Bitcoin, created in the midst of the 2008 global financial crisis, is a response to the perceived instability of fractional-reserve banking. Mervyn King served as Bank of England governor during the 2008 financial crisis and the creation of ... [+] bitcoin. "Another economic and financial crisis would be devastating to the legitimacy of a democratic market system," he said. This appeared to happen earlier this year, until the bitcoin price moved sharply lower as gold and the Japanese yen, two traditional safe havens, climbed. The bitcoin price remains highly volatilite and no one is able to in anyway predict what the bitcoin price will do next–leading some to think that it won't be until the next financial crisis that bitcoin will become widely used.

Source: Forbes October 28, 2019 00:45 UTC