced this test in the ongoing covid-19 pandemic and it has proven it can stan it.
Economic ups and downs occur in businesses and the likes of bitcoin are seen as such which can withstand the pressure which the economy is likely to pass through.

The collapse of bitcoin is not possible as it has proven its integrity that it can mend drowning economies and not completely putting an end to them.

[Wind_FURY]

The current crisis caused by the COVID-19 Pandemic will be used to by government to increase their power, and control over you through creation of more laws. To everyone reading this, I don’t expect anything from you except to be educated, and to be aware of their agenda. I believe the government will also blame the crisis on Bitcoin “speculation”.

https://mises.org/wire/how-nixon-and-fdr-used-crises-destroy-dollars-links-gold

Besides the economic consequences of unhinged central banks, we should also understand the means by which the government was able to acquire so much control over money. Looking at episodes like Woodrow Wilson’s creation of the Federal Reserve, FDR’s confiscation of gold, and Nixon’s cancellation of Bretton Woods, as well as all of the other times the government chipped away at sound money, we notice a commonality. Crises, real or merely perceived, are exploited each time.

Almost forty years later, we see speculators being used as scapegoats again. In Nixon’s announcement, he accused “international money speculators” of profiting off monetary crises and “waging an all-out war on the American dollar” as if they were the ones causing the volatility in foreign exchange markets and the wholesale drainage of gold from the US, not the US government’s own irresponsible profligacy.

Only the most naïve could see the history of money and banking in the US as anything other than a ratchet of government growth, especially in the twentieth century. Even recent Fed actions follow the same pattern.