WHY Is Bitcoin Crashing?
Why is Bitcoin crashing it has experienced over a 50% drop in value since the beginning of the year which has caused a ripple effect in other cryptocurrencies. Is this the start of the end of Bitcoin or is it a buying opportunity based on its sudden drop?
Over the years, this market has generated a lot of wealth for investors and has lost a lot when the opportunity has turned to panic. With the world economic situation looking grim as the war continues in the Ukraine, China, and USA tensions continue to rise, inflation is increasing daily and we are on the brink of world food shortages. The situation does look gloomy and here is how cryptocurrencies play an important role as a store of value.
If I am living in a country where inflation is out of control and my pay in local currency’s purchasing power is worth less by the hour, then we would need an alternative way of purchasing basic commodities such as food, shelter, and electricity. Two countries have already adopted bitcoin as legal tender, El Salvador and the Central African Republic. In these two countries, you can purchase any goods using bitcoin and the advantage is the purchasing power of Bitcoin should remain constant as the countries continue to transform.
The other big advantage is global trading becomes seamless in the transfer of funds. If we sell our goods to a country that uses Cryptocurrency as a legal tender, then we receive Bitcoin instantly which can then be either used to exchange for other goods and services or converted to our local currency.
As technology progresses it will become easier to use our cryptocurrency to purchase goods and services using Crypto Debit machines www.cryptodebitprocessor.com with this technology you can instantly purchase goods and services directly from your phone wallet. As the world demographics change and people start adopting this technology and more countries start using Bitcoin as legal tender then this downturn is not the beginning of the end of Bitcoin, but merely another dip in the rise of Bitcoin. The underlying technology has yet just started in virtual reality and the metaverse as technology companies are spending billions of dollars developing this technology as its applications are endless. This is not the end of Bitcoin, but merely the beginning of an upward trend.
ALL BACH GOLD created a crypto token that uses an algorism created by www.evaulm.com to purchase Bitcoin, Ethereum, ZCASH, DASH, Lite, and USD based on Evaulm’s EVM software. The token is up 103% since its inception in Jan 2020.