{"id":117682,"date":"2020-11-22T20:13:00","date_gmt":"2020-11-22T17:13:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-has-the-covid-19-pandemic-affected-the-crypto-space-experts-answer\/"},"modified":"2020-11-22T20:13:00","modified_gmt":"2020-11-22T17:13:00","slug":"how-has-the-covid-19-pandemic-affected-the-crypto-space-experts-answer","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-has-the-covid-19-pandemic-affected-the-crypto-space-experts-answer\/","title":{"rendered":"# How has the COVID-19 pandemic affected the crypto space? Experts answer"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a358adb34748\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a358adb34748\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-has-the-covid-19-pandemic-affected-the-crypto-space-experts-answer\/#What_impact_has_the_outbreak_of_the_COVID-19_pandemic_had_on_the_crypto_space\" >What impact has the outbreak of the COVID-19 pandemic had on the crypto space?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># How has the COVID-19 pandemic affected the crypto space? Experts answer <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Who could have imagined a year ago how different our lives would be in just 12 months? Without any doubt, last November will remain a significant point in humanity\u2019s history \u2014 the time when it all started. Although \u201cpatient zero\u201d has not yet been confirmed \u2014 if it ever will be at all \u2014 we now know that everything began in China back on Nov. 17, 2019, when the first patient reportedly presented symptoms of a novel coronavirus disease named COVID-19, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.scmp.com\/news\/china\/society\/article\/3074991\/coronavirus-chinas-first-confirmed-covid-19-case-traced-back\">according<\/a> to the South China Morning Post with references to government data.<\/p>\n<p>In January 2020, Wuhan city in central China suffered from the massively expanding COVID-19 epidemic, and \u201c41 admitted hospital patients had been identified as having laboratory-confirmed\u201d cases, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.thelancet.com\/journals\/lancet\/article\/PIIS0140-6736(20)30183-5\/fulltext\">according<\/a> to a publication in <em>The Lancet<\/em>. Just two months later, in March, the World Health Organization declared COVID-19 a global pandemic. One by one, governments worldwide closed their national borders, suspended public events, and banned people\u2019s gatherings. The conversation unearthed two terms, rarely used before, which have now been <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/blog.collinsdictionary.com\/language-lovers\/the-year-of-lockdown\/\">declared<\/a> 2020 words of the year by British Collins Dictionary: \u201clockdown\u201d and \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> distancing.\u201d <\/p>\n<p>It\u2019s hard to imagine which spheres of our lives have not been affected by these dramatic and tragic events, with the number of confirmed global cases <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/coronavirus.jhu.edu\/map.html\">exceeding<\/a> 55 million.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/94778e17-a8c2-4c28-9f72-5a67607ef37f.png\"><\/figure>\n<p>Despite everything, the ongoing COVID-19 crisis has also had a positive impact on the world. European conservatism, which has long relied on the traditional financial system, was questioned as the pandemic forced Europeans to shift toward cashless payments and cryptocurrencies. Some say it even fastened the mainstream adoption of crypto and DLT-based business solutions globally by changing people\u2019s understanding of money.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>What the COVID-19 pandemic means for blockchain and crypto<\/em><\/strong><\/p>\n<p>Specifically, the COVID-19 outbreak has propelled Bitcoin\u2019s (BTC) safe haven narrative as central banks print an <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/health-coronavirus-cenbank-idUSL8N2CI81G\">estimated<\/a> $15 trillion in stimulus in an attempt to ease the pandemic\u2019s effects on global economies. Amid rising inflation rates, people are turning to Bitcoin as the next inflation hedge.