This might not be a surprise. It's just a confirmation.
The Google Mobility Index is a good indicator of economic activity.
As the chart below shows, the mobility index plunged in March and April 2020. During this time, the world economy had slipped into deep recession.
As economies re-opened globally, the recovery has been swift. However, a second wave of Covid-19 infections in Europe has impacted the growth outlook.
With the Google Mobility Index sliding in the recent past, it seems very likely that Europe (UK included), will enter into a double-dip recession.
The U.S. might just escape with a slowdown. Recession seems unlikely since there is no lock-down. My point is underscored by data indicating the probability of recession as measured by the Treasury spread.
The Federal Reserve has already committed to keep interest rates near zero-levels through 2023. The Euro zone potential recession implies further expansionary policies.
This is good news for asset markets. Specific to cryptocurrencies, I will not be surprised if Bitcoin trades well above $20,000 in 2021.