Covid-19 Promoted Mass Adoption of Cryptocurrency
While liquidity issues impacted the global markets of gold and other liquid assets like bitcoin during the pandemic, things suddenly seem to be taking a very positive turn for cryptocurrency in general. The price of bitcoin has risen by a huge margin all of a sudden, and there’s no doubt that the change was expected to happen for quite a while now by industry experts.
As much as quarantine improved the chances of eCommerce businesses expanding and taking over much of the physical market as well, internet-based currencies of all sorts were used much more often during this period. The only mode of trade that people were likely to invest their time in while being stuck at home was inevitably eCommerce, gaming, and all the associated currencies.
Another important aspect of the issue is that many companies went through a tough time during the lockdown, and they are now investing in digital assets to get back on track with their industries and markets. Coin offerings and fundraisers for cryptocurrency are much more common, and a new currency is born everyday to replace the fiat currencies.
The world of internet gaming also took a significant turn during the pandemic, attracting more and more users looking for an interesting leisure activity and preoccupation. In-game currency purchases have become quite a trend during quarantine, and there’s a slim chance that this trend will stop increasing for a while now.
China and Sweden are some of the countries that are reportedly planning to make attempts to replace fiat currencies by cryptocurrencies in the near future. The companies that own many of the notable currencies are expecting a massive consolidation in the world of crypto. The reason is that digital currencies can serve as non-correlated investment options.
Not only that but digital collectibles like prizes and rewards used as incentive by many websites and games will become much more popular and more and more monetary assets will be injected into the cycles of cryptocurrency over fiat currency.