Bitcoin and Gold Rise and Banks Collapse
We're in the midst of another 2008 Financial Crisis and despite being told interest rates will lower you need to be prepared for when and if they don't. If 2008 taught us anything it's that the current financial systems are vulnerable and it's the people that suffer the most.
It's why in 2008 Bitcoin launched as an alternative to the current financial system as we approach the 15th year of Bitcoin it is working as intended and you would be hard pressed to say otherwise. If Bitcoin was going to fail it would have done so within it's first three years however, the market remains strong and people retain faith in the digital currency.
Bitcoin has long been promoted as a hedge against inflation and a store of value and while there have been Bitcoin loyalists and many making these statements it hasn't really been put to the test until now.
Bitcoin Rises in time of financial turmoil
Despite the Banking system collapsing we've seen a spike in Bitcoin prices within 24 hours at time of writing Bitcoin has increased by over 9% show casing the digital assets preferred option as a hedge not only against inflation but a store of wealth within an economic crisis.
It's not all good news though as Binance halts withdrawls to UK investors amidst further financial instability. With a number of banks collapsing and funds frozen this could also be what's putting a halt to Bitcoin price drops as many simply can not exit their positions, so caution must be taken in the current environment.
Gold Price Rally
At the commencement of the Bank collapses we saw a rally on the price of Gold after suffering a dip last week Gold has returned to it's charge towards the $US2000 mark which many had been reporting Gold would reach.
Silver Spike
Silver has had a sharper rise than gold being on the more affordable end of the investment scale a lot more people could have potentially focused their finances on the Silver market.
With Silver being used more so in manufacturing it could be foreseen as a safer investment as the overall market will continue to purchase Silver to continue mass scale production of goods.
Gold has been the better performer within the last 30 days having a 3% growth and the 6 month change has seen a 15% rise just a little more than the price of Silver.
Market Turmoil
While the end of last year and early on this year was a focus on paying down debt it appears that a number of banks undertook some high risk investments which have once again caused a spiraling financial impact.
US and UK Governments have already stepped in to attempt to prevent further damage being done to their economies but will this time around be any different to the previous financial crisis.
Stay strong all, it's about to get rough and heavy!
image sources provided supplemented by Canva Pro this is not financial advice and readers are advised to undertake their own research or seek professional financial services.
Posted Using LeoFinance Beta
