The Coronavirus has hurt us all, not just financially, but in many aspects of our lives as well. But what if it could provide some benefit for the crypto industry?
This article does not intend to downplay the seriousness of this pandemic, nor do I take it lightly. I want it to be gone just as much as you do.
But like any optimistic individual, I always look for silver linings as much as I could, especially if it’s tied to crypto.
And I found that despite the market drop caused by the coronavirus, crypto companies and supporters might gain something from this dire situation somehow.
TL;DR
The coronavirus might be good for crypto because it enables investors to buy crypto assets at discount prices, compels more people to work in the blockchain sector, and encourages the use of digital currencies.
Discount prices
I remember back in late 2017 when Bitcoin was trading at nearly $20,000.
At that time, many newbie investors kept saying “I wish I could have bought Bitcoin at $5,000.” A year later and that exact opportunity was offered by the market. And guess what?
A lot of people cashed in. But those same investors who wished they could have bought Bitcoin at $5k probably said something along the lines of “Oh no Bitcoin is now below $4k. It’s gonna die. I’m selling.”
But instead of dying, it rose to over $13k sometime in July 2019.
How many times does this cycle have to repeat before people actually get it? The crypto market is volatile. Whenever it falls hard, it always bounces back.
Now because of the coronavirus, crypto prices have fallen heavily. While some are panicking, you should see this as an opportunity to cash in.
I’m not saying you should buy digital currencies. But if you intend to, now would be a great time. You’re supposed to buy when there is blood in the streets.
And right now it’s pretty bloody out there.
Crypto will eventually rise as corona falls
I’m not a financial adviser so please take this with a grain of salt.
According to mainstream media, the Coronavirus in China has more or less lost its momentum. It will be over soon.
According to Walter Ricciardi, a member of the World Health Organization, we might be able to get back to business as usual sometime this summer. That’s around June to August.
I don’t know if that hypothesis is gonna hold, but I do know the virus is gonna go away eventually.
By then, what’s left to worry about is the predicted global crisis that is being talked about a lot in the business world recently.
The US Federal Reserve keeps printing more money, devaluing the US Dollar, which is loosely recognized as the world’s reserve currency and Bitcoin’s main rival.
And just recently, the Feds also announced that they will allow US banks to give out loans with 0 reserves. This means that they could create money out of thin air and let the people pay interests!
Common sense would dictate that not only are they delaying the inevitable, but they’re actually making it worse.
Not trying to be biased here, but atleast these atrocities are impossible to do on Bitcoin and other decentralized cryptocurrencies.
So when the global economy collapses, where would people store their money for safekeeping? I know where I’m putting mine. It starts with a B.
More remote workers
We all know how the pandemic is affecting employment. With lockdowns and quarantine restrictions, many companies are forced to either halt operations or let their employees work from home.
Lucky for blockchain companies, more remote workers are now seeking job opportunities.
In case you didn’t know, the crypto space has the highest demand for remote workers. This is probably because it is global and more community-driven.
This is a positive occurrence because the blockchain industry is growing rapidly while the number of applicants is falling short of the demand.
I believe that despite the fact that most industries are being heavily hit by the coronavirus, crypto companies could potentially fare better or atleast maintain their operations.
Physical cash transactions drop
Bitcoin does not transmit any viruses, but physical banknotes and coins do.
With the spread of the coronavirus, cryptocurrencies will be acknowledged as better alternatives for payments.
Of course, digital fiat payments are still available, but this can serve as a good test run for a cashless society. It’s a start.
Conclusion
I feel sad about all the pain, suffering, and death the coronavirus has brought to our world. But I think we should continue to move forward as best as we can.
Neither a pandemic nor a recession could ever stop the crypto space. We’ve come so far after 11 years. And I’ll never stop supporting this global movement.
For our freedom and for equality of opportunity. This is my service to the world.
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