THE CRYPTOCURRENCY TRENDS POST COVID-19
Ever since the Coronavirus has emerged, the whole world has been put under lockdown and human lives have halted. Almost every aspect and every field of life have suffered during this pandemic. The economies of the world have crumbled with Europe facing the worst recession since 2012. Like every other thing in our lives, cryptocurrency has also undergone some ups and downs in the recent pandemic. In this blog we will discuss the impact coronavirus has had on the cryptocurrency and what does the future has in store for the ones who want to invest in cryptocurrency.
Impact of Covid-19
During the early days of the pandemic, all the economic activity halted and economies crumbled. The same impact was seen towards the cryptocurrencies, however, experts suggested that this was not a crisis but in fact due to liquidity as people started taking their money out in cash. This was mainly because they thought that this pandemic would have the same effect on cryptocurrencies as it had on different sectors such as banks. Soon, people realized that cryptocurrency is safe and decentralized, not controlled by any government or banks so there is less chance of it being affected during any crisis.
Why would investing in cryptocurrency be a great option?
After the initial downfall, the cryptocurrency has ever since emerged and is looking good for the future. According to analysts cryptocurrency could have an exceptional future ahead of it since the markets are struck due coronavirus.
The economy after Covid-19
After the prices dropped to 40%, bitcoin has managed to rebound significantly and increased to 70%. Compare this increase to some of the world’s economies that have continued to go down since the start of the year and the importance of cryptocurrencies can be understood.
Mainly because cryptocurrencies can withstand the global recession of economies it can be considered as the best investment in the future. With the global recession, the power of digital currency is something to look at and for anyone who understands cryptocurrency and its trends, this will be the go-to in the future.
Post COVID-19 economy
With all the damages associated with coronavirus, one thing is for sure that it has resulted in some structural changes that would need to be kept even when the virus is gone, for example, it has enhanced the importance of trends like working from home or online learning. In the same way, trade in terms of cash is being considered as a potential risk of spreading the virus. Keeping with the trend cryptocurrencies has proven to be one of the solutions to this risk and could become a permanent means of trade in the world economy.
If you are looking forward to spending some money in cryptocurrency, I would suggest that now is the time as it has clearly shown that even while the biggest economies faced a tough time, cryptocurrency maintained its value. Once this pandemic is over, people might look at this fact and understand the importance of cryptocurrencies and why is it known as the digital gold among the crypto enthusiasts all over the world.