3 Cryptocurrencies With Recession-Resistant Potential
Volatility continues to plague economic markets worldwide, despite intense government intervention. June 11th provided the largest drop in the Dow Jones since March, falling over 1,800 points. As one of the longest bull markets in history comes to a close, spooked investors are looking to alternative assets. As always, some fled to the precious metals market. Gold and silver both surged as stocks crashed.
Yet, if this most recent dip follows previous trends from 2020, another asset may benefit. Cryptocurrencies followed stocks during the COVID-related crash earlier this year. However, while stocks suffered severe volatility, cryptocurrency markets recovered handily. While long-time frontrunners such as Bitcoin and Ethereum led the recovery, some smaller cryptocurrencies deserve notice.
Bankcoin Reserve (BCR)
Bitcoin’s price action brought focus away from its usage as a digital currency. Instead, many now look to it as a store-of-value – an idea buoyed by the recent COVID crash. Bitcoin’s brand recognition and first-mover status keep it dominant, for now. Other cryptocurrencies continue to chip away at BTC through purpose-built blockchains.
Bankcoin Reserve or BCR serves as a store-of-value based on physical goods. Pegged against the price per ounce of gold and offering annualized interest, BCR swerves away from volatile price action. Removing that aspect makes it attractive for use in back-end bank software. Replacing legacy banking software with immutable blockchain technology is a nearly foregone conclusion – with BCR positioned perfectly to capitalize.
V-ID Token (VIDT)
Essential services often require verifiable documentation. Even in a digital world, signatures hold a tremendous amount of weight. V-ID and the associated V-ID Token provide a solution to this issue. Through the establishment of documents on the V-ID blockchain, they become immutable – verified and freely referenced by all associated parties.
Last year, V-ID partnered with AmSpec to provide digital verification for oil and gas inspections.
Chainlink (LINK)
One of the fastest-growing projects in the cryptocurrency industry, Chainlink could hasten public adoption of blockchain tech. Their network provides a way to merge blockchain systems with more traditional APIs. This allows a much larger swath of digital products to leverage blockchain advantages. Chainlink’s potential did not go unnoticed – it recovered quickly and retested highs after the COVID-crash.
Chainlink provides the next logical evolution for cryptocurrency. Bitcoin created the market and paved the way. Ethereum introduced smart contracts and unlocked the potential of decentralized computing. Chainlink, in turn, allows the integration of decentralized computing into traditional markets.
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