An Analyst and long-time crypto Investor advises traders “no more illusions”. The economic consequences would be unprecedented.
The world economy is on the precipice of an historic moment, since the Coronavirus continues to grow exponentially. We are likely to experience an unemployment rate that goes beyond what everyone has seen from us ever – and is expected to be not only a “Dip”.
The Dip to buy? Not so fast
Richard Burton has been working since 2014 for Ethereum and has been for almost a decade in the Fintech sector. A frequent commentator on Twitter quoted, he gave some traders a “reality check”.
“Stop lying,” he writes, and suggests that it is only a simple Dip.
“Listen to say on that we will recover… The world has changed.”
Burton leads the rising unemployment figures, which are likely to increase in the coming weeks to record numbers, if the lock is on. Unemployment could therefore rise in the United States and much of the world, more than 30%, since it is not necessary to labour in the midst of the pandemic to remain at home.
Those who believe that any financial assets can survive this storm, be mistaken in the coming months or so, unless Burton’s predictions.
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We are already in a recession
According to all estimates, we are already in a recession. Although the US Central Bank is desperately trying to assure financial markets that it would “provide unlimited QE” was not enough.
The Dow Jones and other major indices in the United States, which opened with losses. This is a lesson for the economy: The financial markets from the real economy and the real, productive economy is on the verge of hit a wall.
Bitcoin is, of course, promising in the long term. In fact, BTC could soon be one of the few assets that traded, if the shares close markets due to the pandemic.
Nevertheless, it is still a risky asset that follows now to a large extent the global financial trends. If and when the bottom for the financial markets is Bitcoin likely to fall like all the others.
If Burton is right, this is not just a “Dip”. This is an existential threat to our understanding of the world economy. It is time that the crypto-currency space is looking for an Alternative, rather than follow just like a shadow, the traditional financial accounting.