Out of the on-going pandemic, one thing that is noticeable happening around is a great emergence of a new digital society, especially the one that will accelerate significant technological advances that are already commenced. With blockchain being a promising technology, numerous crypto ( Bitcoin) projects may have never seen off the ground even in the current Covid-19 crisis. In between the period, the crucial innovations that will surely push forward are blockchain and cryptocurrency, even when many industries seem to deal with hardships.
If we talk about the uncertain global climate affecting the prominent digital innovations, then the future predictions indicate that blockchain will continue to rise in the financial sector exponentially. Moving applications such as good authentication, food tracking, and storing sensitive data perform the regulatory work to bind the realistic objects to the tokenized equivalents. Sovereign currencies are likely to adapt to the application of blockchain’s fundamental technology, which is nothing less than the latest discovery for the financial world. China will be the first one to attempt the experiment in their model city Shenzhen in 2020, whereas Sweden is likely to be interested in the same course of action.
Not all industries are prepared for the crisis, whether in terms of infrastructure or financial arrangements that will create an excellent reinforcement in blockchain technology. As a result, we can count on the acceleration of the start-ups that are prudent in the race since the beginning.
For Cryptocurrencies, the non-correlated investment options will be wide open. If we notice the present market scenario, the crisis precipitated by the COVID-19 has made a tie-up between cryptocurrency and stock market for barely a week or two. In the previous few months, the bitcoin drop was noticed as a liquidity issue; gold shared the same status, whereas the situation has reflected the prominent footing that the currency was oversold. Apparently, the markets became un-correlated again, leading to investors’ interest in the blockchain-based financial instruments.
Mass population resting at home like never before will raise the utilization of tools and services like online gaming has already risen globally at scale. As a result, the acceleration in the usage of in-game digital currency will shortly take charge of the limelight.
Will Bitcoin become the asset class of the future?
In the present-day structure, Japan, China, India, and most of the EU countries have been seen with the rising number of investors who are more interested in crypto assets than before. Especially the countries deeply impacted with COVID-19, take Europe as an example that has shown a massive interest in stablecoins and altcoins.
Widely the investors thrive on believing that Bitcoin has made a secured place, and now it is here to stay for a longer duration. Those who are veterans in the industry are holding onto Bitcoin for about seven to eight years. As predicted, the rise in Bitcoin’s value can’t be slacked up. In fact, the value has risen in a few months, with investors harboring into the crypto assets that make bitcoin powerful enough to disrupt the ravaged economies.
The ultimate usage of Bitcoin is likely to reduce the intermediaries and set up a foundation for payments, settlements, and acquisitions. For future prospects, Bitcoin seems to be an ideal investment opportunity for all market investors, including beginners or veterans from all across the globe.
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