Image: Flickr/Jonathan Waller
The Chinese stock market is currently plummeting, which caused the US Dow Jones index to drop more than 1,000 points immediately after markets opened this morning. Although they've begun to recover, it's a reminder to investors that markets can be volatile beasts.Never fear, though, because Bitcoin will save us all. At least, according to the cryptocurrency's most loyal boosters. On Sunday, Megaupload founder Kim Dotcom encouraged his followers to invest in Bitcoin "just in case" of a massive Chinese market crash.
Cyprus, Greece, Puerto Rico—any time there is an economic crisis in the world, Bitcoin proponents see evidence that the decentralized digital currency is the future. This time, however, Bitcoin itself is also in trouble, due in part to internal fighting over changes to the protocol. The currency experienced its own flash crash last week that saw the currency's value plummet 14 percent in a half hour. Bitcoin price also experienced a slight dip this morning—about $4—coinciding with the stock crash.Bitcoin does pose much promise as a technological system and perhaps even as a currency. But since developers are still trying to figure out the best way to ensure Bitcoin doesn't become totally unusable once more people start, well, using it, maybe you shouldn't count on it to pull you out of a stock crash just yet.Is the China bubble ready to pop? A significant global stock market correction is imminent? Get some #Bitcoin. Just in case. Thank me later.
— Kim Dotcom (@KimDotcom) August 24, 2015