The larger the global recession, the more likely bitcoin is in the form of gold 2.0

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The larger the global recession, the more likely bitcoin is in the form of gold 2.0

The larger the global recession, the more likely bitcoin is in the form of gold 2.0

Bitcoin (BTC) has suffered significant selling pressure over the past few days, which has placed its position at Rp 140 million. The inability to find solid support around the current price level indicates that a further decline is very likely. likely.

Despite these technical weaknesses, analysts note that Bitcoin's "Gold 2.0" status appears to be strengthening in the face of global instability. This indicates that BTC will gain bullish momentum as the global economy weakens.

Earlier this month, the crypto industry was surprised to learn that one of the most powerful players in the global economy, Jerome Powell, president of the US Federal Reserve, had said during a hearing before the US Senate he thought that bitcoin looked more like gold than gold. .1

At the time of the press, the price of bitcoin was 141 million rupees, up 4.4% in 24 hours, according to CoinGecko.

Powell notes that the BTC has not yet accumulated significant use as a currency, but prefers to be used as a "speculative value pool" just like gold. Powell said:

"Almost no one uses Bitcoin for payment, they use it as an alternative to gold, it's a store of value, a hedge of speculative value, like gold."

Analysts and industry experts generally agree with this assessment. For example, Marcus Swanepoel, CEO of Luno's cryptocurrency platform, said investors generally view large crypto's, such as Bitcoin and Ethereum, as uncorrelated assets.

At Business Insider, Marcus said:

"As the geopolitical situation remains uncertain, strategic investors still view Bitcoin and Ethereum as uncorrelated assets to centralized assets, so they offer safe haven options."

Although we know whether the global economy is strong or not, or if it triggers alarm bells for investors, analysts believe that Bitcoin can greatly benefit from any major slowdown in the economy World.

Kevin Kelly, a former equity strategist and co-founder of Delphi Digital, tweeted on Twitter that BTC's "Digital Gold" story was on the rise.

"Gold digital story gets stronger - Alts hit but #Bitcoin survives * relatively * good - Current macroeconomic backdrop reinforces bullish tone for $ BTC as LT option on digital gold - Recession - says market a reduction in Fed interest rates guaranteed. "

Because Bitcoin is too volatile, many people still do not believe in Bitcoin as a value-saving tool, such as Gold. However, with so much publicity in the mainstream media and a growing global recession, people may save their Bitcoin money. Let's wait and see.
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