There’s been a lot of uncertainty in the world thanks to the COVID-19 pandemic. Many industries have struggled, jobs have been lost, and the financial world has struggled to keep up with the changes. You’d think that with so much uncertainty, cryptocurrency would be the last thing on most people’s minds, but that’s not been the case.
The uncertainty of the pandemic seemed to trigger a boom in the world cryptocurrency market. Although many people were surprised, there are some excellent reasons why these digital currencies suddenly received so much attention.
Here’s a little information on how the pandemic has affected the world cryptocurrency market and what we might expect as the year stretches on.
Cryptocurrency vs. COVID-19
Crypto vs. Covid is probably one fight we’d pay to watch, at least if the past year is anything to go by. While many industries were going down in figurative flames, cryptocurrencies experienced a meteoric rise in value this past year. Bitcoin alone has hit unprecedented heights (followed by some corrective dips), far surpassing many expectations.
While the surge in price for cryptocurrencies may leave some people scratching their heads, fans of digital currencies can see the reasons for their success. During a time that left millions of people around the globe afraid, uncertain, and at-risk, cryptocurrency offered an investment option that nearly everyone could appreciate.
Why Cryptocurrencies Became So Popular During the Pandemic
The world has become rapidly familiar with cryptocurrency, with its discussion going from internet forums to the front page in the past few years. But digital currencies like Bitcoin and Ethereum are suddenly everywhere, and the pandemic did have some role to play in skyrocketing awareness of cryptocurrencies.
Cryptocurrencies Became More Mainstream
At one time, many people associated cryptocurrencies with risky or even illegal online behaviours. But those days are long past, and although the digital currencies aren’t exactly as commonplace as stocks, ETFs, or old-fashioned dollarydoos, you can use them to do things like make donations to charity, buy items at auctions, and even travel the world.
Big names like PayPal and Visa have warmed to cryptocurrencies, making digital currencies more accessible to everyone. And large businesses have invested in cryptocurrencies, helping to legitimise the currencies even further. Slowly but surely, cryptocurrencies are becoming part of everyday life for loads of people, and that’s a good thing.
Cryptocurrencies Are More Stable Than Your Bank Account (In Some Ways)
While there’s always a risk in investing in digital currencies, many people are beginning to see the benefits of placing their money in cryptocurrencies instead of their bank. Of course, if the pandemic has shown the world anything, it’s that we don’t necessarily have as much control over our lives as we’d like, but cryptocurrencies do help you keep control of your money.
Bank accounts can be frozen, and assets can become unreachable, but cryptocurrencies aren’t controlled by any government in the world. This means that no matter how tumultuous things get in any country, the people who have cryptocurrencies can still access their money.
Cryptocurrencies Are Secure
Security is one thing that makes us feel well, safe, and when it comes to currencies, nothing is more secure than cryptocurrency. Protecting your identity online has become more critical than ever, and cryptocurrencies add a level of security that regular credit card transactions don’t.
It’s Easier Than Ever to Buy Cryptocurrencies
Cryptocurrencies became so popular during the pandemic because it’s easier than ever to buy them. With many first-time investors at home with lots of time to investigate their options, many found that picking up a few coins of digital currency proved to be easy and inexpensive.
Many casual investors were willing to try cryptocurrencies because of this ease, which is likely helping digital currencies become more mainstream.
What Happens Now with Cryptocurrencies?
Booms and corrections come with the territory of investing, and the midyear crypto-boom likely won’t be the last. Cryptocurrencies are a new way of viewing and using money, and they are here to stay.
With digital currencies becoming easier to get and more widely accepted, it won’t be long before paying with Bitcoin becomes as ubiquitous as handing over a handful of dollars. And if the pandemic has shown us anything, it’s that digital currencies are far more preferable to cash when actual money could be contaminated with germs.
Cryptocurrencies give us more options, and we love having more options.
Invest in Cryptocurrency with Aus Merchant
We’re here to tell you that any investment is a risk, but investing in cryptocurrency is an opportunity you shouldn’t let pass you by. At Aus Merchant, we can help you take your first steps into cryptocurrency buying, trading and selling. We are regulated by AUSTRAC, and our team can help prevent the use of cryptocurrency in illegal activities. We can protect you and your investment every step of the way.
Contact us here today. We aim to get back to every potential customer within one business day. Let us help you get started on your cryptocurrency journey and see your investments thrive.