When the worldwide monetary system went into meltdown in 2008, banks collapsed and governments around the globe had been compelled to step in to stop your complete monetary system from collapsing. It price billions of {dollars} and, in addition to that, it proved a pivotal second: it profoundly shook the arrogance that many had of their governments.
As Alex Hern tells Nosheen Iqbal, this era additionally coincided with the rise of a brand new know-how permitting a brand new sort of foreign money: one that’s not underwritten by governments however as a substitute exists purely on-line: bitcoin was born. At first it was a novelty, helpful for getting illicit items on the darkish internet and never far more. However bitcoin grew and grew and regardless of some vital bumps alongside the way in which, it reached a peak of $69,000 per bitcoin. Anybody who’d invested in it, or a swathe of different competing cryptocurrencies, discovered themselves extremely wealthy – in principle anyway.
However this yr issues took a dramatic flip. Because the economies had been buffeted by inflation fears and buyers headed for safer bets, cryptocurrencies started to drop dramatically in worth. Some – like Alex Koh, an investor and YouTube character, discovered themselves all however worn out after sitting on small fortunes. For individuals who have ridden out the storm thus far, there may be hope that this yr is a blip. However can bitcoin bounce again?
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