Every crisis is an opportunity for Bitcoin

Recently, an underwater volcano on the South Pacific island of Tonga erupted steadily and erupted, reaching the coasts of Japan, the United States, Australia and China with the equivalent energy to 1,000 rockets and a tsunami. Volcanic eruptions and tsunamis plagued Tonga for some time, interrupted contact across Tonga, cut off national communications in Tonga, and disturbed the Emperor of Tonga.

Today, Tonga is still struggling and many countries have expressed their willingness to provide assistance to Tonga.

However, assistance to Tonga may be delayed due to contagion.

A Tongan spokesman said the Tongan government would not allow foreign aid workers to sail due to concerns about a new outbreak.

Australia's representative in Tonga, Curtis Tuihalangingie, said the Tongan government was discussing the significance of the rescue. “Tonga is concerned that the services could spread the coronavirus to uninfected islands,” he said.

In addition to food, Bitcoin can play an important role in supporting Tonga's economy.

Faced with a catastrophic disaster, Tonga would not only face immediate catastrophic problems, but more importantly, face extreme difficulties in rebuilding after the disaster. After the collapse of family life and the economy, Tonga needs more financial assistance.

Difficulties in the traditional financial system will significantly retard Tonga's development. For example, other countries absolutely must include other countries to support Tonga in addition to direct support of people working and sourcing. Based on the existing financial procedures, linking the benefits was very time consuming and costly, regardless of the average cost used for the exchange and linking.

Issues such as donating people in many countries also require a variety of issues, which can contribute to a well-being story.

However, once the cryptocurrency represented by Bitcoin is launched, there will need to be an open response in Tonga, allowing individuals, organizations and governments around the world to freely give, borrow and support quickly and easily. Reduce costs quickly so that Tonga can resume disaster services and rebuild after a disaster.

In fact, the Tonga Bitcoin Rescue Fund has just started.

According to the April 17 Cointelegraph, a massive fire and tsunami shock wave hit the Pacific island nation of Tonga on Friday. In response, Twitter user onair_blair asked Bitcoin sponsor and former Tongan lawmaker Lord Fusitua to create a wallet where people could donate Bitcoin to Tonga's financial aid.

Then Lord Fusitua responds with the BTC wallet address and link. Since yesterday, this address has received a total of 0.10794983 BTC (~$4625.29).

Bitcoin can be connected anywhere in the world, and operations such as payments and exchanges can be easily accomplished with a single network, and has the advantages of consistency, speed, and cost-effectiveness for natural results.

Ark Invest Founder, CEO and Chief Investment Officer Catherine Wood said that Bitcoin is the world's first private digital currency system.

In Tonga, meanwhile, Bitcoin's role in emerging markets has grown exponentially.

All this turmoil seems like the best time for Bitcoin. Especially in times of national disaster and economic pressures, Bitcoin has become a new and important commodity for the solution.

In 2019, there was a conflict between the United States and Iran. Over time, Bitcoin has risen rapidly from as little as $6,500, fueled by hedging and speculative speculation. Sensing the bull market, Bitcoin slowly paved the way to the halving to herald the birth of a super bull market.

However, the principle of Bitcoin's rapid growth in opportunities driven by traditional financial performance and the financial crisis is the basis of Bitcoin's real rise.

The background to the birth of Bitcoin in 2008 was an economic crisis. The financial crisis caused by the financial collapse of Lehman Brothers has wreaked havoc around the world. In the context of the anti-money laundering law, the financial confidence of the American dollar has collapsed.

The emergence of bitcoin to prevent hyperinflation by recognizing some of the world's best advantages through the use of technology has opened up the legends and myths of bitcoin.

In the past two years, in the sweep of the new crown, the financial crisis has spread again, this is a major challenge that Bitcoin will face since its inception and a great opportunity for respect for the development of Bitcoin.

Not only has Bitcoin turned into a bull market that has never been seen before, but the price has reached $69,000, almost 3.5 times the previous high of $19,800 that re-entered the Bitcoin market.

At the same time, blockchain technology, represented by the Ethereum 2.0 technology update and Polkadot across the chain, has been improving day by day, leading to the emergence of new applications such as Defi, and l emergence of new NFT applications, continues to expand the blockchain ecosystem.

As the market grows, the crypto ecosystem becomes more and more successful, the consensus for Bitcoin grows, and the size of users increases, rewriting the structure of the cryptocurrency market.

In the context of this economic crisis, Bitcoin has become a historic breakthrough.

It has steadily developed high-quality products and become digital gold, designed and developed new financial models and established new financial management, a full economic cycle, and has been accepted and appreciated by the general industry. , including organizations. Support the development of new network trends as a metaverse by supplementing the market for financial products, products and related products at the same time...

Despite all the protests and shutdowns, Bitcoin is still stubbornly surviving countless death trials, transitioning into more financial management that includes crypto tokens, Defi, NFT, and more.

So far, Bitcoin is still maintaining rapid growth.

On the other hand, while the strength of the economic crisis has not diminished and the financial stress has increased day by day, the novel coronavirus is still facing serious problems.

According to previous predictions by Tesla developer Musk, "(the economic crisis) could take place in the spring or summer of 2022, but not before the end of 2023".

If the prediction is correct, Bitcoin is still in its golden phase of growth and this bull market could continue and the price of Bitcoin could continue to rise at any time.

The recent collapse of the Turkish lira is the most convincing proof of this.

According to a report affected by cryptocurrency exchange KuCoin, the collapse of the lira made cryptocurrency investors more attractive to assets such as crypto stability coins, and most investors used Bitcoin BTC and USDT to fight inflation. Currently, more than 5 million people in Turkey have money on the cryptocurrency exchange.

Born out of turmoil and as the crisis escalated, Bitcoin proved itself in the fight against financial problems, and it became clear that Satoshi Nakamoto created Bitcoin.

Now, Bitcoin has become a big target for businesses and investors have to decide not only the equivalency of many businesses, but also retirement.

Former Fed Chief Auditor and Bitcoin Consultant Charlene Fadirepo previously said in an interview that Bitcoin is a tool for equity. Fadirepo calls 2021 "the year of the cracking" for Bitcoin, warning that big banks already have high consumer investments in Bitcoin, and big corporations have started consolidating and holding Bitcoin in stock. At least seven major banks, including Citigroup, JPMorgan, and Morgan Stanley, have invested heavily in Bitcoin.

Bitcoin plays an important role in payroll, payments, donations, etc. Bitcoin has also evolved from a geeky niche user to mainstream content and access to more and more groups.