It is a well-known fact by now (even among normies, I hope) that Bitcoin was created in 2008 as a response to the broken and corrupt financial system of the world, which became quite evident in the 2008 global recession.

Satoshi Nakamoto, the creator of Bitcoin even referenced a headline from the Times in the genesis block in 2009. It reads, "Chancellor on brink of second bailout for banks." This should be proof enough for anyone looking for it.

Starting in 2008, the world went through a huge global recession that affected hundreds of millions of lives. Truly, the horrors that people faced during that time is unimaginable. The central banks bailed out banks and corporations while the general public suffered.

Bitcoin, and other cryptocurrencies by extension, were created to end this broken system and usher in a new era where people are the ones in control, where economic policies can't be manipulated by a central authority and there is a solid financial system.

Bitcoin's Time Has Come

It has now been more than eleven years since the bitcoin network went live and it has finally come face to face with the very conditions it was built for. The world economy is going through another recession and one which will dwarf the previous one.

To make matters worse, there is also a pandemic going around that has already affected hundreds of millions of lives. As a result, global stock markets have crashed tremendously. But they are not alone. Even gold and the crypto markets have plummeted.

This has caused many to question bitcoin's promise of becoming a "safe haven" asset. While other markets crashed, bitcoin crashed even more. So, did the crypto experiment fail? Will the promise of a new financial system never be fulfilled?

Far from it. You see, during times of fear and uncertainty, people initially flock to safety. And the one thing that we see as being "safe" is fiat currency. That's why we saw such a huge crash in the stock as well as crypto markets. People just sold everything and flocked to fiat.

However, what happens next is what's important. As the world recovers from the coronavirus, as the recession starts to show its effects and after bitcoin's halving happens, we are poised to see what crypto can truly do. Stable economic policy, financial freedom, loss in confidence in the government and central banks are all going to contribute towards the adoption of cryptocurrencies. Also, we are long due for a bull market in this space.

The way the crypto markets are recovering from their recent lows is very encouraging. Bitcoin is already up to $6,600 from the low of $3,800 just 12 days ago. There is still a long ways to go and it's too soon to tell what will happen, but the signs are encouraging. So, hold on to your horses. We might just be witnessing the greatest revolution of our times.