Obligatory cliche intro: Many of you probably remember what r/CryptoCurrency was like before 2017...Of course there were still plenty of moon/lambo enthusiasts, but by and large the attitude was that cryptocurrency would fix the problems in our banking system. I always thought it would be a good idea to put some money in crypto in case another economic meltdown happened, but I didnt realize it would happen this soon.Lets look at the facts (I'm American, so this is from an american point of view):- Weekly unemployment claims are up ~600% since 2008. It's a bigger green candle on the chart than shitcoins in December 2017- The US government is going to give away 2 trillion dollars. This money will simply be added to the national debt, which if you consider that the debt isn't going to be paid back, basically means it gets printed from nothing. That's about 6000 dollars per person in the united states printed out of thin air. You've probably already heard of this one, but here's a link- The President of the Federal Reserve Bank of Minneapolis, when prompted "To the person who is about to grab their car keys and go to the ATM and take out 3000 dollars, you say what?" responded: "There is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there’s enough cash in the banking system." I kid you not. (12:40)- The FDIC released a video telling people not to take their money out of the banks.Now I'm not telling you that bitcoin will make you rich or even gain value, but I think it is a genuinely a good idea to buy crypto right now, just to store some of your savings before the incoming bank run happens. We've already seen people empty grocery stores in panic, and the next time it happens it will be banks, not grocery stores. And it won't be toilet paper that's missing.
Submitted March 31, 2020 at 10:42AM
No comments:
Post a Comment