The Coronavirus Recession Pushed Bitcoin to the Global Stage

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As we’re nearing the end of the awful 2020, most of us have the same wish – for the coronavirus pandemic to finally end. We’re nearing that goal with several vaccines ready, yet it will still be months before everyone gets it. According to experts, the new normal will continue deep into 2021, but we hope that the economic hardships will end before it.

The coronavirus pandemic has certainly shaken the global economy up. It showed that fiat money is not that reliable, especially in countries with a weaker financial system. It also showed that Bitcoin and cryptocurrencies are a viable alternative, as many industries have thrived using them.

Going Down in History Books

2020 is going down into the history books for several reasons from an economic perspective. Economies shattered and the world saw the biggest economy activity drop-off since the Great Depression. There was a massive shift toward remote working many companies will stick to even when the pandemic ends. Crude-oil futures saw negative prices, indicating that the financial system may be ready for a growing market of cryptocurrencies.

It’s finally time to do so. In the past decade, Bitcoin went from what was thought of as a scam to a viable fiat money alternative. Of course, not all governments are open to the idea of replacing centralized currencies with it. However, the potential is right there, especially when you see how it helped South American and Islamic countries.

Those open to the idea of cryptos have already benefited from them. In a year where fiat money was in trouble and financial systems have broken down, Bitcoin and altcoins persevered and even went forward. What was once considered a no value and a fringe investment made its big stage debut on the market.

When you take a look at how the year started, it’s amazing really. Billionaire Warren Buffett called Bitcoin a fraud investment early in 2020, and in the end, Bitcoin won.

The Time for Bitcoin is Now

It’s not just Bitcoin – the world is shifting its weight toward digital currencies with major countries giving their support. Just take China, one of the world’s top economies. It just pushed the digital version of the Yuan, which might end up challenging the US dollar in global trade.

Billions of dollars in the USA were invested into obscure tokens and other types of DeFi (decentralized finance), suggesting that digital assets might be the financial future.

Gone are the days of thinking about Bitcoin as a hotbed of volatility and fraud. It has fueled many industries to new heights thanks to the massive potential and the ongoing pandemic. At least 2020 turned out great for digital currencies in general.

The time for Bitcoin and digital assets is now. Plenty of industries such as crypto gambling are thriving with Bitcoin, and new ones are reporting top profits as well. It’s time to forget everything we read about cryptos and abandon traditional finances – Bitcoin and cryptos are the way to go.

December 16, 2020: • No Comments

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