The pandemic versus crypto currency

The COVID-19 pandemic has left the general markets affected and its effects continue to ravage through the economic market, stock market and the crypto currency market.

The year 2020 has been of great importance to the crypto currencies and block chain world. Extremities such as the pandemic are the instances that prove resilience. And good enough, crypto currency has stood up remarkably. Still on the sunny side, the rapid digitization and improved internet speeds has created the right and ready environment for digital currency. It is in line with this that BitQT offers great trading algorithms that study crypto markets’ big data and generate highly accurate trading signals. In an approach that involves strategies such as scalping.  Bit coin is a store of value and thus is a huge plus in view of long-term assets tuned into gains.

Crypto currency tomorrow

In the wake of the effects of the corona virus in many economic sectors, and with the surge of potential vaccinations against it, we can be hopeful albeit in a cautious manner that the future is not as bleak. But as much as we want to remain hopeful and fit into the ‘new today’, we must ask ourselves; “come tomorrow, what role the block chain technology and crypto currency will play?”

The bit coin amongst other crypto currencies has grown to be integrated in various upcoming markets. For example, we have had Costa Rica declaring its employees might get paid legally using crypto currencies. This in turn made the use of crypto currencies in Costa Rica to increase dramatically.

Also, in 2020, the Philippines’ central bank approved almost sixteen crypto currency exchanges which propelled its economy in terms of a booming technology.

Due to the pandemic, many people are now inclined to handle money digitally. This was not the case before. 

Growth of the crypto currency

According to financial express  in January 1, 2020 to November 27, 2020 the bit coin surge from $7000 to $17,000 was noted. Then a steep rise of $10,665 to$19,028 between September 25, 2020 and November 25, 2020.

Many people have been noted to take refuge in the crypto currency markets, most obviously because of the dwindling stock markets secondary to mother companies that have been affected majorly by the pandemic. Thus, moving their money to ensure its value is conserved or gains. This is similar to gold, traditionally.

Inflation has also been witnessed due to a lot of money printing, job losses among others which in turn has forced people to get side jobs such as trading, technical analysts and crypto influencers. Many are also investing in crypto currency to earn side incomes. In lieu with this, confusion has been witnessed amongst early investors in bit coin who are now getting activated, and are at a loss of deciding whether to sell or hold on to it. The bit coin is mostly attractive because of its limited supply, 21 million.

PayPal also incorporates bit coin and other crypto currencies for their clients, in terms of being able to buy and sell. They also have plans to use crypto currency as funding sources come next year.

Further growth of crypto currency

Morocco, Vietnam and Nigeria are some of the countries that have been mentioned at the forefront of implementing crypto currencies in some of their trades. A decentralized item, crypto currency is rather resistant to external control forces such as the government. This is because its value is determined by the market and not necessarily by levers like monetary policies or the trade balance.

Freelancers are on the forefront in accepting crypto currency to receive payments across borders for their work.

Crypto currency can be sold or bought using mobile devices and therefore this actually means that areas of poor infrastructure or inaccessibility to computers are not a hindrance to using crypto currency.