Crypto Continues to challenge mainstream banking

The 2008 financial crisis saw the birth of Bitcoin to challenge the mainstream financial system and the banks that many feel got it wrong. After all a number of high profile bankers got away with virtually destroying the economy and with it a lot of peoples retirement funds and lives.

It caused people to commit suicide and families were torn apart, so the thought of an alternative financial system to replace or challenge the current one we have sounds like a good idea.

It's been about 15 years since 2008 and although it seems very long ago for many of us it wasn't, I remember that time well. I was living in Geelong with my partner at the time a small coastal town in Victoria.

A beautiful place, but things go so hard and the lack of employment saw us sell our only T.V to buy food for a few days. Hot dogs, noodles and rice.

Economic hardship

We were living in a one bedroom flat it only had 3 rooms and a toilet. No yard, shared drive way as there were a number of us living in a line of flats.

It was cold in winter, wet and I remember it was hard to dry our clothes and due to not being able to find work due to the recession many nights we didn't turn on the heater.

I remember thinking I never want to be like that again, of course I had been in worse positions in my life but being with someone else in that kind of way really hurt.

Heading for a recession

We were promised that we wouldn't have to go through that again, all across the world the same lines were told. That the worst was over.

Yet, here we are again 15 years later not even a new generation and economic collapse is looking more likely and while people like to blame COVID, things were already heading this way pre COVID.

Housing, groceries, utilities, essential services everything was on the rise and a lot of people began struggling. But the banks told us that it was going to be ok.

Bitcoin rises as does Interest rates

I think everyone has had enough of the BS coming from financial "experts" and are starting to take their own decisions into their hands. No one was expecting a freeze on Interest rates but many hoped, things continue to get harder for many and now more and more people are "opting" out.

Bitcoin has again risen today and did so at the announcement of more interest rate rises which is starting to show that the 2008 spirit of Bitcoin isn't dead. Or perhaps there are a lot of people like me that recall those years and have an understanding on where this is potentially going.

The difference this time around is that Bitcoin is a lot more established and has become a household name for many, unlike 2008 where people were scared or thought it was a FAD. Here we are 15 years later and still growing.

Bitcoin is no longer just a "fad" but a part of the financial world now.

image sources provided supplemented by Canva Pro Subscription this is not financial advice and readers are advised to undertake their own research or seek professional financial services.