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Global Crisis Coming, Stock up on Bitcoin: Crypto Michaël Interview
The global financial crisis is just around the corner.
Bitcoin is one of the most reliable insurance against the crisis.
The economic and monetary systems need a total overhaul.
In an exclusive interview with the BeInCrypto editorial staff, a popular trader and analyst shared his opinion on the upcoming global financial crisis and the prospects for bitcoin.
The global financial crisis is already on the horizon. The coronavirus pandemic has brought most of the world’s economies to their knees, simultaneously exposing many of the fundamental flaws in traditional economic and monetary systems. It’s time to stock up on bitcoins. At least this is the opinion of the popular Dutch trader and analyst.
The name Crypto Michaël is widely known in the crypto community. Almost 58 thousand people have subscribed to his Twitter account. In an exclusive interview with BeInCrypto, the crypto trader and analyst outlined his views on the threat of the crisis, the impact of the May halving in the bitcoin network on the currency exchange rate, and the impact of inflation on the crypto industry..
According to Michaël, the current crisis has made forecasting the future extremely difficult. However, he believes that in these conditions, two asset classes have the highest chances of success – cryptocurrencies and raw materials..
Bitcoin Golden Ticket
As Michaël told BeInCrypto:
“The world economy is on the edge of an abyss. What is about to begin to happen will literally repeat the events of the Falling Game, only on an even larger scale, “he said..
With the massive loss of livelihoods by millions of people, most governments around the world are trying to pump liquidity into their financial systems, but the main problem is that the distribution of such funds is inefficient and unfair. As Michaël notes, the bulk of the money ends up in large companies and banks. Meanwhile, financial assistance never reaches those who really need it..
In addition, the authorities have already practically emptied their arsenal of funds and tools, and in the meantime, the world economy seems to have developed immunity to such debt stimulation..
According to Michaël, the current crisis represents a chance for bitcoin to make itself known:
“I think cryptocurrencies will benefit from the economic downturn, because that is exactly what they were created for. […] In the long term, what is happening is a favorable factor for cryptoassets “.
He adds that the recent Bitcoin halving halving is cutting the number of new coins miners create and earn by half. This happens roughly every four years and … More has given bitcoin additional support by presenting digital assets in an even more favorable light against the backdrop of the current monetary crisis. While the Fed, the ECB and other global central banks are actively printing money, fanning inflation and devaluing traditional currencies, Bitcoin is moving in a strictly opposite direction, controlling the supply of coins..
Join the discussion in our Telegram channel, to read the opinions of other experienced crypto experts!
What the coming day has in store for us
The future of the global financial system looks bleak. Ideally, scientists will find a vaccine for COVID-19 and everything will return to normal. However, if events start to unfold in a different way, governments must be prepared to intervene before the entire system collapses..
In particular, Michaël emphasizes, the authorities must be firmly convinced that the funds allocated as part of financial assistance measures reach those to whom they were actually intended. In the meantime, the lion’s share of this money is stuck at the level of top managers of large corporations, who divide it among themselves, while firing ordinary employees.
In addition, he is confident that the current economic system needs a complete overhaul to avoid a recurrence of similar crises in the future. A system based on the regular disbursement of financial aid for each new crisis cannot be stable, says Michaël.
Watch the full interview here.
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