Since the outbreak of deadly Coronavirus, the world is going through an economic recession. The financial markets are rolling down and due to the slowdown of economical activities and massive employment. The governments are minting money to sustain the economy in the aftermath of this crisis, however, this practice of injecting money in the economy has terrible consequences as warned by many economists.
Crypto market is growing despite widespread economic slowdown
In the meantime, Bitcoin and other cryptocurrencies are on raise and heading toward the highest price in 2020. Due to limited stock, cryptocurrencies are pretty immune to inflation. This has raised a significant demand and confidence in the cryptocurrencies. Analysts are recommending to invest in bitcoin and other cryptocurrencies rather than holding fiat.
People are Positive about future of Crypto
This picture got clearer after a survey on people’s likeness and faith in cryptocurrencies in European countries. The poll revealed that 66% of the European people have trust in the digital currencies and then believe that it is going to be stay. Furthermore, as per the poll, the participants believe that digital assets will play a crucial role in the world financial market in the next 10 years. In this survey conducted by bitFlyer, 10,000 people from 10 European countries participated. Italy showed a firm faith in the future of cryptocurrency. 72% out of the total participants were affirmative about the role of cryptocurrencies in the next 10 years.
The United Kingdom and Norway were the two countries out of 10 that showed a drop in the faith of digital assets in comparison to 2019.
Although the European countries are comparatively lagging behind in the adoption rate of cryptocurrency, the current financial crisis is expected to give it a boost.
In the time of extreme uncertainties and panic, the digital currency could evolve with storing faith in people for its bright future and utilization. bitFlyer COO, Andy Bryant, said that people are seeking an alternative to the conventional financial system and digital currency could be a great option if it shows its benefits and advantages over fiat.
Image credit: Shutterstock & Statista
John is working as a professional news editor at GetIgnite. He is accustomed to finding daily reports. Therefore, this keen working and addiction towards his work, it helps him to find good news.