COVID-19 has imparted a considerable impact on the socio-economic conditions of several countries. People living in different countries are facing several financial crises in their respective countries. Almost everything has been the worst during this pandemic. People are seeking a way to eliminate this deteriorated condition of the country.
While other businesses are moving to their worst state during this pandemic, the crypto business is hitting the mark even more confidently. Where this pandemic situation has destroyed the economy of several countries, it has proved to be a boom for cryptocurrency and its users. Since the emergence of the global coronavirus pandemic, cryptocurrencies such as Bitcoin are rising to a high record.
People are struggling to find the best platforms that can help them to restore the destroyed financial condition. Yuan pay group is one such platform that offers its services to crypto users to balance their economic life in this pandemic.
The situation of bitcoin amidst Pandemic
In today’s era where Pandemic is destroying plain currencies’ value, people seem to switch to digital assets such as Bitcoin. During the coronavirus, Bitcoin has hit 23 percent, and the satisfaction factor increased to 58.5 percent. Recent studies stated that during this global pandemic and technological advancement in the digital world, a modern and advanced payment method would significantly impact in strengthening the online exchanges.
In several countries, the usage of bitcoin increased more than ever during the pandemic. The reason for this activity is that people are trying to stabilize the unstable financial conditions. Meanwhile, where gold is nominated as the first investment instrument, Bitcoin seems to take its place during the pandemic. When all the people worldwide are maintaining the social distance, the percentage of online shopping, investments, and transactions done through online exchanges has increased two times compared to the previous record.
However, trading bitcoin is not everyone’s cup of tea. In December 2017, the price of bitcoin reached an all-time high of $19,511 as a result of purchasing cryptos in huge volumes. By the end of January 2018, bitcoin lost 50% value and finished the year by trading at a price of less than $4000. Many investors were hoping for a surge again but it comes off as a shock. However, things didn’t stay the same for a long time. Fast forward to two years, the price of bitcoin surged again. This time during the pandemic when everything else was falling apart. Now, the price of bitcoin has hit new heights again with a new record of $56,000.
The skyrocketing price of bitcoin amidst pandemic has proved that it is here to stay with a bright future. No matter, if bitcoin faces a downfall in price. Its worth has increased tenfold during the pandemic. Bitcoin has gained the trust of many investors and there is no stopping to its popularity. Even though there are a limited number of bitcoin, it’s worth will continue to increase in the upcoming years. If you are still not sure whether to invest in this volatile currency or not, the answer is you should definitely do it. But make sure to do long-term investment.
Pandemic and bitcoin adoption
Taimur Baig, the chief financial analyst of a multinational bank, states that “a severe pandemic can lead to the strong adoption.” It is interesting to know that this COVID-19 pandemic has to lead the adoption of Bitcoin undeniably. DBS bank is not the only bank to observe the growth of bitcoin during the pandemic. Still, several other banks of numerous countries such as Singapore, America, Switzerland, and Germany have also observed the increase. In such countries, there is a massive wave of demand for crypto. During this duration, bitcoin has become so popular that even the government and the banks also admit its progress. The result of this growth is striking the economic conditions.
Women are turning to bitcoin during a Pandemic
The growth of bitcoin amidst the pandemic is primarily the result of young women switching to Bitcoin. If we talk about the X and Y generation, the behavior and response to such digital assets are no different from before. However, the demand for bitcoin from generation Z has increased severely. It turned out that women are more likely to adopt bitcoin in a married couple.
A recent report stated that many young women from several countries such as Africa face several side challenges to stabilize the economic condition by adopting Bitcoin. Nowadays, the demand for blockchain skills is at its peak. Women turning to bitcoin are more motivated to learn about bitcoin and blockchain technology. According to research, the percentage of women adopting bitcoin has risen to 43.24 percent in the first quarter of the pandemic. Hence, women also played an essential role in the growth of Bitcoin during a pandemic.
The future of bitcoin
Coronavirus has a huge effect on the crypto market, but that doesn’t mean there is a threat to its growth. Many big companies are finding ways to adopt cryptocurrency for accepting payments. Though cryptocurrency is becoming a mainstream asset now, it is still not authorized by any government body.
The government of every country must need to take bold measures to regulate it and make it easier to trade or hold bitcoin. Till it happens, the cryptocurrency will continue to struggle due to the uncertainty. In the upcoming years, the change in the narrative will become a positive one.
Conclusion
This pandemic showed people the worst conditions in every country, especially in underdeveloped countries. However, the growth of Bitcoin played a crucial role in maintaining the financial needs during COVID-19.
Many people started investing their savings into cryptocurrency as they were laid off their jobs and businesses were shutting down. Their trust in bitcoin grew when its price starts exploding. During the pandemic, the prices surged almost 200% which was record-breaking. If you still haven’t invested in Bitcoin, you need to do it now. After all, it’s never too late.
