The spread of the coronavirus has stalled many countries’ economies, including that of the United States. Lockdowns have seen businesses close and owners incur losses. Millions of people no longer earn a stable income due to the closing of their respective work stations.
While the economic crisis heats up, governments are printing trillions to inject into the economy. The Fed has printed trillions in the last few months in an effort dubbed “quantitative easing” aimed at boosting liquidity in the face of a troubled US economy. The issues arising from this pandemic have put a focus on the gains of the existence of blockchain and crypto technologies that have come in handy in managing the spread of the virus.
A team of experts came together to shed more light on the effects of the pandemic as well as the possible market situation post-COVID-19. The experts include eToro’s CEO Yoni Assia, eToro’s market analyst and crypto expert Simon Peters, Huobi Group’s Head of Global Markets Ciara Sun, Wayne Chen (CEO of Interlapse and founder of crypto exchange Coincurve), and Jerry Chan (Wall Street veteran and CEO of TAAL, a blockchain service provider for BSV).
In their engagement, the experts touch on the importance of having UBI (Universal Basic Income) policy in place to protect the vulnerable at times like these. They also explore the possible effects of the ongoing quantitative easing. The experts also have a focus on the imports of blockchain technology and how it can be used to power innovative strategies in dealing with the pandemic as well as future developments in the medical field.
Bitcon As A Safe Haven
Covid-19 has clearly shone a light on the issues concerning the use of fiat. Besides the increasing amount of fiat being printed, the transfer of fiat bills from person to person has been identified as one of the many ways fueling the spread of the virus.
While the world economy tumbles and currencies lose value, cryptos like Bitcoin have stood the test of time and maintained their value within a reasonable range. In fact, a lot of people are now more confident in Bitcoin as a good store of value and a safe haven in times of financial turmoil.
Going on, the experts have a few observations to note about the possible post-COVID-19 market situation. For one, industrial entities have recognized the power of blockchain technology especially in tracking COVID-19 cases and aiding in contact-tracing. This new advantage is likely to be incorporated in scalable versions deployed in future developments in the medical field and other relevant sectors.
According to Ciara Sun, cryptos running on scalable networks and strong community support stand to gain in the long-term, meaning post-COVID-19.