How does the Covid19 compare to the GFC of 08?
Why digital assets might drive the recovery, and how it will define Bitcoin’s legacy.
It is the legendary initial chapter of BTC lore. The first published transaction of this new economic paradigm emerged from the ashes of the collapse of Wall Street its ripple effect around the world.
Let’s look at how the rise of digital currencies in the decade since the great recession might actually play a significant role in the recovery of global markets this time around.
The Genesis Block
On January 3, 2009 the first murmur of the Bitcoin network was broadcast. Its founder placed a subtle but pertinent message in the first transaction, known as the genesis block (first block of the blockchain).
“Chancellor on Brink of Second Bailout for Banks”.
This title of the English newspaper (pictured above) was quoted and embedded into the first transaction for two reasons.
- Poetically, it shows clear intent for the need for a new financial model in the shadow of the legacy system failing.
- Practically, it serves as a timestamp to prove that the blockchain transaction actually took place on or after January 3, 2009 — as Satoshi would not be…
