How the Global Pandemic Pushed the Growth of Bitcoin and Cryptocurrency
The Bitcoin and cryptocurrency industry has grown considerably in the last few months. It witnessed unprecedented growth both in terms of popularity and market capitalization. The price of Bitcoin and other major altcoins has also risen and the market is showing positive signs of advancement.
A major reason for this is the overall state of the economy, which is dilapidated at the moment. The global pandemic caused by COVID-19 has changed the way the entire world functions. While the world’s economies came crashing down, it was the Bitcoin and crypto industry that showed signs of growth and development. Many people lost their job and bitcoin came as their hope in such times of distress. It showed light and positivity in the form of an alternate source of income. For more information, visit Bitcoin Circuit software.
While other industries like stocks, equities, and mutual funds were crashing, it was gold and Bitcoin who stayed on the trajectory of growth. Even the US dollar’s price came falling down, and that too just pushed bitcoin’s price even further. In the last few months, the price has risen to considerable levels and this has attracted many more people into this trade.
It’s not just people, but also big companies that have been showing this inclination towards the crypto-industry. Recently, only PayPal made the shocking announcement where they declared that they will be associating with Bitcoin and start offering people the service to hold, buy, and sell the cryptocurrency through its platform. Not just that, it will also allow users to pay in the form of cryptocurrency at the point of transactions where this system has been installed.
This news sent a wave of positivity in the market and the share price of Paypal and the price of Bitcoin rose to record levels. This only vouches for the fact that people are very much inclined towards this industry and they just need a push to realize their interest in the same. Then, it was the remarkable move by Starbucks where it declared it will start accepting payment in the form of Bitcoin. Yet again, it was a splendid move in this direction which only pushed bitcoin’s growth further.
When such big brands and companies show this inclination towards the industry, it further motivates people to leave behind their doubts and see the true potential of the industry. Through these steps, they are making a strong and positive statement at a global level, which advertises and promotes the Bitcoin industry further.
All these moves lead to a further increase in Bitcoin’s price, which made it even more fascinating and lucrative to investors who were already losing on other bets they have made in different industries. This put Bitcoin on the trajectory of growth with more and more people leaving their apprehensions behind to join the race.
It’s not just the cryptocurrency that is attracting more people, but also the Blockchain technology itself is now being recognized and celebrated. While people are leaving their doubts about Bitcoin, they are also seeing the amazing Blockchain technology in a positive light. There have been talks about the adoption of Blockchain technology in other industries also because it’s transparent, it’s decentralized and it’s easy to manage. It will end human discrepancies and frauds in so many ways.
To us, it shouldn’t come across as a surprise if in the future we see major players of the financial industries adopting blockchain technology. Already, major industries like insurance, finance, and banking are contemplating a system to integrate the same with their traditional methods. It will only lead to better things like no human felonies, no delays, no additional costs, no frauds, and no human interventions.
Other major industries are also adopting Bitcoin, which is happening very fast. The sports industry has already opened its doors for the Cryptocurrencies. Recently, only major premier league clubs and teams were in the news about their decision to start accepting Bitcoin as their sponsorship and payment fees as well. We all know what tremendous impact the sports industry has on the whole world. A single move by the industry in this direction will push its growth to unprecedented levels.
So, all in all, we can conclude that though the global pandemic brought with it distress, it had a slightly different impact on the crypto market which witnessed its highest levels of growth in this period. While all other markets came crashing down, it rose to another level of success and sparkled new hope in people looking for an alternate source of income. So, it has successfully managed to change its image of a safe haven to a safe investment choice during this period.
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