Cryptocurrency Industry Could Become More with the Digital Dollar
The Coronavirus outbreak has completely turned the world economy upside down, creating market crashes, confusing investors, and making the future just that much more confusing for regular people. The currencies have become unpredictable as the countries are pouring all their resources into their healthcare and long-term security plans. As the citizens are encouraged more and more to stay inside and practice self-isolation, it has also become clear that there is a need to address the financial aspect of the outbreak, which while definitely talked about, requires more proactive action.
There are different ways in which countries are currently coping with these tough times, some national banks are taking more responsibility and others are introducing weekly payments to those financially vulnerable and those who have lost their jobs because of the coronavirus.
Not only were the markets affected by the uncertainty of the following weeks, but we have also seen millions of people losing their jobs because the majority of businesses are now closed, with entire industries currently unable to function completely.
The outbreak is making or breaking industries
Areas like tourism and entertainment are suffering greatly amides the outbreak which is obviously going to have an effect on the way we delegate out currencies.
This outbreak has also brought attention to the many benefits of doing things online. While the entertainment industry, including movie theaters, recreational parks, and other establishments usually geared towards larger crowds can’t function right now, their online counterparts are currently experiencing the highest traffic rates in years.
Across Europe where the outbreak is currently at its peak, many online destinations have seen an over 25% increase in the number of times users spend on these websites. This obviously has everything to do with the fact that now that the lockdown is in place, people spend more time at home and most of them don’t have any other commitments.
The casinos across Italy, France, Germany have all been shut down because large gatherings are now prohibited. And while these casinos will probably be recovering from their losses for the months to come, meanwhile online casinos across these countries have gained a whole new demographic of users. If you operate a legit online casino then chances are you are currently having your best month this year.
The online sphere is now taking the front seat and with that in mind, the talks about introducing a digital dollar are also starting to get more and more support from people.
The bitcoin community and just crypto community, in general, have strongly backed the idea of introducing a digital dollar as a stimulus bill.
While at the beginning of the year bitcoin was almost at 10K and showing some very promising signs of future growth after the outbreak completely reshaped the world agenda the price fell dramatically. Currently, the bitcoin is around $7,000, but this is actually a 15% growth from the weeks before meaning that the cryptocurrency might be adapting faster than the regular currency and might be more resilient in the end. But despite the positive tendencies that we’ve seen this week, the backing of the digital dollar could actually make the crypto world that much more dependable. This boost was partially from the Fed promising to keep buying assets to easy the effect of the outbreak, but if the U.S would introduce a digital currency amidst the outbreak, it would also be an endorsement of sorts for the cryptocurrency which is something that all crypto users have been waiting for forever. While it’s ridiculous to try to paint this outbreak as something positive, the outbreak might actually leave us with a lot of useful habits and change perspective.
It is a fact that after this maintaining social distance or washing your hands with extra care will be something that we carry with us for a long time. But now the practices of working from home, using the benefits of online spaces to keep businesses alive are all habits that we will carry with us in the future. And while the inevitable reality is that this outbreak will cause us a lot of stress, effort and probably not-so-fun months ahead of us, this could also leave us with a lot of new knowledge about the way the modern world operates.
One of the things could be the simple understanding of the digital world in the future and there is a lot of unexplored potentials that the government is ignoring simply because of their novelty.
We could finally start seeing more acceptance towards innovative industries and we could actually become more advanced to be better prepared for situations like these.
The coronavirus outbreak will likely impact the following few years in multiple ways. We might change the way we approach entertainment, personal space but it could also bring more spotlight to cryptocurrencies and how they can actually make our lives more simple and easy to navigate. The demand for better payment services is always going to be there and cryptocurrencies might just have what it takes after the outbreak is finally over to fill in that spot.