During this critical situation of global pandemic as well as other social issues like world wide protest whether it be in Hong Kong and specifically the the protest against racism, all these activities are harmful to the global economy which leads to the negative interest rates in economies. Looking at the past activities in Europe and Asia it is cleared that introduction of negative interest rates worked as a biggest catalyst to the Bitcoin.
Negative interest rates, that is if consumers have to pay banks to hold their money, doesn't sounds good. Due to this the consumers will seek for the other assets which provides better yield. And BTC is perfect asset for the consumers. Where consumers can earn a easy returns on staking the coins on various platforms.
In response of the global recession caused due to the COVID-19 lockdown, The Federal Reserve had to take some action, dropping it's policy interest rates to 0-0.25% just months ago. But according to the Bank of England and the Federal Reserve it may not be enough.
Benefits for Bitcoin
Recently, member of Instituational coverage team of Coinbase Max Bronstein said that we could see another "wave of debt monetization," whereas treasuries issue new bonds and/or central bank create money. Quoting Max as it is :
“If you’re wondering how the fed is going to try and stave off negative interest rates, here’s a potential preview, authored by Ben Bernanke himself. The inflation target is going higher, expect another wave of debt monetization.”
It looks like it's a trend that could help Bitcoin boost drastically and Bitcoin will be adopted massively by the consumers all over the globe.
The CEO of Tesla Elon Musk says the same in his recent tweet :
“Although massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.”