Did Covid-19 affect cryptos?

COVID-19 changed the world. It shaped new ways of living and forced companies to adapt by adopting other types of strategies in order to cope with such a massive change. Several industries had to cut costs and fire workers. And every currency in the world has been profoundly impacted by the pandemic, including digital currencies and blockchain technology.

Did Covid-19 affect cryptos?

The virus spread across 188 countries, affecting small businesses and large companies as well. It was inevitable that, due to such abrupt changes, the market would go crazy and investors would start panicking. And with cryptocurrencies? How much did Covid-19 impact them?

Blockchain is increasingly popular

Blockchain technology is constantly growing in many ways. It’s the infrastructure beneath cryptocurrencies, and it’s paramount for the correct functioning of DeFi services. The pandemic has made people become increasingly curious about the potential of blockchain technology. More and more users are discovering that this infrastructure can solve countless issues, from transparency, to immutability, to resiliency, to security. To the point that blockchain might even help scientists prevent future pandemics, if used properly. Doctors and hospitals could implement blockchain systems to transfer information in real-time.

Digital currencies were unaffected by the pandemic

Digital currencies didn’t behave in the same way as fiat currencies, thus persuading investors to resort to crypto. Bitcoin, the first cryptocurrency, has experienced a massive leap of its value over the course of the pandemic. In the long term, it seems like its trend is going to remain bullish, and Bitcoin will close the year as the most valuable cryptocoin in the market.

The world in which we live is becoming even more connected. Digital Transformation put its mark upon any kind of professional sector, and the financial world as well. In one year and half, social distancing, lockdown measures and remote working have propelled the growth of digital solutions for payments and investments.

As digital financial systems need to have a steady structure in order to make transactions fast, cost-effective and secure, blockchain technology started to receive a wider recognition.

BTC resilience during the pandemic and blockchain’s increasing popularity have proved that cryptocurrency is on track to have a pivotal role in the near future.

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