At the time of writing, the world’s leading cryptocurrency bitcoin is floating above the $4K range after facing its lows in the $3,000s. Is it the recovery that the crypto enthusiasts were hoping for? Are we going to see bitcoin shoot up from here on? In order to get a perspective on this, BlockPublisher got in touch with a well-renowned name in the blockchain world and the board member at BICRA (short for Blockchain Industry Compliance and Regulation Association), Thomas Power.
In reply to the information regarding bitcoin crossing $4K, Thomas said:
The market has bottomed in 3 months recovery begins but Brexit and global recession is coming 2020-2022.
Thomas has warned the enthusiasts in this arena of the two major events that just might be around the corner, Brexit and the global economic crisis that is being predicted by many experts in the financial game. Adding on to his statements, Thomas stated:
Property and equities will fall 50%. This is when crypto takes off when fiat fails.
The global economic recession that just might be around the corner will likely shift the tide in the favor of cryptos. After the global recession that was seen in 2008, people started to look for the alternatives to the traditional fiat currencies, and that was when cryptos started to become more and more known. Now if the traditional fiat currencies break down once again, cryptos will likely see more adoption in the financial world.
In the countries that are seeing cracks in their monetary frameworks such as Iran, Zimbabwe, Venezuela etc., cryptos can prove to be game-changing. Venezuela is already experimenting with the prospects that cryptos offer, the next crash of fiat might just crypto mainstream.
But as of now, the official acceptance of cryptos among the governments is very low. There are a lot of issues associated with it that need to be solved first. Illegal activities and scams have marred the reputation of this world. Issues like liquidity, volatility, custody etc. still roam around. Once these issues get sorted out, cryptos will likely see large-scale acceptance and adoption.