Bitcoin may be a way out, or “an escape hatch,” as put by ShapeShift chief executive and crypto entrepreneur Erik Voorhees. Bitcoin may be the best way to provide people with a lucrative way to prepare for imminent global recession and collapse of the debt-based system.
Bitcoin is the sensational decentralized cryptocurrency that could be the answer to central banking – which has caused all of the recessions in the recent past. The economy’s outlook is becoming so horrifying that Ray Dalio, the co-founder of the world’s largest hedge fund, Bridgewater Associates, recently drew eerie parallels between today and the Great Depression. In a comment made at Davos, the world-renowned investor explained that from 1929 to 1932, there was a lot of “printing of money, and purchases of financial assets,” much like today.
And he isn’t the only one who thinks we could all live through another depression. Peter Schiff, infamous for his uncanny ability to call the Great Recession before the media’s talking heads did, also believes another Great Depression is coming down the pipes, and this one will be worse than the last.
“The bad news is, we are going to live through another Great Depression and it’s going to be very different. This will be in many ways, much much worse, than what people had to endure during the Great Depression,” Schiff says. “This is going to be a dollar crisis.”
Voorhees took to Twitter to declare that Bitcoin is the answer since economists and central bankers are “no longer pretending” that they could prevent a recession they ignited anyway.
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
This entire system the central banks have crafted for us will all come crashing down at some point, and decentralization will be the key to ensuring it never has to happen again. For all intents and purposes, the overall economy seems to be doing better than ever, just ask the mainstream media. But that’s all happening while certain fiscal and economic indicators aren’t looking all too hot.
One of the biggest concerns is the global debt crisis. Debt across the board, especially sovereign debt, is passing all-time highs on a daily basis. In fact, since 2008’s fiscal debacle, the nominal value of all forms of debt has increased by dozens of trillions of dollars, as central banks across the globe bolster their balance sheets, firms borrow more to promote their growth, and consumers spend more than ever, all while lenders are seemingly becoming more lenient with each passing day, wrote NewsBTC.
According to Trace Mayer, a long-time advocate for Bitcoin and an anti-centralization free thinker, society has accumulated $87 trillion more debt as humanity’s relentless lust for growth continues, accentuating that governments and society at large haven’t learned from past mistakes. History repeats itself and few on this planet have learned the lessons of the past.
The Peterson Foundation, an American financial services group that is focused on amending the nation’s economic issues, stated that the fiscal situation is “not only unsustainable but accelerating.” And the Federal Reserve has been put into “checkmate” by the very system they designed. There isn’t anything they will be able to.
Will you use Bitcoin as an “escape hatch?”