The first message Satoshi Nakamoto included included in the first Bitcoin block read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.“ throughout the previous recession. Bitcoin was born out of a recession. It was created to become the “other” option during times like the one we are currently in.
The U.S. government is literally about to give dollars away to people, which in itself, is an act that devalues your currency. The more money is made readily available, the less value it may hold. The government has announced programs for printing incredible quantities of money and will likely be bailing out company after company in the near future. QE is not a joke. Inflation is not a joke.
Bitcoin has gone through many tests since its inception in 2009. But, this is the first time it will exist throughout an economical crisis, the type of event it was born to persist through. Unintended economical consequences are to be expected from these acts that the government is currently committing, all of which will present themselves throughout the next few years.
This is where the tough question comes to all of you, do you expect the US dollar to retain its purchasing power throughout the next few years compared to Bitcoin? I know I certainly do not and neither did the people of Venezuela throughout their inflationary crisis. It is important to remember that as more and more US dollars are created, Bitcoin becomes less and less available, especially after the halving that will occur in the near future.
I was recently temporarily laid off and made my first contribution to BTC in a very long time because all of what is currently occurring is exactly why BTC was created.
There is a lot to think about.
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