It's no secret that Covid-19, had a big impact on our daily life. From school closing to working online, every social class were forced to apply change to keep living a safe life. With a high transmission rate and long term effect on immunity system, the coronavirus has been one of the biggest threat to humain civilisation, causing more than 4 Millions death worldwide. But if something that history taught us, is that humanity's power to adapt is exceptional. And here is how our economic system will be affected on the long run.
In 2020, many scientific research has shown that Covid-19 can survive around three to seven days on soft surface. Even thought they say the risk of getting the virus is low compared with person-to-person spread, which is the main way people get affected, it's still a big risk to use cash with the virus spreading everywhere. The possibility of using debit and credit card is still here, but with the possibility of another crash as in 2007, banks could train customers in their fall. That's why cryptocurrency has gained more and more attention from the public.
The fact that cryptocurrencies can be traded from anywhere in the world alleviates, to some extent, potential liquidity constraints that can arise if local governments restrict trading activities as part of a lock down. As a result, cryptocurrencies become more attractive compared than alternatives. Furthermore, investors fearing that a crisis will lead central banks or political actors to interfere in the market may prefer to switch their investments into the decentralized cryptomarket. In other words, because cryptocurrencies are not managed by a central entity but rather operate automatically, they can enable investors to hedge some of the political risk and thus become more attractive.
With big companies like Paypal, Amazon, Microsoft and Burger King starting to accept cryptocurrency as a source of payment on their platform, cryptocurrency is set to change the financial system. Cryptocurrency, is no longer a simple investment for your portfolio, but a promising and viable way to trade on a daily basis.