Post
Topic
Board Economics
Re: How will financial crisis affect crypto?
by
tyz
on 22/12/2020, 18:12:30 UTC
The COVID 19 pandemic presented an unique opportunity for cryptocurrency in 2020. In some areas, it has made significant progress. But in some other sectors, it has remained stagnant. The usage of Bitcoin as a payment medium has witnessed hardly any improvement during this period. On the other hand, it's use as an investment asset has received a massive boost, thanks to mainstream investment firms and corporations such as PayPal and Square.

I agree with you. The crisis would be a great opportunity for alternative payment systems like crypto. Unfortunately, despite the progress of the last few years, it is still cumbersome to pay with crypto. The transaction times are still too long. Because of the virus, cash will continue to decline and instead of relying on electronic fiat money, we should use more crypto in order to be able to maintain our own independence.