The COVID19 Coronavirus outbreak has rocked the world, flipping everything on its head from industry to education. One of the things hit hardest, excluding the health of the global population, is undeniably the world’s economy. With nations completely locked down, trade slowed down to a crawl, industry shut down, and cash flow went from free-flowing to a trickle within weeks. The full ramification will take years to see, but it’s likely that we’re looking at decades of financial damage which will take years to recover from.
COVID19 And The Adoption Of Technology
With all crises, however, come opportunities. From the pandemic, we’ve experienced a surge in technological adoption like never before. The acceleration for businesses to pick up innovative methods to survive over traditional approaches has no doubt sent the world into the future of tech by decades. Remote work, online solutions to retail, the emergence of full integration of school systems to online platforms all show us how quickly technology can be adopted at a global level. And the cryptocurrency industry is no different.
Cryptocurrency’s Increase From The Pandemic
While we haven’t seen a surge like 2018’s as a result of the Coronavirus, it’s not unlikely that investors and traders will flood to the digital asset once the financial dust starts to settle. Experts predict that we’re only at the infancy of Bitcoin and cryptocurrency adoption and that digital assets and currencies will surge in the next decade. As reported, analysts go so far as to believe that Bitcoin will explode over the next ten years to see almost a price of almost $400,000 USD.
This bullish approach to the future of Bitcoin and the cryptocurrency market is expressed across the industry. Cryptocurrency exchange Kraken CEO and co-founder Jesse Powell has stated that the company is poised to a hiring spree despite the dire state of the job market, offering:
“The traditional system seems to be completely breaking down all over the world. So, increased customer demand is going to mean increased business for us, and it’s going to mean increased hiring.”
Coinbase CEO Brian Armstrong also commented earlier this year that the uncertainty in the fiat sector might lead to volatility in the cryptocurrency industry, but anticipates an increase in investors, saying that the speed of “customer growth in crypto” might lead to future challenges, so the company is using the time to build and improve stronger infrastructure on the platform. He also stated:
“In a world where unprecedented stimulus packages are being rolled by governments around the world, and a major expansion of the money supply is likely, I believe there has never been a better time for people around the world to learn about sound money and a more global, fair, financial system powered by cryptocurrency.”
Trust In Bitcoin Has Surged Since The Coronavirus Outbreak
As reported by The Tokenist, there has been a massive increase in trust in Bitcoin as an alternative asset to invest in. Comparing data from 2017 and 2020, the research published shows that investors (both casual and serious) are more likely to consider Bitcoin now. This comes as individuals have lost trust in central banking institutions and are desperately looking for other options. According to the report, “47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years.”
Further in the report, it is stated:
“The most dramatic increase is in the number of male millennials who would now prefer to own BTC over government bonds. In our survey, the number of male millennials expressing this preference surpassed the 50% mark, the first time that a majority has expressed confidence in this way. “
The Price Of Bitcoin Since The Pandemic Hit
Bitcoin might not have had a massive swing upwards and has shown volatility over the past nine months without committing to a direction. However, it’s worthwhile noting that the uncertainty surrounding the world’s economy will have a longer-term impact, and it possible that the next few years will be pivotal in the cryptocurrency industry.