In terms of price Bitcoin has had a pretty rough week. The 8.5% slide had been largely predicted though and things are pretty bearish for cryptocurrencies at the moment. Fundamentally, the Bitcoin network continues to strengthen as the economies of the planet continue to weaken.<\/p>\n
If Bitcoin is looking bad<\/a> then the global financial macroeconomic situation is a nightmare. The US Federal Reserve has ramped up its repo cash injections as it tries to keep the banks afloat. BTC is still doing what it was designed to in a world that is largely against it. As a peer to peer decentralized currency it does exactly what it says on the tin.<\/p>\n The problem at the moment is that most of it flows through centralized exchanges which, just like banks, want to take their cut. The actual amount of wealth transferred using Bitcoin in the past decade is quite staggering for a technology that is still in its infancy.<\/p>\n Industry observer \u2018Plan B\u2019 has been looking into this and has tabulated the figures.<\/p>\n #bitcoin<\/a> transferred $11 trillion in wealth (2009-2019)<\/p>\n Still going strong at $10 billion each day pic.twitter.com\/jAphbfYUzh<\/a><\/p>\n — PlanB (@100trillionUSD) October 24, 2019<\/a><\/p><\/blockquote>\n\n