Bitcoin (BTC) plummeted due to the global financial instability that was evident, one of the leading speakers and educators on blockchain and cryptocurrency predicted the collapse of BTC just two months ago. here.
In a podcast interview What Bitcoin Did On January 3, Andreas Antonopoulos argued that the impact of the economic downturn or a similar event is clear for the market crash.
Antonopoulos: BTC investors “didn't realize” the potential collapse
“What most people don't realize, I think, at least in the beginning, cryptocurrencies will collapse dramatically,” he explained.
"And the reason it will collapse is because of a lot of venture capital, corporate investments, private investment from individuals based on low interest loans and excess cash flows in the portfolio. investments, etc., like in any other part of the economy, will dry up. "
That scenario forecast the market's excitement this week to an odd level. After some markets saw their worst day since 1987, Bitcoin continued to plunge 60% to a low of about $ 3,600 on some exchanges.
While analysts are actively discussing this phenomenon, Antonopoulos seems to have provided such a scenario.
“When people are scared, when such a recession happens, they withdraw their investment, and they also withdraw capital from the cryptocurrency,” he said.
Titanic moment of the economy
He emphasized that Bitcoin alone in January needed about US $ 18 million to buy each day to keep parity.
"From that point of view, I think the first consequence that would happen if they were to enter a recession is a cryptocurrency problem, since all liquidity has been exhausted, it's a classic effect and a manifestation of economic depression.”
After that, Bitcoin has the opportunity to become a safe haven asset, but the difficulties in access and storage for non-digital investors may create barriers to adoption and stability. price.
Antonopoulos concluded:
“All of that is really a sign of the fact that we have a small lifeboat and a very, very large number of people who need saving.”
The BTC / USD pair attempted to salvage huge losses on Thursday and Friday today, but at the time of writing, the coin is still down 9%.
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According to CoinTelegraph
Translated by ToiYeuBitcoin