The longer the economy is effectively halted during lockdown, the worse and stranger things get.
Boeing is laying off 10% of its workforce this week, Hertz has filed Chapter 11 bankruptcy and governments are printing money like nothing. Japan has officially greenlighted a $117 trillion stimulus package after the USA printed $6 trillion. This is unheard of. We need a run to safety in an asset class that is protected from inflation and too much centralized control.
The common man was given a gift during the last financial crisis of 2008 in the form of cryptocurrency. The decentralized and economically free nature of cryptocurrency is designed to help the common man. One can earn and spend this new money in many ways, and the threat of runaway inflation can be stopped. I am aware that de-facto centralization and control are inherent in many cryptocurrencies, but this is the case with any man made institutions. We can aim to decentralize and keep high standards.
The media blasts cryptocurrency with regularity, with investing legends including Warren Buffett chiming in. They don't want us to be free, they want fiscal control over the populace like nothing else. They want a cashless society and are using the pandemic to remind us that cash is "unclean" and can spread the virus around. Who is they? The government and large corporations who want more money and control. Big surprise right?
Early cryptocurrency investors were rewarded handsomely, but it is still early in the game. Cryptocurrency is only a decade old, so now is the time to get some as it is lauded as a "safe-haven" asset like gold. One one side, investors seeking gains outside the system are eyeing cryptocurrency while retail investors play in the current toxic sludge in the stock market that is propped up and overpriced. Stick with cryptocurrency if you value freedom.
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