Global markets are beginning to feel the pinch of a slowing economy, and Bitcoin may be a victim.
According to beingcrypto.com, economies around the world begin to stagnate after the growth of the past decade, many believe Bitcoin will face a harrowing future.
The TruthRaider said Bitcoin would be outlawed by 2020 when global markets collapse.
Bitcoin is famously not a friend of centralized governments and economic controls. In fact, Bitcoin began as a reaction to the problems of government bailouts after the 2008 crisis.
The genesis block of Bitcoin contained the headline, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” The ‘too big to fail’ events during the crisis paved the way for Nakamoto’s decentralised financial mechanism.
The string of economic successes that followed the crisis has led to a long bull run. The current global economy, however, appears to be teetering on the brink of a substantial turnaround.
Recent news, such as the need for quantitative easing, and negative interest rates in Europe, are concerning. When the next contraction takes place, these current policies may well spell the demise of many economic structures.
Regardless of the impacts of a financial catastrophe, governments are not keen on unregulated payments. If masses of consumers moved to Bitcoin usage, governments would be left with a difficult choice. The only options available would be to heavily regulate Bitcoin, or ban it altogether, as TruthRaiderHQ suggests.
This type of response has already been seen in China, where Bitcoin is a government pariah. Interestingly, however, the Chinese government is using the digital coding under Bitcoin – the blockchain to issue its own digital currency.
Rather than simply seek to ban cryptocurrencies, the Chinese government has created its own. The decentralized ledger of blockchain technology allows for verifiable and trackable controls on transactions. The result of the technology is greater controls than before.