The coronavirus pandemic has led to an increase in global interest in the cryptocurrency market and pushed it to new heights, as the world economy remains largely volatile in a turbulent macroeconomic situation, said Changpeng Zhao, founder and CEO. of the cryptocurrency trading platform Binance.
“In 2020, markets around the world faced unprecedented volatility and instability with vulnerable economies and countries. With global economic uncertainties, inflation and traditional assets suffering from the macroeconomic shock caused by COVID- 19, people around the world have increasingly looked at bitcoin and cryptocurrency as an alternative asset and cross-border transactions in an unprecedented way. This has taken the cryptocurrency market to new heights … COVID-19 highlighted macroeconomic challenges faced by the global economy and, as a result, there is greater public understanding about inflation and how businesses and individuals could be affected “
The CEO added that people have begun to understand economic processes better since the pandemic has drawn public attention to macroeconomic issues.
On January 8, the most popular cryptocurrency, bitcoin, traded at an all-time high of $ 42,000, increasing the total value of the cryptocurrency market to over $ 1 trillion. Although the currency lost more than a fifth of its value on Monday, the trend remains bullish.
I generally agree with Zhao’s words, I would also add that many other factors have influenced the growth of cryptocurrencies: one on all the introduction of the purchase of Bitcoin on the PayPal platform.
As already mentioned, the financial crisis has also done its “duty” by pushing more and more people to purchase “safe haven assets”, once first of all gold, now also Bitcoin.
2021 could be the year of the adoption, if not mass, of a really large slice of the world population and this can only be good for those who “have always been”.
And what do you think about the future of cryptocurrencies in 2021? Let me know yours in the comments.
As always, thank you if you made it this far, and see you next time!
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