A lot of people chose to buy their Bitcoin due to their unhappiness with the current financial system. The 2008 Financial Crisis and the bailouts that followed led to many questions about how our financial system works and who benefits from it. Bitcoin’s rise at the same time offered an alternative. After 10 years though, the financial system still hasn’t collapsed or failed, but does it need to for Bitcoin to go hyper?
Some economists (usually not of the mainstream) have said that we are still living in the bubble despite the 2008 pop. The issues and illegal acts that the major banks pursued were never rectified. Instead, the banks were simply bailed out. This has many people expecting that another big crash is coming. Many of these same economists have been saying this for the past 10 years however. They could well be correct, but a broken clock is also right twice a day.
With the suggestion of another financial crisis, many in the Bitcoin community think it would be extremely bullish for the cryptocurrency. Like gold, Bitcoin is often referred to as a safe hedge against impending economic doom. If another financial crisis did happen and the Bitcoin price rocketed, a lot of people would become happy campers.
However, financial crises are not a laughing matter for many. They induce struggle for normal working people who can see their life savings disappear. This is why we should be wary of cheering on impending financial doom. We have to realise that there is another side to this, a side where people will suffer.
Those of us involved in cryptocurrencies can often be an impatient bunch. Complaints about the Lightning Network not progressing fast enough or the price remaining stagnant for too long are common. However, slowly and surely is the safest passage for progress. Whilst another financial crisis may hasten the adoption of Bitcoin, it isn’t necessary for the cryptocurrency to succeed in the long run.