A New Housing CollapseThe U.S. economy is in dire straits. 10 million people have filed jobless claims which allow for them to skip mortgage payments for 180 days at a time on federally backed mortgages and avoid penalties and further hits to their credit scores. This equates to 30 percent of Americans — 15 million households — that could default if the economy stays on lockdown. ‘This is an unprecedented event,’ said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. [Bloomberg] “The great financial crisis happened over a number of years — this is happening in a matter of months — a matter of weeks.”
Bitcoin Poised to ShineThe outcome of this new global recession, which looks to be a growing monster, is yet to be realized. For Bitcoin believers, the last recession brought about the blockchain and cryptocurrency revolution, but with this new crisis looming, can Bitcoin deliver on its early promises? It would be overly zealous to say that Bitcoin has grown to be an alternative financial system that can hold up in the face of an economic collapse. The coin has moved more towards being a store of value as greed drives its designation. For this reason, the most practical use of Bitcoin in a time where fiat is difficult to come by could be selling it to survive.
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