When the worldwide monetary system went into meltdown in 2008, banks collapsed and governments around the globe have been compelled to step in to stop your entire monetary system from collapsing. It price billions of {dollars} and, in addition to that, it proved a pivotal second: it profoundly shook the boldness that many had of their governments.
As Alex Hern tells Nosheen Iqbal, this era additionally coincided with the rise of a brand new expertise permitting a brand new sort of foreign money: one that isn’t underwritten by governments however as a substitute exists purely on-line: bitcoin was born. At first it was a novelty, helpful for purchasing illicit items on the darkish internet and never rather more. However bitcoin grew and grew and regardless of some vital bumps alongside the best way, 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 idea anyway.
However this yr issues took a dramatic flip. Because the economies have been buffeted by inflation fears and traders 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 many who have ridden out the storm up to now, there may be hope that this yr is a blip. However can bitcoin bounce again?
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