Can Bitcoin survive its first global economic crisis?
Bitcoin (BTC) was a response to the 2008 global recession. It introduced a new way to transact without depending on trust of third-parties, such as banks, particularly failing banks that were nevertheless bailed out by government at the expense of the public.
“The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust,” Satoshi Nakamoto wrote in 2009.
Bitcoin’s genesis block sums up the intent with the following…