Introduction
From being born because of a financial crisis to maturing and coming into its own because of another financial crisis, Bitcoin has come a long way. It is not something, which we discuss and share in hushed tones anymore for fear of being called names.
Bitcoin is very much a reality of our times. It is a reality, which is going to define the financial future, of our coming generations.
Even though Bitcoin was getting mainstream organically, the Coronavirus pandemic has really pushed open the debate for the cryptocurrency.
In the absence of growth, looming recession and central bank printing ginormous amounts of cash and stimulus, cryptocurrencies like Bitcoin have a string reason to shine.
In this article, we are going to look at why the time is right for the world to adapt to Bitcoin if they want to protect their asset valuations. We are also going to look at some major conjectures that experts are talking about in the financial ecosystem.
How the future of the Financial World is playing out in the Coronavirus aftermath?
There are multiple reasons why global economies crashed following the Coronavirus pandemic. Many experts allude to the fact that even prior to the crisis; the situation of global financial systems was very grim.
The trade war between China and America was already hampering the world’s economy in a major way. This was the second major episode after USA’s feud with Iran and the sanctions on Iran’s oil was further having a disastrous effect on global energy needs, supply chains and prices.
Financial experts see major nations printing more money to keep up with the dollar, even as America prepares to roll out record stimulus packages to offset the negative impact of the Coronavirus. The situation in front of other countries is simple- print more money and see your currency increasingly devalue in front of the US dollar!
This is going to give rise to probably the single biggest episode of Global Inflation in recorded history. With banks cutting interest rates, governments protecting private corporations, record unemployment figures and zero incomes and direct subsidies, the world is staring at a deep abyss in the near future.
How the shift towards Cryptocurrencies might have made a difference in times of crisis?
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Human beings do not learn from past mistakes. They are either stupid enough no to, or have some stakes, which prevents them from taking the right decisions.
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When Bitcoin was founded in 2007-08, its White Paper outlines how it can be a financial asset that would be devoid of inflation.
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Coming out of the financial crash of 2007-2008, you would expect governments and policy makers to take this seriously. However, they did not. They let another emergency arise. Cryptocurrencies like Bitcoin are attracting the interest of seasoned investors on Wall Street.
From investors like Paul Tudor Jones to the firm, Andreessen Horowitz, all of them are betting big on Bitcoin’s role as a hedge against rising inflation. Many are comparing Bitcoin and its current status to that of gold, stating that in the near future, cryptocurrencies like Bitcoin are going to be the safest, recession proof and high value options for investors.
The Economy after Coronavirus: what it is going to look like?
It would take the world nearly two to three years and great growth rates to bounce back to the economic levels experienced in pre-Coronavirus times. During this period, investors are growing to rally behind Bitcoin and other assets, by investing in platforms like customer support
We will have to wait and see how traditional currencies are faring up, whether they continue to exist after a couple of years or have they been changed by new alterations like CBDCs and cryptocurrencies like Bitcoin.