The Coronavirus Has Served a Loft Purpose, in a Way
Although this year’s virus eventually caused Bitcoin to lose much of its value in mid-March, those losses have largely been recouped. Additionally, the Fed has resorted to unnecessary money printing and the release of stimulus funds to help people cope with a flailing economy and a pandemic that very few people even seem to grasp. This excessive money printing has prompted many to turn to bitcoin to counter potential inflation and hedge their investments.
The pandemic is happening right when the world’s number one digital asset by market cap has experienced its third halving in its brief and important existence. But amid all this, people seem to be more conscious of BTC than ever before. Is it possible that the coronavirus has ignited this newfound attention to bitcoin?
Muneeb Ali, Blockstack’s founder, and CEO thinks that if the bitcoin network continues to expand in size, and the price continues its upward trajectory after halving, there may be a major indicator to the public bitcoin and blockchain are not one-off phenomena. They’re cyclical, long-term phenomena. Bitcoin was born during an economic crisis. It’s fitting that during a similar, if not more serious, financial calamity, it will have its most noticeable test before the public.
Bitcoin first emerged during the 2008 Great Recession. It is evident that in his whitepaper that Satoshi Nakamoto, the founder of bitcoin, is questioning the notion that so many people are dependent on mainstream banks and conventional financial institutions. That bitcoin is intended to give people financial freedom.
Bank of America Securities estimates that the Federal Reserve will possibly print new bills. As much as $10 trillion, which will then be poured back into the economy. As a result, Ali believes that bitcoin has never been more significant and that a massive opportunity fails anyone not involved.
Now Is the Time to Declare the BTC King
Ali explained that it’s never been a more fitting time to really let people contemplate the benefits of bitcoin. As bitcoin halves, average citizens are forced to consider the question, particularly in western societies, “What is money?” As governments are falsely promoting the stock market to save people’s pensions and checks for every household printed out of the paper, the idea of sound money is being laid open for the world to see. If Bitcoin’s network’s power continues halfway, we can expect that more projects will begin to anchor themselves in the Bitcoin blockchain as its longevity becomes more undeniable.