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- While the coronavirus outbreak has shaken the pillars of the strongest sectors, it seems to unlock new opportunities for the cryptocurrency.
- Amidst the misfortune crisis, investors and the people, in general, started to seek safer assets.
- Be it a rise in trading rate or China’s digital currency; all efforts seem to signify greater crypto adoption.
While the coronavirus pandemic has shaken the pillars of the strongest sectors, the crypto world seems to be on a new track of growth. The epidemic has not left any stone unturned in causing disruption and putting a halt to the functioning of sectors worldwide. That being the reality, the COVID-19 has not excused the finance sector too. The national currencies have become a victim of COVID-19, thereby affecting the currencies’ value to unexpected extents. Amidst this, investors and the people, in general, were compelled to seek safer assets. And therefore, it is obvious why we observe a rise in investors trading cryptocurrency opportunities.
Cryptocurrency is backed by innovative blockchain technology. A technology wherein the transactions the users perform with crypto are locked in the blocks, thereby assuring security. From long, crypto and the blockchain network have continually strived to make its place in an evolving world. Obstacles since the establishment of this innovative technology have been a familiar companion on its pathway. But as per the present scenario, the cryptocurrency seems like it can tackle these challenges well enough on its own. The crypto has turned the pandemic that came as a disguise as an opportunity to prove its potency.
Few Instances of Wider Cryptocurrency Adoption
Highlighting a few instances in the same context, countries like China and Russia are making continued efforts to leverage blockchain technology. China recently conducted pilot tests for its first-ever digital currency. It had stated pre-pandemic its plan to roll out its digital currency this year. Besides China, Facebook is one more to have had earlier planned to launch its cryptocurrency ‘Libra’ this year. Although new barriers posed a setback to Libra’s launch, Facebook is not in the mood to accept defeat this soon. It continues to put maximal efforts.
Taking note of the performance of Bitcoin, it had been at the forefront at the beginning of the pandemic for losing its value. There was a tremendous drop in its price in March. Despite that fact, it revived back as the leading cryptocurrency during its third pre-halving event. Recent comparisons of the king crypto with the yellow metal gold recognized the former as the safer asset.
Drawing attention to what has been the scenario in India regarding crypto trading, there seems a new ray of hope. This is as the Indian exchanges have recently sought clarity from RBI regarding crypto regulations. If RBI does lift its ban order on crypto trade, we can observe a rise in crypto trading here too. Thereby, India can enter the category of those countries that can contribute to the crypto adoption. The reason for RBI to pose a ban was its assumption of the risks cryptocurrency could represent to Indian banking.
On a concluding note
Undoubtedly, the coronavirus pandemic has come-off as an opportunity in disguise for the cryptocurrency opportunities to grow. Be it a rise in trading rate or China’s digital currency, and all efforts seem to signify greater crypto adoption. It is a matter of surprise as to how such unfortunate occurrences could bring the best out of a few sectors. Because ultimately, it is only the unexpected happenings that reveal the true worth of worldly assets.
Thereby, we can hopefully say that cryptocurrency will continue to prove its capabilities regardless of the fragility the misfortune happenings might cause. Or even better, regardless of what time has in store for it, good or bad.
