Lots of economic havoc. Everything is down; it's like the opposite of the "everything bubble" which has been happening for the last several years. Stocks are down, which is expected, but GLD, Bitcoin, and even TLT (=long-term treasuries) are also down. Where is the money disappearing off to? Are institutional investors really selling everything and then putting the cash "under their mattresses"?
Yes, same thing that happened in 2008. Somewhere in this pile of knowledge we call a thread I talked about how in 2008 I was stunned that Gold had dropped below 600 an ounce WHILE everything was going bad. I could not believe it, but everyone wanted cash to buy MRE's and shit for the apocalypse.
Cash is dangerous because the US can print infinite amounts of it. That doesn't matter because people aren't thinking long term.
Once again I don't think there will be inflation because this "money" they are printing is just covering the hole of the "money" that was never there but was priced into every asset and transaction. It's replacing virtual virtual money with real virtual money.
I think that the recession is good for BTC medium-term. People are selling now because people are selling everything now. But 2008 was what motivated the creation of Bitcoin, and the same things are happening now. I could see ATHs this year.
Right. People need to make the monthly nut. We'll see what happens, but it is kind of fun to watch again.
And it will happen again in year 4 of a chucklehead Republican presidency. As it always does.