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Impact of Bitcoin on the Global Economy
Robby Thompson
Grand Rapids Community College
EC 251 Macroeconomics
Evangelia Lema
Sunday December 10, 2023
Impact of Bitcoin and Cryptocurrencies on the Global Economy
Amid the widespread distrust in central banks and governments, rising inflation, the growing millions of unbanked people, and strict monetary and fiscal policy brings forth the question of how will cryptocurrencies reshape the financial landscape? And how will they provide an alternative framework to allow for economic inclusiveness for all? As we enter a new era of a financial revolution people deserve and should have the right to invest their money in someplace that isn't controlled by centralized regimes and is unaffected by inflation. Bitcoin is not controlled by any institution or group of people making it the world's first decentralized digital currency. Since its introduction in 2008 Bitcoin has shown no signs of slowing down its economic growth or its widespread adoption of new investors. What is causing Bitcoin to economically grow at such a fast rate? And how is it changing the way we do traditional banking? Bitcoin along with other cryptocurrencies have been a challenge for monetary and fiscal policies around the world thus affecting the price. But regardless of the price volatility; what makes cryptocurrency valuable is the underlying technology that powers cryptocurrency known as the Blockchain. Blockchain is a decentralized public digital ledger that is used to record transactions which are verified and confirmed across many computers around the world, and cannot be altered by any individual.
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