While Bitcoin is still trading in the $8,600 area, unable to break above the $9,000 level, the stock market is suffering and President Trump is urging the Fed Reserve to lower rates, following other central banks, and switch the ‘printing press’ on.
Meanwhile, the community is of a strong opinion that if the new financial crisis occurs, the price of Bitcoin will go through the roof.
'BTC price is up 9 mln percent already'
The head of Binance, Changpeng Zhao (aka CZ) has taken to Twitter to say what may happen to Bitcoin if global markets get hit by another financial crisis. BTC was created after the crisis of 2008, and so CZ states that for the past ten years, Bitcoin has grown in value by 9 million percent. This happened when stock markets and fiat currencies were strong.
CZ suggested his followers try and imagine how high the BTC price may soar if or when a new financial crisis breaks out and stocks plummet. CZ is not making any specific predictions, though.
Trader @PostyXBT shared his doubts that average people would buy BTC now since their trust in fiat cash in bad times is stronger than Bitcoin. He tweets:
“Terribly because the average person wouldn’t buy bitcoin like the early adopters did back then. Human psychology tells them to keep hold of their cash and not to spend it on anything in bad times.”
Peter Schiff against new QA measures
At the end of last week, the Euro Pacific Capital CEO Peter Schiff published a tweet, saying that quantitative easing and cutting down the central bank rates are not an answer to the current difficulties the stock market is facing. Nor are those a way to solve real economic problems, he insists.
The community responded, saying “Bitcoin fixes it”.
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