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Nexo

The Fall of Bitcoin’s Worst Enemy Could Cause Crypto to Collapse

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Bitcoin Price
0
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Today, big banks across the globe begin revealing quarterly revenue results that could send the stock market tumbling. And given Bitcoin’s continued correlation with the stock market, a devastating blow to the asset’s worst enemy may also drag crypto down with it.

Bitcoin Prepares for Next Battle In Ongoing War With Its Worst Enemy

Bitcoin is the first of its kind cryptocurrency that sparked the creation of an entire industry and financial market, with thousands of altcoins created in its image.

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The asset was created by Satoshi Nakamoto during the Great Recession as a way to take control of monetary policy away from big banks and governments. Bitcoin users can act as their own bank, keeping custody of their assets without the need for a third party.

RELATED READING | ECONOMIST WARNS OF 1929-LIKE SECOND LEG DOWN; WILL BITCOIN FOLLOW?

Being directly opposed to big banks is so essential to the cryptocurrency’s existence, deep within Bitcoin’s first blocks, lies a newspaper headline.

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“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” it reads.

Irresponsible debt management left banks reeling during the Great Recession. The government and taxpayers were forced to bail out banks or risk economic collapse. Printing money out of thin air, however, has lingering impacts on the dollar, that are being revealed today.

The dollar is weakening and at risk of being unseated by Bitcoin or the digital yuan. But if big banks post increasingly negative performance, things could get a lot worse for the economy, and potentially, for Bitcoin.

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Big Banks Revealing Negative Revenue Reports Could Cause Greater Market Collapse

The stock market is still reeling after a record-breaking collapse in mid-March. Major indices have since recovered, but the pandemic is showing no signs of stopping. In fact, cases are increasing, just as companies and banks prepare to unveil Q2 revenue and earnings.

Negative performance is expected across the board, due to lockdown conditions halting the economy. If big banks suffer especially hard, economist and Mad Money host Jim Cramer warns that “things could get ugly.”

“This is the week when we find out if the real world is going to intrude on the stock market world, and that’s what happened today, but tomorrow’s the big test,” he said.

If banks rally, the worst could be behind us, according to Cramer. Otherwise, it could be a catalyst for another stock market collapse. And due to the continued correlation with Bitcoin, a tanking stock market while Bitcoin trades sideways could be disastrous.

RELATED READING | HOW BITCOIN OUTPERFORMED BOTH THE S&P 500 AND NASDAQ IN FIRST HALF 2020

Bitcoin price has been consolidating for months now, following a strong bounce at the bottom of the Black Thursday collapse.

Consolidating below resistance is typically bullish. However, resurging cases of the virus in combination with signs the economy is in worse shape than expected could cause another drop across the board – Bitcoin included.

Featured image from Shutterstock.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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