Thursday, April 15, 2021

Bitcoin During Pandemic

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Situation of Bitcoin in Pandemic

Just as many things such as trade habits, the current currencies seem to be evolving, and people are starting to use more Crypto assets during a pandemic. The bitcoin cost has bounced back to around $10,000 per bitcoin after smashing to beneath $4,000 amid the broad March coronavirus sell-off. The latest researches that have been made by trusted authorities in İstanbul University shows that trust in Bitcoin rose 23 percent, satisfaction increased 58.5 percent. According to the study; Depending on the effect of technological advancements and processes of pandemic observed, a modern payment instrument would have an impact on the increase in views on financial exchanges such as Bitcoin in the world and Turkey. In Turkey, 23 percent confidence in Bitcoin, a 58.5 percent increase in satisfaction was found. On the other hand, while gold ranked first in investment instruments preference, Bitcoin followed. In online shopping behavior, the use of crypto money in payments, commercial transactions, and the rate of those who prefer to invest and save with crypto money have increased two times compared to the previous research. While the attitude and behaviors towards Bitcoin are similar to those of the X and Y generations, a severe increase in the generation Z demand for Bitcoin was detected. In married couples, it turned out that women are more interested in Bitcoin than men.

Pandemic Will Speed Bitcoin Adoption

DBS Bank Economist Taimur Baig states that “A pandemic-led acceleration of adoption.”It’s interesting to listen to such perception from a regarded multinational bank and its chief financial analyst, Taimur Baig. In any case, there have of late been murmurings around certain large financial institutions – especially in places like

Singapore, Switzerland, and Germany – handling a new wave of requests for crypto, sifting through from smaller private banks and affluent clients. DBS Bank, based in Singapore, is not the only bank that saw bitcoin’s growth during the pandemic. Also, Martin Burgherr, co-head of clients at Sygnum Bank, stated that “Now that banks are awakening from the lockdown, we have had a significant uptick in national and international banks asking us to help in a B2B setup, to enable their clients to invest in digital assets.” Both in the sense of individual and banks, it seems that bitcoin is becoming popular so much that it has never before. The Tokenist (website) has summarized this growth as saying that;

“The results are striking. We found increased knowledge of and growing confidence in bitcoin among all age and gender groups surveyed. This effect was most pronounced in millennial respondents, 45% of whom would now preferentially invest in bitcoin over stocks, real estate, and gold.”

In conclusion, it can be seen that this pandemic showed people that since it is safer and healthier to have trade over the internet during coronavirus individuals are more interested in cryptocurrencies. This interest seems to change every habit of financial trade and currency adaptation within people and governments. So it would not be exaggerating to say that Bitcoin, alongside other currencies, is becoming more and more future money for the next generations.

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