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An overview of Cryptocurrency and Blockchain Post Pandemic

An overview of Cryptocurrency and Blockchain Post Pandemic

2020 will go down as one of the most uncertain and unpredictable years of the past few decades. While the world was gripped by a pandemic, the uncertainties around financial and monetary transactions also continued to rise. Amidst falling GDPs and worsening trade balances across the globe, we saw some noteworthy patterns and trends in multiple sectors, including cryptocurrency and blockchain.

Trends During and After the Pandemic
The trends and patterns related to cryptocurrency and blockchain became quite interesting as the world progressed through the pandemic. During the later half of the year 2020, we saw an unprecedented rise in the popularity and value of cryptocurrencies. While people indicated a slump in cryptocurrencies, the later part of 2020 turned the tables into the favor of cryptocurrencies.

We saw some cryptocurrencies hitting new all-time highs during the pandemic and an example of that is bitcoin, which saw a rise in value from 2020 into 2021. Bitcoin hit a new all-time high in 2020 and went on to break its own record by soaring even further in 2021. As of March 2021, the price of Bitcoin touched $60,000, which has never been observed before.
The rise in the prices of bitcoin and other cryptocurrencies give a very positive outlook for cryptocurrencies and blockchain post-pandemic.

Read Also: How Ripple Can Be Better Served as A Store of Value?

Contactless Transactions
A concept that gained traction during the pandemic was that of contactless transactions. While it might not have been important before Covid struck the world, people certainly realized the pros associated with contactless transactions and payments.

Cryptocurrencies, which are already based around the concept of contactless transactions, gained even more popularity as people were hesitant to utilize cash during the pandemic, fearing it might become a means of transferring the virus.

Given how people have realized the utility of cryptocurrencies as a means of contactless transactions, people are likely to start ditching cash in the favor of cryptocurrencies and digital currencies, which suggests that we can expect a positive outlook post-pandemic as well.

Acceptance
One of the biggest concerns that people have regarding cryptocurrencies is their utility as a medium of exchange. Currently, cryptocurrencies are not accepted by everyone as a medium of exchange, which restricts its usability.

On the contrary, the post-pandemic world seems to be more receptive towards changes such as that. As the masses inclined towards adopting and accepting technology to an extent that was never seen before, cryptocurrencies also continued to gain acceptance with more and more opportunities emerging to use them as a medium of exchange.

The biggest example of increased acceptance is how Elon Musk acknowledged the role of cryptocurrencies in the modern world. Recently, he enabled the option to purchase a Tesla using cryptocurrencies, which I believe is a huge leap towards more widespread acceptance for cryptocurrencies and blockchain.
Moreover, PayPal also recently allowed people to purchase bitcoin via their platform, which is an indication that Bitcoin is moving towards greater acceptance as a medium of exchange in the post-pandemic world.

Public Opinion
Another noteworthy trend that was observed during the pandemic was the disgust that people had for the existing centralized monetary and financial system. During the pandemic, people realized that the centralized system of transactions, currencies and stocks was too vulnerable and beyond the control of a common man.

Consequently, people started to show support for concepts such as cryptocurrencies, digital currencies, and blockchain, in order to move towards a decentralized system, where people have more control over their assets, investments and finances.

People realized the money-making potential associated with cryptocurrencies and started preferring it over conventional means of investment. We’ve seen that trading Bitcoin is not only easier but more profitable as well in some cases, with platforms such as bitqt enabling even beginners to trade cryptocurrencies and make profits.
As we see a shift in public opinion in the favor of cryptocurrencies, we can conclude that people will be more supportive towards it in the years to come.