Tuesday , December 1 2020

How has the COVID-19 epidemic affected cryptocurrency? Special erts answer

Who could have imagined a year ago how much our lives would change in as little as 12 months? Last November will be a milestone in the history of mankind – no doubt it was the time when it all began. Although the “patient drop” has not yet been confirmed – if it never happens – we now know that everything started on November 17, 2019 in China. 19, regarding government data, according to the South China Morning Post.

In January 2020, the city of Wuhan in central China was hit by the widespread COVID-19 epidemic, with “41 hospitalized patients admitted to laboratories identified,” a statement said. The Lancet. Just two months later, in March, the World Health Organization declared COVID-19 a global pandemic. Governments around the world closed their national borders one by one, suspended public events and banned public meetings. This conversation found two terms that were rarely used in the past and are now published by Collins Dictionary in the UK as Words of the Year 2020.

With more than 55 million confirmed global patients, it is difficult to imagine what aspects of our lives have been affected by these dramatic and tragic events.

After all, the current COVID-19 crisis has had a positive impact on the world. European Conservatism, which has long relied on the traditional financial system, has forced Europeans to turn to cashless payments and cryptocurrencies. Some say it has accelerated the adoption of cryptocurrency and DLT-based business solutions globally by changing people’s perceptions of money.

Related: What is the COVID-19 epidemic for blockchain and crypto?

The eruption of COVID-19 has pushed the Bitcoin (BTC) safe haven narrative, as the central bank has printed a $ 15 trillion stimulus in an effort to mitigate the effects of the epidemic on global economies. Amid rising inflation rates, people are turning to Bitcoin as the next inflation protection.

Related: Not like before: Digital currency starts in the middle of COVID-19

Meanwhile, in the name of public health, governments are launching COVID-19 pursuit programs, paying close attention to privacy violations and raising a strong grasp of centralization in the process. Not to be outdone, governments have taken another step in eroding civil liberties through the development of central bank digital money, and initiatives that have increased globally in the wake of the COVID-19 crisis. Specialists see the solution to protect the privacy of decentralized technologies, and the question of over-promised decentralization remains open.

Even so, the coronary virus significantly changed everyone’s lives and created the new normal we live in now. However, despite all the economic, political and social challenges we have faced since the beginning of the year, there is no doubt that the epidemic will accelerate the next 20 years of technological development by advancing digital innovations.

Since COVID-19 is still gaining momentum, it’s too early to tell when it will all end. Now, a year after Wuhan’s first incident, CoinTelegraph specialists in blockchain technology and crypto space have gathered their views on how the coronary virus epidemic has affected the industry.

How has the COVID-19 epidemic affected cryptocurrency?

Ashish Birla, General Manager of RippleNet:

“COVID-19 has exacerbated the inequalities of many people, banking or non-banking, and has highlighted gaps in our financial infrastructure that pays the lowest bidder – on average $ 200 to send $ 14. Despite the epidemic, people still have to send money abroad to family and friends. As a result, remittances in some of the largest corridors have continued to rise. For example, emissions from the United States to the Mexico Corridor have increased significantly since the outbreak, and Mexico received $ 4.02 billion in foreign direct investment in March 2020, an increase of 36% since March 2019. Ripple is able to reduce remittance costs by using crypto and blockchain to make border payments faster, cheaper and more reliable. Bitcoin, one of Mexico’s leading exchanges, trades nearly 10% of its remittances from the United States to Mexico via Ripple technology as XRP bridge money. With major companies like PayPal and Square betting on crypto and pushing it into the mainstream, there is more interest in space than ever before. The validation of these companies has contributed to a greater interest in the utility of cryptocurrencies and in their ability to better serve their businesses and customers.

Dr. Hongfei, Founder of Neo, Founder and CEO of Onchen:

“From my point of view, the COVID-19 blockchain does not adversely affect space. Revealing the weaknesses of our current ideal also highlighted the urgent need for COVID-19 blockchain technology. For example, COVID-19 showed the failure of the current centralized supply chain system and revealed its instability and lack of dynamism. By stimulating blockchain, we can build a decentralized supply chain so that products can be quickly distributed based on the needs of a specific area. Similarly, blockchain technology can be used to more effectively detect and detect cases of infection while protecting the privacy of patients. In fact, we have already seen this shift to blockchain at an uncertain time – more and more institutions and individuals are embracing bitcoin as they see it as a stable, mainstream asset in these difficult times. In any case, I believe that COVID-19 confirms the need for not only blockchain but also a truly digital and smart economy. Going forward, we need to be prosperous and prosperous with the flexibility, dynamism and efficiency to embrace a truly digitalized and globalized world, outside of our current ideal. ”

Mike Belshaw, CEO of Bitgo:

“The economic upheaval caused by our epidemic period is changing attitudes and increasing interest in digital assets. COVID-19 has significantly accelerated the use and interest in crypto around the world. The important thing to note is that companies like ours are working hard to build a secure, consistent base, enabling the arrival of new crypto investors, including large corporate entities such as investment banks and major trustees. Fortunately, we can see this moment as a result of the hard work we have put into building a new financial system over the past 10 years. Before COVID-19, many people did not pay much attention to the economic factors that apply to Bitcoin. Honestly, they didn’t want to. If you are making a profit from the stock market, you should stick with what you already know and not worry about learning something new. But now all that has changed is the global epidemic – fiscal policy that has prompted governments to print money, devalue it and inflate it. Investors now understand that they need to move on. They are asking many more questions and grasping the underlying understanding of Bitcoin’s thesis – that a lack of assets is important. Digital assets are a safe haven from inflation and a safe haven of value. Investment leaders such as Paul Tudor Jones, Stanley Drookmiller and Bill Miller point out that Bitcoin is now an important part of any portfolio. There has been so much uncertainty this year, but people seem to have the energy to make themselves aware of what needs to be done to get involved with crypto. Compliance, stewardship, liquidity, portfolio management and wallet technology as well as tax tools – providing investors with the tools they need to invest in digital assets.

Preston Burn, Partner of Burn & Storm, PC:

“The eruption of COVID-19 had the greatest impact on crypto, saying that validating Crypto’s basic dissertation would be a better foundation for future social organization than ours, not just our social fragility and mathematics. Virtually every major economy is dependent on financial and monetary stimulus, strengthening and expanding public opinion on the weakness of fiat money and institutions. ‘Crypto’ is a so-called, multidisciplinary field of beliefs and interests ranging from hard money, censorship and communication securities. These technologies respond uniquely to social and enterprise adaptations to the stresses that dominated last year’s headlines, whether we’re talking about ‘go money presses’, the continued exit from high technology, or the social unrest that is rampant in cities. “

Tim Dropper, Business Capitalist and Famous Bitcoin Investor:

“Many people get stuck in their homes and eventually take the time to set up a bitcoin wallet. But Kovid’s real impact was that the lock-up was devastating for many families. When the government printed $ 13 trillion, it tried to put a bandage on. It was clear that you would rather hold Bitcoin than these diluted and diluted dollars. I hope the ‘trustworthy duty’ will include owning a few bitcoins as protection against government money flooding and maneuvers. ”

These quotes have been edited and ensed.

The ideas, thoughts and opinions expressed herein are those of the authors and do not necessarily reflect or represent the views and opinions of the Cointelegraph.