/How bitcoin has adopted to the situation of COVID-19

How bitcoin has adopted to the situation of COVID-19

  • With the pandemic of coronavirus continuing to attack many of the world economies as well as our health, Many people’s lives have changed for the foreseeable future. 
  • Many people are working at home and others are yet to return to work and to some sort of normality in their daily lives. 

With the pandemic of coronavirus continuing to attack many of the world economies as well as our health, Many people’s lives have changed for the foreseeable future. Many people are working at home and others are yet to return to work and to some sort of normality in their daily lives. 

The economy of some of the biggest countries in the world including in the United States has been thrown into disarray as lockdowns in many different nations have caused grave concerns for the future of trade and international businesses. With this economic turmoil impacting the world, the US has pumped trillions of new dollars into the system with trillions more dollars on the way. 

The European Union is also planning its own stimulus plan to help its public relations and citizens through this extremely trying time. 

But look into alternative methods, cryptocurrency is one of the first things you will hear of as a substitute reserve currency. 

The idea of pumping more money into the economic system is a scary move, but many crypto enthusiasts are excited at the fact that governments all over the world will continue to print money and see fiat some money lose its value leaving many people to turn to bitcoin and all the cryptocurrencies.

It seems that even though a crippling disaster has happened throughout the world, the adoption rate of bitcoin seems to have taken advantage of this as many people are finding out more about crypto and specifically, the leading crypto coin. 

Tyler Winklevoss of the Gemini crypto platform, has said that the current state of things is pushing people towards bitcoin as he said:

“The pandemic has catapulted us into the future. Hastening failure of offline retail, uptake in streaming, social media…also exposing structural problems w/ fiat, ballooning debt-to-GDP ratios, and likelihood of hyperinflation — which means it’s accelerating #Bitcoin adoption.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!