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The 5 Times Bitcoin Died
Global financial instability keeps resuscitating Bitcoin’s narrative
Western media with an axe to grind assess Bitcoin mainly from the perspective of an investor living in a developed country where alternative financial and monetary systems are largely unnecessary. In this context, they paint Bitcoin as just another speculative asset; at worst, the less informed refer to Bitcoin as a Ponzi scheme.
A more nuanced understanding of the value of Bitcoin requires pundits to put themselves in the shoes of less fortunate economic actors around the globe to realize the following: where financial systems are less developed (such as much of Africa), prone to high inflation (Argentina), or unavailable to large segments of society (Vietnam), Bitcoin continues to fulfil its store-of-value function. From a developing world perspective, it’s easier to understand that as long as political and financial instability persists, Bitcoin’s resurgence from the dead should continue.
The 5 Times Bitcoin Died
*This article omits BTC’s November 2013 to January 2016 87% price drop as it was part of a multiyear downtrend caused by several factors: China’s first Bitcoin ban and Mt. Gox’s 2014 hack, ensuing regulatory troubles and eventual bankruptcy.