Why is bitcoin pumping when the economy is heading into a recession? - page 6.

flyingcarpet

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Quote from: escanor7384 on June 28, 2023, 11:03:06 AM

Forgive my ignorance, I am very new to this space. I saw talks about CBDCs and that drew my attention back to cryptocurrencies. I thought the last bull run would be the last we would have seen of bitcoin ever reaching those heights so I stopped looking at the crypto space ever since. But now we have discussions about dethroning the dollar and CBDCs, I am changing my mind about that, but I still find it fascinating that bitcoin is pumping in this economy right now. I am no means an expert in economics as you can clearly tell, would appreciate if anyone who had the knowledge could shed some light here. Always keen to learn. Thanks

Bitcoin is not yet pumped. It is still at a very low level in my opinion and gives a buying opportunity. I think you've heard of the halving and wondered what caused the recent spike. The reason is the approach of the halving and the expectation of a bull run. For a long time bitcoin has been in a stagnant state. So it hangs around 25-30k. In some periods, its value fell a lot, but it quickly recovered. Since the expectation of those who follow Bitcoin is that there will be a bull run in the next 1-2 years, the things mentioned may seem like bitcoin is pumping to you. We haven't seen anything yet. Bitcoin will have much better times.

KiaKia

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You are one of those thousands of people who only see interest in Bitcoin when it's surging in price, if not you won't be asking this question.

Your worries right now shouldn't be the Bitcoin pumping in a recession, it should be you not having some Bitcoin already before the recovery.

What are you doing right now? Do you except the bad economy to keep affecting Bitcoin value for a long time until the economy is getting better?

Nothing last forever bro, hard times always fly by just as the good times too, we are in a bear market and it's not too late, do yourself a favor and start buying Bitcoin..

Gozie51

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During halving, the market becomes erratic until it takes a particular position before the halving so don't be confused about that. The recession or not is not going to affect bitcoin the way you are looking at it especially now it is getting closer for the next season of bull run. Around the COVID-19 time that it was suppose to be a bear but because it just had the split, it didn't have any draw back to price increase to $64k. Bitcoin is decentralised and it doesn't really depend on the number of fiat in circulation.

slapper

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The current hype around CBDCs and the continued potential of cryptocurrencies can seem overwhelming unless one is actively involved. Bitcoin's tenacity and recent streak, given the global economy's state, might be surprising, yet not completely baffling.

Cryptocurrencies like Bitcoin are often termed "digital gold," a secure asset that remains aloof from typical market dynamics. This characteristic helps Bitcoin thrive even amidst an uncertain economy, making it a viable shield against inflation and market volatility.

Conversations around replacing the dollar and the rise of CBDCs fit into the larger storyline of monetary evolution. As technology propels forward, digital currencies offering security, efficiency, and universal access are growing in allure. CBDCs serve as a bridge between traditional finance and the nascent digital currency realm.

Faisal2202

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Quote from: escanor7384 on June 28, 2023, 11:03:06 AM

Forgive my ignorance, I am very new to this space. I saw talks about CBDCs and that drew my attention back to cryptocurrencies. I thought the last bull run would be the last we would have seen of bitcoin ever reaching those heights so I stopped looking at the crypto space ever since. But now we have discussions about dethroning the dollar and CBDCs, I am changing my mind about that, but I still find it fascinating that bitcoin is pumping in this economy right now. I am no means an expert in economics as you can clearly tell, would appreciate if anyone who had the knowledge could shed some light here. Always keen to learn. Thanks

Do not ask forgiveness even you asked a legitimate question (of course to some it is legit and to some is not).

The pumping of Bitcoin is not yet started in serious mode, as the current spikes are due to many of reasons, and the main reason for EFTs is already mentioned by Bittraffic. so i will mention others like the adoption of crypto in different countries like Hong Kong, USA, etc. Like in HK, the government made plans to convince those who are still skeptical about crypto to invest in it. while on the other hand, amid the legal cases and bans from SEC and CFTC, the US now promoting crypto, like they announced to come up with their own crypto exchange (i think the name is EDX).

This news urges big institutional investors to invest in BTC and many institutions bought the shares from MicroStrategy which means they bought BTC indirectly. This increased the trust of other people and hype created among people. This hype has become so intense that small news is making impacts on the price of BTC now (in up trend).

As i mentioned at the start BTC is not started to take pump so this news is not enough to make big pumps happen. Let's see what we see next,

Tytanowy Janusz

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Quote from: escanor7384 on June 28, 2023, 11:03:06 AM

Forgive my ignorance, I am very new to this space. I saw talks about CBDCs and that drew my attention back to cryptocurrencies. I thought the last bull run would be the last we would have seen of bitcoin ever reaching those heights so I stopped looking at the crypto space ever since. But now we have discussions about dethroning the dollar and CBDCs, I am changing my mind about that, but I still find it fascinating that bitcoin is pumping in this economy right now. I am no means an expert in economics as you can clearly tell, would appreciate if anyone who had the knowledge could shed some light here. Always keen to learn. Thanks

BTC is pumping?

SP500 recovered 70% of 'recession/tightening dump'
NASDAQ recovered 75% of 'recession/tightening dump'
DAX recovered 100% of 'recession/tightening dump'
GOLD recovered 100% of 'recession/tightening dump' and is now in 10% correction
AI stocks at ATH (NVIDIA pumped x4 in 6 months)
NIKKE at 30 year high

bitcoin recovered only 28% from the 'recession/tightening dump' and is still 55% from ath. For Bitcoin's upside potential, it has done surprisingly little. And the fact that you expected this to be the last pump on bitcoin is only because you were not here in 2017 during the previous mania as well as in 2019 when support lines for suicides were created en masse.

bittraffic

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One thing is for sure. Halving is near.
About the economy heading to recession is another thing I guess. If you have watched some Economics discussions, some of the experts are saying that this recession is a planned recession since Covid. If so then all these layoffs, bankruptcies, and company shutting down is part of the plan.

I'm not an expert on economics but when Blackrock applied for BTC spot ETF, many of its counterparts are also applying for BTC ETF which it is speculated that BTC will also pump up.

escanor7384

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Forgive my ignorance, I am very new to this space. I saw talks about CBDCs and that drew my attention back to cryptocurrencies. I thought the last bull run would be the last we would have seen of bitcoin ever reaching those heights so I stopped looking at the crypto space ever since. But now we have discussions about dethroning the dollar and CBDCs, I am changing my mind about that, but I still find it fascinating that bitcoin is pumping in this economy right now. I am no means an expert in economics as you can clearly tell, would appreciate if anyone who had the knowledge could shed some light here. Always keen to learn. Thanks

Topic: Why is bitcoin pumping when the economy is heading into a recession? - page 6. (Read 738 times)