The US just announced a second consecutive negative GDP quarter - a textbook recession state. Here's what it could mean for crypto.
with stocks. But is there any correlation, inverse or positive, between crypto and GDP growth? It’s difficult to be sure. That’s because, in the industry’s entire short history, there has only been one very brief recession. That was in 2020 at the height of the pandemic and lockdowns.
This time around, other factors than GDP on the price of bitcoin are very different from 2020. The extreme worldwide fear, uncertainty, and doubt at the start of the coronavirus pandemic are behind us. Cash is king during times of broad economic uncertainty about the future. “Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.”It would be surprising, however, if analysts were able to demonstrate a connection between crypto prices and the total sales of every business in every sector in the country. Even designing a rigorous methodology to answer that question would be a quixotic undertaking.
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