The Savior of Financial Crisis – Cryptocurrencies?

Pretty sure it is kind of hard to comprehend that around 10 years ago, we had our worst global economic meltdown in the history.

In around 2007-2008, one of the worst financial crisis hit the economy market globally. To be quite frank, it was indeed the worst financial crisis ever since the 1930s’ Great Depression. What it all started as a subprime mortgage market crisis in US, developed into crazy waves of massacres to international banking system. Global economic downturn, drastic drop in shares market and the European debt crisis followed shortly after.

We shall not forget the infamous Asian financial crisis which was in July 1997 which also rung the alarms of worldwide economic meltdown due to financial contagion. It all started with the collapse of Thai baht and further spread to most of the Southeast Asia countries. Then in 1987, the historical Black Monday happened and the stock markets around the world crashed, shedding a huge value in a short time.

Now, let us look at the trend, did you notice anything similar?

Yeap, if the global economy runs as cycle, then the catch is for every ten years end with 7, economic meltdown bounds to occur.

That’s a scary thought instead, but if this a cycle, how can we prepare for it?

Well, some believe that cryptocurrencies in general can actually serve as an “end of the world” fund if world economy gone from bad to worst. In the case of an crash, cryptocurrencies will be able to step in and be at very least an alternative source of transactions. Because judging from the previous crashes,c the next crash will be most likely much worse than 2008’s and probably something that can’t be bailed out by government intervention.

Meanwhile, some remained skeptical regarding the whole concept of cryptocurrencies. Claiming that they might be collapsing soon, and they will even be the main reason why the next crash happened.

With 2017 coming to an end soon, what’s your say on this?

 

The article is originally posted on Steemit.com by @plokmi

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