Back to Crypto: the Great Recession

The COVID-19 outbreak triggered the economic crisis, today BTCMEX goes to track the events of the recession back in 2008–2010. What caused the Great Recession? Was the lesson learned?

Throwback Thursday by BTCMEX

Starting in the US, the recession meant that people and businesses suffered devastating losses, spent less money damaging the economy. In 2008 the US government had to step in and bail-out the banks increasing the national deficit. This was the year when Bitcoin was created as an alternative form of money.

From late 2007 to 2009 the economy of the US suffered a drastic downturn that is known as the Great Recession. It was the worst financial crisis in the US since the Great Depression of 1929 and left its impact on the whole world.

Today the global economy is facing the dawn of the new global recession. It’s the time for the financial regulatory system to be tested again, but this time we see new players like blockchain tech users and DeFi in the game. Were the lessons learned? Read the full article on BTCMEX.

www.btcmex.com

Rediscover Crypto with BTCMEX!

Please, note, that the article is a part of BTCMEX Blog, the views and opinions expressed here are the contributing author’s only, and do not necessarily represent the views of the company.

Julia Bulakh for BTCMEX