Bitcoin, it appears, is at a ledge. A hard position given the recent capitulation. This is not stopping supporters from making wild predictions, conveying confidence.
Now, one supporter took it to Twitter rooftops, saying that Bitcoin is available for cheap considering the recent wave of resignation from top Fortune 500 CEOs.
2008: CEOs stepping down rapidly & btc emerges
2019-2020: Global CEOs stepping down rapidly again, textbook Dow's bear market signal DJIA DJTA bearish divergence. History doesn't repeat but it often rhymes well.
Bitcoin is still cheap for what's ahead my friends pic.twitter.com/TWS9grfHwC
— Crypto₿irb (@crypto_birb) February 27, 2020
The resignation, it appears, mirrors events preceding the stock market crash of 2008.
This is spurring the current stock market liquidation, a boost for safe havens like the greenback, gold, and Bitcoin.
The Fastest CEO Turnover in 17 Years
In the past year, CEOs have been resigning at alarming rates.
In 2019, for instance, it is estimated that over 1,300 CEOs and senior executives stepped down from their roles. This is unusual especially when the US stock market is trending at near all-time highs.
The S&P 500, though under-performing Bitcoin, is trading at new highs, much to the delight of the US President Donald Trump. His goal is to revive the US economy, spur industrialization and job growth.
With dropping interest rates and record low unemployment levels, the economy—from a neutral’s perspective, should be booming.
Statistics point otherwise.
A recession is Looming
However, with senior executives resigning en masse, something huge could be brewing. WeWork founder and CEO Adam Neumann left, so did McDonald’s Steve Easterbrook, Under Armour’s Kevin Plank, and even Nike’s long serving CEO Mike Parker.
This is the fastest pace of turnover observed in the last 17 years, and another reason to worry according to Andrew Challenger, the VP of Challenger and a HR specialist, who told NBC news:
“You expect a high turnover during a recession period. To see more turnover during a period where companies are doing very well is surprising.”
This was further supported by Jeffrey Sonnenfeld of the Yale School of Management who chimed in, saying:
“They go for the symbolism of sacrificing a CEO. That just creates disruption and many, many good people have been forced from office.”
Time to Stack up Bitcoin (BTC)
If a recession is imminent, the best course of action, considering the prevailing circumstance is to rack up Bitcoin and safe havens.
Bitcoin and assets of solid blockchain projects have an edge because they are fluid, digital, immune to local shocks, and global.
Bitcoin is changing hands at $8,823 at the time of press.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich