Member-only story

The 5 Times Bitcoin Died

Global financial instability keeps resuscitating Bitcoin’s narrative

Carlos Velásquez
Coinmonks
Published in
4 min readJan 16, 2023

--

Photo by Karolina Grabowska: Pexels

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.

--

--

Coinmonks
Coinmonks

Published in Coinmonks

Coinmonks is a non-profit Crypto Educational Publication. Other Project — https://coincodecap.com/ & Email — gaurav@coincodecap.com

Carlos Velásquez
Carlos Velásquez

Written by Carlos Velásquez

I explore ideas that help us benefit from life’s uncertainties. Join me.

Responses (1)