Bitcoin evangelist and blockchain expert Andreas Antonopoulos estimates that an economic crisis in 2021 may not be in the best interest of BTC.
In a recent podcast interview with Anita Posch, Antonopoulos analyzes the possible economic fallout from the Covid-19 pandemic and what that financial turbulence may do to the price of Bitcoin.
The Bitcoin advocate predicts that the Covid-19 pandemic likely will not peak until March and warns that the way the crisis is being dealt with by government actors, especially those in the US, will have major consequences.
“I honestly think that before it gets better, it’s actually going to get worse. Especially in the US, I think it’s going to get a lot worse over the next four months because the real wave of the disease hasn’t yet peaked, and it won’t peak until probably March…
The economy, especially in the US, but I think also in Europe, the real impact, the economic impact hasn’t been avoided. It’s been postponed. It’s being pushed back and it was pushed back effectively by almost a year, but it can’t be pushed back any further. Every time it gets pushed back, the price we pay is bigger and the amount of effect that it has on the economy is smaller so this is not a sustainable approach. I think we have some very, very difficult times ahead of us.”
The best-selling author says that a resounding economic disaster will not be the way that Bitcoin achieves its potential. Instead, Antonopoulos would prefer to see a stabilization of America, Europe, and their currencies.
“I think the currency crisis environment is going to reach levels that have not been seen in 100 years. And all of the things we thought were stable and forever, turns out were not forever and not so stable.
Now, that’s not good for Bitcoin. It’s certainly not good for Bitcoin’s price. In the short term, it’s actually bad… We cant build success in a global currency like Bitcoin based on six billionaires. This is not the plan, as I keep telling people…
Crisis is not the way that we achieve success in Bitcoin. I think a lot of people in our industry tend to be optimistic about disaster, which I think is incredibly cynical and also doesn’t recognize the human impact these disasters are having. Honestly, I would rather like to see the euro and the dollar not being destabilized, and I’d like the US and European economy stabilizing a bit so that people can actually have more opportunity in their lives even if that means not as much opportunity for Bitcoin.”