Crash Worse than Great Depression could arrive in 2020

The global economy could shrink to Great Depression levels says IMF and Bank of England
The ongoing coronavirus has seen millions lose jobs; IMF says economic downturn could get worse

Bitcoin halving is here with us and sentiment has never been so bullish for post-halving adoption. Sadly for legacy markets, the IMF and Bank of England have forecast the worst economic downturn since the Great Depression

As Bitcoin welcomes its halving on May 12, 2020, several global financial bodies are offering a grim outlook for the global economy. Although BTC has retracted over the weekend to erase recent gains, the picture for the global markets is even worse given expectations that economies are set to crash to levels most of us have never experienced before.

The International Monetary Fund (IMF) and Bank of England (BoE) say coronavirus could see the global economy crash to levels last seen during the Great Depression and the Great Frost of 1709 respectively.

According to the IMF, global governments are instituting response mechanisms to COVID-19 that could see the economy plunged to levels last seen in the Great Depression.

Coinbase 2

The Bank of England has an even more devastating outlook for the UK economy. According to the UK’s central bank, the economy faces its worst recession in more than 300 years. The BOE released its latest monetary policy report on Thursday, predicting the economy could slump 14% in 2020. That would see it face its highest shrinkage since it declined by 13% in 1709.

Crisis reminiscent of the financial crisis that birthed Bitcoin

The US Federal Reserve is expected to print up to $10 trillion as it looks to cushion the country’s economy. The BoE on its part is set for another quantitative easing (QE) increase following the £200 billion sought in March. All these efforts are in place as millions of jobs are lost due to the virus and what the IMF calls “The Great Lockdown”.

According to Blockstack CEO Muneeb Ali, Bitcoin rose out of an “economic crisis” and the halving presents an opportunity for the pioneer cryptocurrency to “signal to the general public that [it] and blockchain are not one-off trends…

Ali also points to world governments’ money printing “out of thin air” as something that could begin to disillusion even the average citizens and shift interest to the benefits of Bitcoin.

 “It has never been a more fitting time to let people genuinely ponder the benefits of Bitcoin,” Ali told Forbes.

OKCoin CEO Hong Fang holds a similar view, noting that this halving finds investors seeing Bitcoin as an asset that is a better alternative to “stocks and fixed income markets.”

At the time of press, Bitcoin is trading at prices just above $8,600 and is set for the halving less than 12 hours away.

Crash Worse than Great Depression could arrive in 2020 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,798.00
ethereum
Ethereum (ETH) $ 2,644.37
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 335.60
cardano
Cardano (ADA) $ 1.33
xrp
XRP (XRP) $ 0.753292
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.206342
polkadot
Polkadot (DOT) $ 18.34
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,798.00
ethereumEthereum (ETH)
$ 2,644.37
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 558.09
litecoinLitecoin (LTC)
$ 144.34
bitcoinBitcoin (BTC)
33.536,70
ethereumEthereum (ETH)
2.228,34
tetherTether (USDT)
0,842673
bitcoin-cashBitcoin Cash (BCH)
470,29
litecoinLitecoin (LTC)
121,63
bitcoinBitcoin (BTC)
28,621.37
ethereumEthereum (ETH)
1,901.74
tetherTether (USDT)
0.719166
bitcoin-cashBitcoin Cash (BCH)
401.36
litecoinLitecoin (LTC)
103.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 38,428.00
ethereum
Ethereum (ETH) $ 2,478.13
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 322.47
cardano
Cardano (ADA) $ 1.28
xrp
XRP (XRP) $ 0.721591
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.198656
polkadot
Polkadot (DOT) $ 17.34
binance-usd
Binance USD (BUSD) $ 1.00