For most of its life, Bitcoin (BTC) was seen as a volatile gamble that was most likely to fail. Just look to the countless obituaries detailing the “death” of the cryptocurrency on this site.
But, this narrative has started to change. Year to date, Bitcoin has gained a jaw-dropping 150%, shocking investors the world over.
While crypto investors are used to such moves, Bitcoin’s strength comes as the macroeconomic and geopolitical stage has started to rapidly deteriorate.
This dichotomy has resulted in many economists, investors, and even politicians starting to give Bitcoin a nod as a store of value and a safe haven. Or, to put it more bluntly, the cryptocurrency might be a much-needed escape hatch from the fiat system and government mismanagement.
Indeed, BTC was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity. And, Bitcoin was released in the wake (and seemingly as a result) of the 2008 Great Recession.