While there are many cryptocurrencies available on the market today, Bitcoin is the most favored cryptocurrency. This is largely due to the fact that it was the first to be introduced in the market and has seen exponential growth over the years. But perhaps one factor that has led the bitcoin price to be so attractive is the safety net offered by the currency. In recent times, many people have been unable to access their money due to bank blockades. Greece is a good example of a country where people had very limited access to the money they had saved with their respective banks.
The bank blockades in recent years led to many people looking for alternative ways of saving with Bitcoin being a safety option. In addition, when certain organizations face sanctions from the international community, the only way in which the organizations can continue to receive funds is through bitcoins. In addition to bank blockades, the collapse of stock markets in different countries has also contributed to the wide acceptance of bitcoins. According to bitcoin news, investors who lost money in the stock market since 2008 have in one way or another invested in bitcoin as a safety net for their money.
In an economic crisis, it is common for the government of the day to employ various stimulus programs, which tend to devalue national currencies. Since investors only invest in a commodity that has some value, they are more likely to invest in bitcoin because its value has continued to appreciate over the years. Currently, many people view bitcoin as the best cryptocurrency to invest in because of the safety net it provides. This means that even in a financial downturn, the value of one Bitcoin will still be high and the price will spike just like it was the case of gold in the financial crisis of 2008.
