An encouraging trend has attracted much less attention amidst the COVID-19 crisis. Having banned crypto in the past, or refused to acknowledge them as money, various countries have suddenly started recognizing them in their financial laws and courts. This could well mark an important shift for them towards the mainstream.
The below presentation throws more light on the matter.
With the outbreak of the coronavirus, its impact on the global economy is becoming more and more apparent. Below, we list three possible positive effects of COVID-19 on the world of bitcoin.
Bitcoin continues its breakout
Against the global uncertainty, Bitcoin is still proving its worth as a macro hedge. BTC has achieved almost 35% improvement and was able to hit $10,000 in 2020.
To many, this is clear evidence that Bitcoin’s status as a risk-free asset is solid. The idea is that as a result of the Coronavirus novel, as China’s economy weakens, Chinese investors have entered bitcoin to use its safe haven story.