The Coronavirus Pandemic Has Changed the Way We See Money

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After months of uncertainty and economic crisis, the world is finally starting to heal from the coronavirus COVID-19 pandemic. We’re not out of the woods yet, but the numbers are dropping and the world is restarting bit by bit. While it will never fully disappear until a vaccine is developed, COVID-19 has lost most of its steam by now and it’s time to go back to our (somewhat) normal lives.

Besides important stuff about hygiene and common sense, COVID-19 taught the world other lessons as well. During the pandemic, many countries around the world have been hit with serious economic troubles. The virus highlighted all the negative things about fiat money and shined a light on digital assets such as Bitcoin.

In short, it forever changed the way we see money.

Bitcoin is Reshaping Traditional Finance Systems

As soon as the virus spread all over Europe, it was clear that the financial system will have problems sustaining itself. It took only weeks for economies to start crumbling, resulting in fast-paced technological adoption. The interest in Bitcoin skyrocketed in just a few weeks. That wasn’t that big of a surprise. With a crumbling economy on the horizon, people were less inclined to believe in banks.

The shift to a digitized world gave society a new outlook on money. Even the biggest crypto doubters are supporting digital assets now with ongoing changes in social interactions in the picture. Social distancing and remote interactions in the wake of the coronavirus COVID-19 pandemic will likely stay in place for years. This means less physical contact and a new, digital world of possibilities.

Don’t be surprised to see an influx of driverless cars and delivery drones in the next few years. With social distancing the new normal, the market might be overwhelmed with cars without drivers and the such. In the same way, Bitcoin and cryptocurrencies can fly higher than ever. With hand-to-hand cash transactions actively discouraged, now’s the time for cryptos to make a stand.

With more and more people and countries joining the fray, cryptos could soon become the new normal.

Physical Money – a Thing of the Past

The shift to digital money has already begun and no one can stop it. Many countries have changed the way they think about Bitcoin and cryptocurrencies and some small villages, like The Beach in El Salvador, have turned toward Bitcoin in order to help the economy survive during hard times.

Since social distancing will become a big part of our lives in the coming months or possibly years, many businesses are discouraging people from using physical money. Just imagine the number of times those bills you use changed hands in the past few days or weeks. Germs can spread through it quickly. Since the financial system can’t be sustained if another wave of COVID-19 hits soon, turning to digital money is the right answer.

Bit by bit, Bitcoin and cryptos will reshape the world and give birth to new economies. From Bitcoin gambling to digital cashless transactions, the world is finally realizing the potential of cryptos.

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May 20, 2020: • No Comments

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