One of the first users of Bitcoin and owner of Bitcoin.org, @CobraBitcoin - emblematic for anonymity, declared that the cryptocurrency market will be seriously affected in the event of a recession and collapse of the stock market. For him, it is not realistic to assume the currency as a hedge:
Bitcoin at $ 1,000?
As a result of an even bigger crisis, @CobraBitcoin believes that cryptocurrency can reach the level of $ 1,000 - $ 2,000. Besides that, he stated that the entire cryptocurrency market is sustained almost entirely by newbies jumping in blind:
The other side of the coin
However, some data contradict Cobra's opinions. Bitcoin has been shown to be resilient when we have a recession followed by strong inflation.
And according to Petter Shiff, an investor who predicted the 2008 crisis, we are heading towards a scenario of hyperinflation and recession, that is, there are possibilities that Bitcoin will be strengthened out of the crisis.
What's more, more and more businesses are accepting bitcoin as a bargaining chip, despite the narrative that cryptocurrency should not be spent.
Anyway, if bitcoin reaches the supposed $ 1,000 it will be a great opportunity to buy for those who believe in a solid currency design and blockchain technology!