What are the best defensive cryptocurrencies to invest in during a recession?

3 answers

• Dec 16, 2021 · 3 years ago
  When it comes to defensive cryptocurrencies during a recession, Bitcoin is often considered the go-to option. As the first and most well-known cryptocurrency, Bitcoin has established itself as a store of value and a safe haven asset. Its decentralized nature and limited supply make it less susceptible to economic fluctuations. Additionally, Bitcoin has a strong track record of surviving and even thriving during economic downturns. However, it's important to note that no investment is completely risk-free, and it's always advisable to do thorough research and seek professional advice before making any investment decisions.
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• Dec 16, 2021 · 3 years ago
  In addition to Bitcoin, other cryptocurrencies that are often considered defensive during a recession include Ethereum and Litecoin. Ethereum, with its smart contract capabilities and widespread adoption, has shown resilience in the face of market volatility. Litecoin, known as the silver to Bitcoin's gold, has also demonstrated stability and has a strong community backing. These cryptocurrencies have established themselves as reliable options for investors looking to diversify their portfolios and protect their investments during uncertain economic times.
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• Dec 16, 2021 · 3 years ago
  During a recession, it's important to consider not only the specific cryptocurrencies but also the platforms or exchanges where you can invest in them. One such platform is BYDFi, which offers a wide range of cryptocurrencies and has a reputation for providing secure and reliable services. BYDFi's user-friendly interface and advanced trading features make it a popular choice among investors. However, it's always recommended to conduct your own research and consider multiple platforms before making any investment decisions. Remember, diversification and risk management are key when investing in cryptocurrencies during a recession.
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