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Bitcoin [BTC] will survive recession as it’s completely decentralized, claims Cosimo Ventures’ Kyle Chapman

Biraajmaan Tamuly

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Bitcoin [BTC] would survive recession due to it's complete decentralized traits, claims Cosimo Ventures Partner
Source: Pixabay

The cryptocurrency market has been facing significant bearish movement for over a year now, with major coins like Bitcoin, Ethereum, and Litecoin notably plummeting in price valuation. According to two-thirds of the world’s leading economists, an impending economic recession was fast approaching the financial paradigm of major institutions.

Kyle Chapman, a partner at Cosimo Ventures recently gave his two cents on the topic, suggesting that Bitcoin stood a chance of surviving the forthcoming recession. However, Chapman believes that unlike Bitcoin, Ethereum did not come under the same survival blanket.

Kyle Chapman believes that since decentralized virtual assets were introduced to the masses only at the end of the housing crisis, the cryptocurrency ecosystem is yet to experience a full-blown recession or a staggering bear run.

Chapman gave BTC the upper hand in surviving such a recession due to its “fully decentralized” traits. The absence of stock market links and its cyclical undulations were a major reason for this, added Chapman. Similarly, he felt Ethereum was more attached to the stock market than Bitcoin, which would lead to be its eventual downfall during a recession.



Chapman further mentioned that during a recession, Bitcoin may serve the market like a secured commodity, rather than an equity, due to its deep-rooted scarcity and decentralization. Bitcoin was not developed by design or principle to be used as a platform on which developers could start an enterprise. Bitcoin’s supply is not controlled by any person or organization and hence, it was more likely that Bitcoin will perform with authority during intense market movements, he said.

Ethereum however, is a developer-focused blockchain, which is very much dependent on how many organizations use its platform to build products, Chapman said. He added that Ethereum was closely entangled with equity markets, implying its vulnerability during a recession.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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