Re: Will coronavirus encourage people to use crypto more thoroughly?
I've seen somewhere across the web, that China has been taking measures to protect physical banknotes/bills from getting infected with the coronavirus. After all, it's said that the virus could be transmitted across physical cash in circulation from one person to another. If the trend continues, people will look for other ways to spend their money safely without having direct contact with the virus. In this regard, digital payments prove to be a winner when it comes to sending/receiving money without exposing yourself to physical banknotes/bills that have could've been contaminated with the coronavirus. I believe that it could be a win-win situation for Bitcoin and other cryptocurrencies in the Blockchain space. Unless governments decide to start rolling their digital currencies to the world, everything will remain likely the same as it is today.
Do you think that the recent situation will encourage people to use (or rely) on crypto more thoroughly? What are your thoughts?
Right now most of the governments are trying to create a counter measure to prevent the further infections of the virus and if physical banknotes will make the situation worst then they surely look for an alternative. Bitcoin and other currencies will be an option of course as they are digital assets especially to those countries who have no digital currency yet. Do you think that the recent situation will encourage people to use (or rely) on crypto more thoroughly? What are your thoughts?
But as of the moment, frankly speaking the governments are not yet ready to use any crypto currencies as they have no control with and there are many hindrances that need to be fix first before it can be implemented. China is already in the move in developing their own currencies and once it will happen then more and more countries will surely launch their own currencies also. People are dependent to their respective governments so right now all of the decisions are on the government side if they will temporarily use a crypto to counter this virus or not.