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Not like before: Digital currencies debut amid COVID-19<\/em><\/strong><\/p>\n<p>Meanwhile, in the name of public health, governments are initiating COVID-19 tracking programs, raising serious concerns about privacy violations and the tightening grip of centralization in the process. Not stopping there, governments have also taken another step in eroding civil autonomy via the development of central bank digital currencies, initiatives for which have been boosted globally due to the COVID-19 crisis. While experts see the solution to safeguarding privacy in decentralized technologies, the question about over-promised decentralization remains open. <\/p>\n<p>Nonetheless, the coronavirus outbreak significantly changed everyone\u2019s lives, creating the new normal we now live by. Yet, despite all the challenges we are facing economically, politically and socially since the start of the year, there is no doubt that the pandemic is propelling digital innovation and accelerating humanity 20 years forward in technological development.<\/p>\n<p>It is too early to tell when it all ends, as COVID-19 is still <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.euronews.com\/2020\/11\/18\/is-europe-having-a-covid-19-second-wave-country-by-country-breakdown\">gaining<\/a> speed. Now, a year since Wuhan\u2019s first case, Cointelegraph reached out to experts in blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and the crypto space for their opinions on how the coronavirus pandemic has impacted the industry. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_impact_has_the_outbreak_of_the_COVID-19_pandemic_had_on_the_crypto_space\"><\/span>What impact has the outbreak of the COVID-19 pandemic had on the crypto space?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Asheesh Birla<\/strong>, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> manager of RippleNet:<\/p>\n<blockquote><p>\u201cCOVID-19 exacerbated the inequities for many people who are unbanked or underbanked and highlighted the gaps that we have in our financial infrastructure where those who have the least, pay the most \u2014 on average the cost to send $200 is $14. Despite the pandemic, people still need to send money to family and friends abroad. As a result, remittances have continued to surge in some of the largest corridors. The U.S. to Mexico corridor, for example, saw a considerable increase in remittances from the start of the pandemic, with Mexico receiving $4.02 billion from abroad in March 2020, a 36% <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/mexico-remittances\/remittances-to-mexico-surge-to-record-high-in-march-idUSL1N2CM15M\">increase<\/a> from March 2019. Ripple can help lower the cost of remittance payments by using crypto and blockchain to make cross-border payments faster, cheaper, and more reliable. Bitso, one of Mexico\u2019s leading exchanges, is transacting close to 10% of total remittance flows from the U.S. to Mexico through Ripple\u2019s technology that uses XRP as a bridge currency. In tandem, there\u2019s more interest in the space than ever before with major companies like PayPal and Square placing their bets on crypto, pushing it to the mainstream. Validation from these companies has contributed to more interest in the utility of cryptocurrencies, and their ability to better serve their businesses and customers.&#8221;<\/p><\/blockquote>\n<p><strong>Da Hongfei<\/strong>, founder of Neo, founder and CEO of OnChain:<\/p>\n<blockquote><p>\u201cFrom my perspective, COVID-19 did not negatively impact the blockchain space \u2014 if anything, it drove increased demand for blockchain innovation and adoption. By revealing the weaknesses of our current paradigm, COVID-19 also highlighted the urgent need for blockchain technology. For example, COVID-19 demonstrated the failings of today\u2019s centralized supply chain system, revealing its fragility and lack of agility. By leveraging blockchain, we can build a decentralized supply chain which can quickly ascertain and then distribute products based on a specific area\u2019s needs. Similarly, blockchain technology could also be deployed to more efficiently track and trace infection cases while also protecting patients\u2019 privacy. In fact, we\u2019re already seeing this shift to blockchain in a time of uncertainty \u2014 increasingly more institutions and people are embracing Bitcoin as it is viewed as a stable, mainstream asset in these trying times. If anything, I believe that COVID-19 firmly proved the need for not only blockchain, but also a truly digital and smart economy. Moving forward, we must break from our current paradigm to embrace a truly digitized and globalized world which has the flexibility, agility, and efficiency to flourish and thrive.