Technology has been one of the main factors driving change in society since the beginning of time. The current coronavirus pandemic is aware that companies are seeing decentralized technologies as possible solutions. Such as blockchain technology.
A new dawn of cryptocurrencies
Bitcoin and other cryptocurrencies have been with us for more than a decade. They have come a long way since their inception in 2009. Cryptocurrencies, which until recently raised controversial issues, now show high demand from both regular users and institutional investors.
While adoption has grown only slightly in previous years, everything has shifted rapidly during the COVID-19 Coronavirus Pandemic. In addition to the pandemic, Bitcoin also came to the fore as a result of another important event. Yes, it was a halving of the miners’ reward.
The worldwide adoption of cryptocurrencies and blockchain technology has already begun. The pace of adoption has accelerated in Europe after the terrible number of people infected in Italy, Spain, the United Kingdom, and Germany made paper money more dangerous. Mainly due to the possible physical transmission of the disease.
In Germany, interest in online payments over the Internet and payments using payment cards at merchants has increased in an unprecedented way. This happened for the first time in the country’s history. Among other things, the coronavirus pandemic has also caused a drastic increase in the use of financial applications.
Leaving physical money
We informed you about overcoming the milestone of 7,000 bitcoins worldwide at the beginning of March this year. Currently, the number of cryptocurrency automats attacks the limit of 8,000. If the trend continues, we can expect to exceed the limit of 10,000 bitcoins worldwide by the end of this year.
Recently, investor Paul Tudor Jones described Bitcoin as a great alternative to traditional financial assets and invested in this cryptocurrency. More and more institutional investors are getting acquainted with the cryptocurrency market.
Confidence in blockchain technology continues to grow. Cryptocurrencies are safe to use for any type of payment worldwide. Stablecoins fixed on the US dollar, such as Tether (USDT) or USD Coin (USDC), also show very high demand.
What has the Coronavirus Pandemic caused?
The coronavirus pandemic has sparked debates in the United States over the digitization of the US dollar. The founders of the Gemini crypto bourse, the Winklevoss brothers, claim that COVID-19 Coronavirus Pandemic is the turning point for Bitcoin.