The deeper the economic crisis, the brighter bitcoin is, said Philip Salter

Philip Salter Chief operating officer of the mining company Genesis Mining believes that the economic crisis can give a powerful boost to the growth of bitcoin.

In recent weeks, the cryptocurrency market is very changing. According to Salter, mining companies could have contributed to the fall in the rate of the first cryptocurrency.

In this case, there is no different traditional markets. You sell everything you can just to stay afloat and pay your debts. The miners always have bills that they need to pay. It has to pay for electricity, maintenance in dollars. In addition, if the bitcoin exchange is falling, it means that you need to sell more bitcoins to continue working, said Salter.

Thus, the avalanche effect has happened. The lower the rate, the more bitcoins are sold by miners and the more the rate decreases. Therefore, until it reaches the point when it is easier and cheaper for the miner to suspend work until the market recovers.

However, according to Salter, the more real and deeper the economic crisis, the better situation for bitcoin.

If this crisis is artificial, there will be no special fallout for bitcoin. If this is a real global economic crisis, then interest in bitcoin will grow significantly. It will again become an issue of exposure hedging. The worse people pertain to the traditional financial system, the better they will pertain to cryptocurrencies, said the Chief operating officer of Genesis Mining. Recently, the founder of Gold Bullion International Dan Tapiero spoke that the introduction of negative rates on dollar deposits in the United States can be a boost to the growth of bitcoin.

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