5 Cryptocurrencies Redditors are Buying Before Recession Begins

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1. Bitcoin

Bitcoin is widely regarded as one of the best-performing assets of the last decade. Many investors are turning towards Bitcoin as an alternative to cash or high-quality dividend stocks during times of recession. This is because the value of the coin is not tied to the economy of one particular nation, relatively protecting it from the ripple effect of a market crash in the US or China. The price of the coin is not tied to one particular event either, rather it revolves around different themes such as regulation, environmental concerns, government crackdowns on mining, and changes in institutional adoption. 

Bitcoin is also being used to store wealth since it tends to perform well during economic expansions and contractions. For example, Bitcoin is a safer option as a store of value compared to other popular coins like Ethereum and Tether because the purpose of the coin is not centered around practical use-cases like smart contracts, block times, and non-fungible tokens. Another advantage of an investment in Bitcoin during a crisis is that the total supply of the coin is capped and added supply is decreasing. 

You can also take a peek at 10 Stocks Reddit’s WallStreetBets is Buying in July 2021 and Top Robinhood Stocks Popular on Reddit.

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