COVID-19: Has the pandemic affected cryptocurrencies?

Business leaders have suggested that digital assets could play an important role in the development of the global financial system.

Mass adoption is the ultimate goal of any cryptocurrency and blockchain project.

As severe as it is, the pandemic has actually spurred the massive adoption of cryptocurrencies

Are you ready for the massive adoption of cryptocurrencies? It’s imminent, and we have to thank the COVID-19 pandemic for it. Executives at large companies, such as PayPal and BlackRock, have said digital assets could play an important role in the future of the global financial system. For example, in recent months we have watched in amazement as billionaires pounce on Bitcoin Era.

Dan Schulman, CEO and Chairman of PayPal, said “the time is right” for cryptocurrencies. Schulman predicts that digital currencies will soon be mainstream and even become a leading daily payment technology. He says the coronavirus pandemic „has advanced these trends significantly.“

Big players enter the cryptocurrency space

PayPal, as you probably already know, has recently started allowing users to buy and sell bitcoin . Schulman points out that there are already 360 million digital wallets. Mizuho Securities surveyed PayPal users, finding that 65% would use bitcoin as currency among PayPal’s 28 million merchants.

Alongside major new Bitcoin players such as Square, MicroStrategy, and others, the New York Digital Investments Group (NYDIG) has raised $ 150 million for two new crypto investment funds for investors looking to get started in the bitcoin.

Additionally, Visa plans to support issuance of USDC stablecoin credit cards . 60 million merchants could start integrating USDC software into their platforms to send and receive USDC payments.

Cryptocurrencies: Increase in General Adoption

Mass adoption is, of course, the ultimate goal of any cryptocurrency and blockchain project. We can already see this with the adoption of crypto debit cards. Cryptocurrency, however, still leaves a lot to be desired when it comes to ease of use.

For example, we are transferring cryptocurrency funds today with our public authentication key. That is, someone else has to type in your private authentication key, which is a long stream of numbers and letters. This can be a lot of information for beginners to process. Streamlining this process, while ensuring its security, will be a key means for faster adoption of cryptocurrency.

Surprisingly, few people own cryptocurrency, compared to traditional financial instruments, although many people are familiar with bitcoin. We believe the reason is due to a lack of convenience.