First off, is Bitcoin really recession proof?

With the potential for a US recession looming and Bitcoin hard-stuck in the 60,000's, it's looking like the majority of people aren't quite convinced.

At Wednesday's FOMC meeting, Jerome Powell broke our hearts yet again, revealing that the Federal Reserve had decided to continue to hold rates at 5.25-5.5%, and Bitcoin is taking the news pretty hard. 😔

We did get a little stock pump off a hint at "possible" rate cuts coming in September, but faith in Bitcoin carrying us degens through a potential recession seems to be waning with the asset tumbling from nearly $70k Sunday all the way back down to 62.5k as of Thursday morning. 

That's not to say it's all bad news for Bitcoin, but with crypto yet to experience a serious recession in the U.S., it's anyone's guess how our beloved 'digital gold' really holds up when crap hits the fan.

If you ask any of the heavy-hitting speakers at last week's annual Bitcoin conference, I'm sure they'll tell you Bitcoin will perform just fine, but if you ask keynote speaker Donald Trump, he'd likely tell you he's going to make sure of it.

The former president, echoed by political opponent RFK Jr., stated that, if elected in November, they would incorporate Bitcoin as a part of the United States Treasury's "strategic reserves."

Which, assuming these aren't just hollow promises pandering to crypto voters, could be a really big deal for not just Bitcoin's long-term price performance, but its legitimacy as a store of value in the minds of American citizens.

Now we just need the U.S. gov to store that Bitcoin in the Giddy app and we'll really be set.

 - Joey Segura