\u201d<\/p><\/blockquote>\n<p><strong>Mike Belshe<\/strong>, CEO at BitGo:<\/p>\n<blockquote><p>\u201cThe economic upheaval due to our pandemic times are creating shifts in attitudes and greater interest in digital assets. COVID-19 has significantly accelerated the adoption and interest in crypto around the world. Important to note is that the determined effort of companies like ours to build a secure, compliant foundation is enabling the influx of new crypto investors, including large institutional firms such as investment banks and major custodians. Fortunately, we are able to meet the moment as a result of all the hard work we\u2019ve put into building a new monetary system from scratch these past 10 years. Prior to COVID-19, most people weren\u2019t paying as much attention to the economic factors that make Bitcoin relevant. Frankly, they didn\u2019t need to. If you\u2019re generating a return from the stock market, you stay with what you know, and you don\u2019t have to worry about learning something new. But now that\u2019s all changed with the pandemic \u2014 fiscal policy around the globe is causing governments to wildly print money, reducing its value and causing inflation. Investors now understand they have to get ahead of this. They are asking a lot more questions and are grasping the underpinning of Bitcoin\u2019s thesis \u2014 that an asset\u2019s scarcity matters. Digital assets are a hedge against inflation and a safe store of value. Investment leaders such as Paul Tudor Jones, Stanley Druckemiller and Bill Miller are demonstrating that Bitcoin is now an important part of any portfolio. This year has brought so much uncertainty but people are feeling empowered to educate themselves on what they need to do to get involved with crypto. All the building blocks are in place \u2014 compliance, custody, liquidity, portfolio management and wallet technology, as well as tax tools \u2014 giving investors the tools they need to invest in digital assets.\u201d<\/p><\/blockquote>\n<p><strong>Preston Byrne<\/strong>, Partner at Byrne &amp; Storm, P.C.:<\/p>\n<blockquote><p>\u201cThe COVID-19 outbreak\u2019s most tangible impact on crypto was validation of crypto\u2019s core thesis that our societies are brittle and math, not men, is likely to form a sounder basis for future social organization. The reliance of practically every major economy on fiscal and monetary stimulus to stay afloat reinforced and widened public perception of the weakness of fiat money and institutions. \u2018Crypto,\u2019 so-called, is a diverse array of beliefs and areas of interest ranging from hard money, to censorship-resistance, to secure communications. These technologies are uniquely responsive to social and enterprise adaptation to stressors that have dominated headlines in the last year, whether we\u2019re talking about \u2018Money printers go brr,\u2019 the ongoing exodus from big tech, or widespread social unrest in the cities.\u201d<\/p><\/blockquote>\n<p><strong>Tim Draper<\/strong>, venture capitalist and noted Bitcoin investor:<\/p>\n<blockquote><p>\u201cA lot of people, stuck in their homes finally made the time to set up a Bitcoin wallet, but the real impact of Covid was that the lockdown was devastating for many families, and when the government printed $13 trillion to try to put a bandaid on it, it made it clear that you would rather be holding Bitcoin than these diluted and dilutable dollars. I expect \u2018fiduciary duty\u2019 to now include owning some Bitcoin as a hedge against government currency flooding and manipulation.\u201d<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\"><em>These quotes have been edited and condensed.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/how-has-the-covid-19-pandemic-affected-the-crypto-space-experts-answer\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# How has the COVID-19 pandemic affected the crypto space? Experts answer &#8221; Who could have imagined a year ago how different our lives would be in just 12 months? Without any doubt, last November will remain a significant point in humanity\u2019s history \u2014 the time when it all started. Although \u201cpatient zero\u201d has not&#8230;<\/p>\n","protected":false},"author":1,"featured_media":117683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/731df17f-cae4-489c-814f-305d98209c9a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74894,74863,74983,74355,117,1545,71511,4965],"class_list":["post-117682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-blockchain","tag-cryptocurrencies","tag-decentralization","tag-adoption","tag-business","tag-coronavirus","tag-government","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/117682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=117682"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/117682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/117683"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=117682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=117682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=117682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}