The pandemic has put a lot of institutions on their toes as the world shifts to what everyone now calls the ‘new normal’. For the most part, businesses — large and small — have been direct targets of the current global economic struggle, and it has raised many questions on whether or not this will highly impact the future of the cryptocurrency giant that is Bitcoin.
While a great number of crypto investors feared that Bitcoin might succumb to the same tragic fate, market trends and investor behavior would say otherwise. In fact, while most businesses particularly in the retail industry suffered greatly amid the pandemic, Bitcoin has remained resilient. Bitcoin did face a slight collapse in prices last March, but among other industries, it was the fastest to bounce back by hitting roughly $10,000 shortly after its $3,000 downturn.
Just like all else, cryptocurrency isn’t spared from the effects of the pandemic. However, its foundation in comparison to traditional financial markets has enough fortitude to stand the test of economic setbacks. Restructuring will be the commonplace for Bitcoin as the industry prepares for a massive shift, but we expect that the blockchain industry will remain powered in the midst of such adversity.
Throughout this whole situation, people still spend practically 90% of their time indoors. In order to cope with the need to stay home, almost all physical activities have now migrated to the online space. With this, there has been an increasing number of Bitcoin transactions done from home, and we can expect the number to keep growing as more users flock to cryptocurrency in fulfilling their money matters in the middle of a pandemic.
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