Will COVID-19 Speed Up The Crypto Adoption?

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Last Updated on 2 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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With the latest news on Covid-19 infections dripping in this morning and even the US’s First Family now affected (which is dragging down stock markets and crypto altogether), it’s sometimes starts to look like the pandemic has been bad all across the board.

However, for certain industry sectors it’s been nothing but a blessing.

By now, no one is daring to admit that they’ve really been working from home the whole time as global numbers show just how much Netflix people have been watching in the past few months. Even those in the US, where employers are keen to check out what employees are doing on their work laptop, have simply bought a second screen and cast their favorite series from there.

Other winners seem to include social media (Faang stocks come to mind), Amazon deliveries and crypto.

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March madness forgotten

Although Bitcoin and other known crypto’s descended into an abyss of panic selling when the virus spread like wildfire throughout Europe during the first wave, it has since recouped it’s losses and the best known crypto is at this point still one of the best performing assets of 2020.

For this reason, Singapore-based DBS Bank economist Taimur Baig claimed last month that 2020 is “shaping up to be a landmark in the history of digital finance.“

Visa and Mastercard are in the past few weeks all announcing deals involving crypto and even Wall Street’s banks seem no longer hesitant to invest.

Is adoption on the horizon? CoinSoft CEO Aleksandr Iurev thinks so, saying:

Now, when the ICO race is over, the digital finance market is more predictable.

The crypto market needed a new type of investor, and the pandemic pushed people to look more towards crypto assets.

It will be interesting to see what the post-corona economy will mean for crypto.