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Covid-19 Might Propel Bitcoin Prices

Bitcoin Prices

July 1, 2020 | 

823 Views | 

JOHN K MWANIKI | 

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The effects of the prevalent COVID-19 on the economy have been massive. With almost all sectors stalled, the economy has struggled to maintain the money flow. Only the central banks have put economic stimulus and recovery measures to ensure the economics don't go to waste. 

While the COVID-19 seems all too bad on the economy, the crypto sector appears to be on an upturn. It is more like it has given the coins a boost to attain some of the highest rising values in a long time. 

This article looks into the ways through which Covid-19 might have propelled Bitcoin prices

The Need for Multiple Investments 

Coronavirus has been so widespread that currently, it seems so understandable to use terms like pre and post corona. Investments in the pre-corona period were all about specializing; most traders would look for a commodity with most potential then learn everything about it. 

After mastering the trade, they would place their money and keep on pumping money till they become gurus until corona struck endangering most of the investments. Most of the investors are now open to multiple investment options, unlike before. 

Some of the things to look into when choosing an investment portfolio are security and possible returns. For now, no other sector offers both more than Bitcoin. 

Increased Trust on Bitcoin

Even though Bitcoin has seen tremendous growth in recent times, it has also faced creditability issues. Most people trust cash such that they would not think of any other uncontrolled currency.

However, after a sustained growth, even with the COVID-pandemic, most people are reconsidering their views. 

The fact that Bitcoin continues to flourish amid a calamity of Coronavirus status shows its resilience. The growth has led to more trust hence more people looking to get a piece. Like any other market, the laws of demand and supply applies.

The more the need for the coin, the higher the prices. After some time though, the coin recovered to trade at some of the highest levels of $10000.

It even beat the resistance levels it has struggled with earlier. The pessimist still maintained that the rise was a bull run with the possibility of a crush. It seems they are going to wait for ages for the coin to fall again.

For one, investors have been torn on the security of the Bitcoin. While one group believes it is quite safe, others feel that it is more like any other traditional commodity without stability. Immediately after the pandemic occurred, it seemed like those who doubted Bitcoin was vindicated. The coin took a nose dive to some of the lowest it has traded in the recent time, $3000. 

Increased Blockchain Application

By now, you most probably know of the other blockchain systems and how they seek to transform most sectors without an idea of the application. To most, they are mere ideas. The coronavirus pandemic has seen an increased application of the blockchains in different ways. 

Most of the medical outfits have adopted the blockchain system to track supply. Same to delivery companies using the systems to ensure the right delivery. 

Growth in the blockchain technology impacts Bitcoin. It is the most preferred payment method for blockchain transactions. The uses of blockchain have also grown in home entertainment, security, and more. Suddenly gamers have realized they can access blockchain developed apps. 

Increased Access to Technology and Learning Material

If there is one thing that Covid-19 has provided people with is time. Most people lead hectic lives. Trying to balance work, family, and other responsibilities can become too daunting.

Twenty-four hours seems a little too little to find time for learning new things. However, with the lockdown and the stay at home directives, most people now have the time to learn more about the latest technology. 

The online world has proven to be so valuable in this period. The internet has been running shopping, entertainment, learning, and even making money. Most people, therefore, have been looking to cryptocurrencies for the prospects of making money.

The use of other blockchain supported instruments like in gambling have also increased over the lockdown. 

The more people interact with the blockchain world, the more they realize all its benefits. With these impressive features, most people have been compelled to start using Bitcoin, something most would not have found if they kept on their busy lives.  

Bottom Line

Even though the world keeps hoping for the end of the prevalent virus, Bitcoin has not suffered as much. The spread of COVID-19 has come with the need for more alternative investments while also increasing trust in the coin.

It has also increased the use of blockchain technology, where Bitcoin is the leading blockchain payment method. 

All these improvements are long term, with the possibility of sustained increase even after the corona. 

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