RATE Group | As Global Recession Risk Grows, Bitcoin “Gold 2.0” Narrative Strengthens
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As Global Recession Risk Grows, Bitcoin “Gold 2.0” Narrative Strengthens

25 Jul As Global Recession Risk Grows, Bitcoin “Gold 2.0” Narrative Strengthens

Posted at 07:27h in Bitcoin News by

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Bitcoin (BTC) has been incurring significant selling pressure over the past several days that has put its recently found position within the five-figures in grave jeopardy, and its inability to find any strong support around its current price levels signals that further losses are highly likely.

Despite this technical weakness, analysts are noting that Bitcoin’s status as “Gold 2.0” appears to be strengthening amidst growing global instability, which could mean that BTC will incur greater bullish momentum as the global economy weakens.

Fed Chairman Powell Believes Bitcoin is More Like a “Gold 2.0” Than a Currency 

Earlier this month, the crypto industry was surprised to learn that one of the most powerful people in the global economy – Jerome Powell, the chairman of the Federal Reserve – noted during a US Senate hearing that he believes Bitcoin is more like Gold than it is a currency.

Importantly, Powell noted that BTC has not garnered any significant utilization as a…

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