Tags Used: Chelsea Roh, US banks, US banking, prconnect, opinion piece, Opinion, mortgage crisis
Opinion: Cryptocurrency grasped mainstream attention back in mid-2017, but the world’s first digital currency, Bitcoin (BTC) was born back in 2008 and introduced to the world in 2009. Around this time, the stock market collapsed and fell 777.68 points within a single trading day.
The cause? The subprime mortgage crisis. U.S. banks got greedy and granted mortgages to individuals that couldn’t actually afford them, and there weren’t enough mortgage-backed securities to feed the demand. Home prices fell in 2006 and it triggered massive defaults across the nation. The risk then spread to pension funds, mutual funds, ...
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