Bitcoin is thriving despite the global pandemic. In 2020, it reached new highs while conventional financial institutions were struggling. By 2021, it had risen to $30,000. This turbulent period has shown that Bitcoin can thrive during a recession for surprising reasons.
Bitcoin did not only emerge as the opposite of centralized banking. It was created in response to the financial crisis of 2008. The Bitcoin blockchain is inherently diversified, as any computer on the network can verify the transactions. The cryptocurrency is not tied to any specific location, or institution, and it may not be overseen by governments. At the same time, it has gone mainstream, as you can buy bitcoin with credit card on secure exchanges.