Can Bitcoin regain its old trust?

The 2008 global crisis had a negative impact on the whole world after it started as a mortgage crisis in the USA. One of the consequences of the crisis resulted in the bankruptcy of a giant like Lehman Brothers.

Bitcoin, which was launched by its mysterious developer Satoshi Nakamoto in the 2008 crisis, was the first seed of a new financial market that emerged in more than 10 years. The market, which has matured rapidly in its short history, has reached a market value of 3 trillion dollars.
Satoshi Nakamoto’s message to the Genesis block, known as Bitcoin’s first block, contained a reference to the current financial crisis. Nakamoto had attached a note to his Genesis blog that read, “The Times 03/Jan/2009, Chancellor, on the verge of second bailout for banks.”

Now, as history repeats itself, it is a matter of curiosity whether global investors will see Bitcoin as a safe haven again. The crypto money market, which was shaped by Bitcoin in the following years after the collapse of Lehman, proved itself as an alternative with its decentralized structure, which is in its infancy and despite its volatile structure.

On the other hand, despite the recent turmoil, it was a remarkable development that the crypto money market, especially Bitcoin, maintained its main support levels. During this time, while the US stock markets continued their downward momentum, Bitcoin closed the week on a positive note, albeit low.
As a result, the fear that the consequences of a possible Credit Suisse bankruptcy could have a very negative impact on the entire European banking may lead to the situation of global investors to increase the demand for Bitcoin again with gold as a safe haven, according to some analysts.

Commenting on the matter, Bloomberg commodity strategist Mike McGlone recently said that, given the current macroeconomic outlook, both Bitcoin and gold could outperform in the next decade. McGlone commented, “While talking about aggressive interest rate hikes by central banks and global recession, low commodity and risky asset prices may be the only way out with their deflationary effects, which can raise the price of gold and its digital version, Bitcoin.” used expressions.

Bitcoin is currently losing over 70% of its value compared to its last record price of $69,000. Since June, the technical outlook shows that current lows are maintained.

While an important catalyst is expected for Bitcoin to rise again, a possible banking crisis may accelerate the direction of cryptocurrencies as the escape point of capital this time. However, factors such as the risks arising from the internal dynamics of the crypto market and the lack of regulation can also be considered as obstacles to the investment of individual and institutional investors in crypto money. In short, it seems that the coming years will continue to be volatile for Bitcoin and crypto money markets.

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