When the worldwide monetary system went into meltdown in 2008, banks collapsed and governments all over the world have been compelled to step in to stop all the 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 expertise permitting a brand new kind 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 purchasing illicit items on the darkish net and never far more. However bitcoin grew and grew and regardless of some important 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 principle anyway.
However this 12 months issues took a dramatic flip. Because the economies have 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 persona, discovered themselves all however worn out after sitting on small fortunes. For many who have ridden out the storm to date, there may be hope that this 12 months is a blip. However can bitcoin bounce again?
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