- Crypto businesses continue to flourish while China’s GDP sees its first drop and oil prices go down.
- Experts are seeing a big economic fail globally. “I believe oil can go as low as $10,” commentator Tone Vays confirmed in the latest edition of his Market Pulse YouTube series.
Crypto businesses continue to flourish while China’s GDP sees its first drop and oil prices go down. The price of oil has never been this low since 1987 and that has combined with China going through a big economic crisis. Experts are seeing a big economic fail globally. “I believe oil can go as low as $10,” commentator Tone Vays confirmed in the latest edition of his Market Pulse YouTube series.
Amid market uncertainty and the future of the global economy, many companies are being forced to take severe measures. In fact, Amazon announced this week to members of its affiliate program that it will reduce commission rates starting April 21. In addition, the long-standing company, renowned for driving cryptocurrency adoption among Amazon users, Purse.io announced its definitive closure starting June 26, 2020.
Nevertheless, other businesses are thriving amidst the chaos. We investigated an online financial platform called Bitfoliex as it was being mentioned in other media and were able to determine a steady growth. We reached out and they confirmed that even though the world is in a big economic crisis, they are continuing to grow. Reviewers call the platform one of the friendliest crypto tools, which would explain the high popularity among newcomers of the crypto world. They have seen a big influx of people trying to switch from FIAT to crypto as it is becoming to a point more stable.
Another Company showing more crypto adoption is New York-based Grayscale, which allows its investors to buy bitcoin and other major cryptocurrencies through its fund. They saw an investment of around $ 1 billion in the past 12 months. Just over half a billion dollars ($ 503 million) was introduced in the first three months of this year.
Another project seeing great support is Chiliz.net, a Singapore-based sports blockchain venture, which has listed Juventus Fan Token (JUV). This is a blockchain token released by Italian professional soccer club, Juventus, in collaboration with sport-focused token platform Socios.com.
This whole world economic crisis is forcing both individuals and enterprises to think outside the box and migrate to systems that are less dependent on physical entities and more digital. According to Statista “77% of financial sector incumbents will adopt blockchain as part of their systems or processes by 2020. Financial institutes are expected to adopt blockchain technology as part of an in-production process”. This is why blockchain is to become very popular amidst this chaos. Some experts claim blockchain will come to be what the internet was in the 90s, a revolution for all economies.