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Bitcoin Prediction for the Post COVID-19 Era

by Rea Setia about a year ago in bitcoin

The callus touch of COVID-19 hasn’t spared any sector, be it traditional equities and bonds, commodities, healthcare, loans etc. Even the cryptocurrency industry wasn’t immune to this pandemic.

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What’s surprising is that despite the severe turbulence caused by Coronavirus in the financial sector, people’s interest in investing in digital assets is increasing at a new pace.

It’s now evident that the digital assets have the potential to disrupt the entire industries as well as the global economy. The economic impact of Coronavirus has resulted in an increased interest in the digital assets, precisely Bitcoin, which is quite visible in the Bitcoin live price in India.

If we go a few months back, the Google searches for Bitcoin, in the month of February, increased by 33%, highlighting the interest for an alternative to a bank controlled economy. Ultimately, it is believed that Bitcoin, out of all the digital assets offered, is expected to boom in digital asset adoption across the world.

What Does The Tokenist’s Research Tell?

A recently published study from The Tokenist details,

“47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years. 43% of respondents, and 59% of millennials, feel that most people will be using Bitcoin within the next decade. In 2020, 44% of millennials report that they are likely to buy BTC in the next five years. More than one in three millennials would hold onto Bitcoin they are given, while a slightly smaller number (27%) would immediately sell it. 39% of male millennials now have no problem with the intangible nature of BTC, and a quarter of millennials as a whole report the same attitude.”

Image Source: The Tokenist

The research data from The Tokenist highlights that the faith in large financial institutions has been gradually waning and COVID-19 pandemic has added fuel to the process. And Bitcoin stands to be the major beneficiary of this new trend along with the Bitcoin Exchange in India.

Bitcoin, An Attractive Investment Post COVID-19 Era

A lot of industry’s best minds agree with the fact that Bitcoin is no less than a digital gold – a commodity wherein you can put resources in amid the tough times like this pandemic. Bitcoin’s price is determined by the conviction that is ingrained in it.

Indeed, after the very nearly 40% drop in the prices, Bitcoin has bounced back essentially. At the time of writing this post, Bitcoin’s price has increased by more than 11% in the last 7 days.

If you compare this with the SET Index, Thai Stocks have been decreasing since the beginning of this year. Thai stocks, even after BTC has recovered, are still floating around their absolute bottom. It is yet to be seen whether the recovery will come any time soon.

Big Firms Backing Up Bitcoin

Despite the economic crisis, some significant names among the market experts as well as intellectuals have been continuously supportive of the Bitcoin this year, adding more to the regular craze. Recently, the essential move is an insistence from some dependable names, adding validity to this new age asset. The big names include PayPal Holdings Inc., Square Inc., JPMorgan Chase and Co., and lesser-known business insight associations MicroStrategy Incorporated.

Bitcoin and Global Recession

The current global recession has sorted a lot of queries of people on ‘How to buy Bitcoin in India’. For those who understand the benefits of digital currency, there will be a significant surge in the interest in owning Bitcoin.

What’s obvious is that the purchasing power of the traditional fiat currencies is bound to be impacted to a great extent. This will be fundamentally down to digital currencies’ ability to lighten a part of forthcoming pressure on conventional business sectors as we enter a worldwide monetary slump.

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Rea Setia

I am a passionate blogger who loves to learn, write and share useful well researched content related to money & careers, beauty, relationship, health, fitness, diets, lifestyle area. Just keep in touch to stay updated...

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