COVID-19 has ravaged the world in a matter of a few months. This pandemic has affected a lot of businesses and almost brought the world economy to a halt. As a result of that, governments and corporations have had to come up with measures to deal with its impact. Unfortunately, this pandemic does not seem to be ending anytime soon.
How COVID-19 is Ruining World Economies
The ongoing pandemic has hit all businesses. Most notably, the travel industry has lost billions of dollars in a short period. And even though scientists have been working tirelessly to try to find a cure, no one knows if they’ll ever find one. Pharmaceutical giants have tested hundreds of vaccines, but none of them seem to work.
These uncertainties continue to trouble the global stock market. The crypto market is on its knees. It has hit a record low, and this has translated into losses. Shrewd investors have moved away from volatile markets to safer assets such as oil and gold. These are the only sectors that seem to be growing at the moment.
So, How Is Crypto Mining Fairing During This Pandemic?
Currently, Japan and China own over 70% of Bitcoin mining power. That said, the Asian cryptocurrency was bound to be affected more than any other market. The initial expectations of Bitcoin miners have fallen significantly. As quarantine and lockdown continue to limit movement, cryptocurrency mining has been impacted negatively as miners go offline. Besides that, crypto trading on renowned platforms such as NakitCoins has been affected adversely since the overall cash in circulation is lower due to a reduction in the number of conventional business transactions. The money generated from the sales finds its way into crypto trading,
The good news is that despite the disruption of the world economy, markets will still survive. Moreover, some of the business sectors may benefit immensely from the current uncertainties.
Governments are toying with the idea of capitalism in case the global economy goes into a recession. Most businesses and governments are willing to fight tooth and nail should the situation escalate. There is no guarantee that cryptocurrency is going to be a safe venture soon.
Experts have identified the halving policy as one of the measures to manage Bitcoin supply in the market. This is what investors are afraid of because it would automatically lead to losses. However, regarding long term investments, investing in Bitcoin is safe. Regardless of what’s happening, its value will continue to grow.
The spread of coronavirus is also gradually slowing down. Most nations are bringing it under control. The world didn’t anticipate this pandemic, and it was not prepared to deal with an outbreak of such magnitude. Nonetheless, it is in better shape concerning technological advancement compared to 1918 when there was Spanish influenza. Today people are more than ready to work remotely, and they are already doing so.
What’s more is that some businesses are thriving. Most meetings, negotiations, and even transactions are happening through video conferencing. Some people are also purchasing cryptocurrencies.
Although the coronavirus has brought a lot of confusion globally, the universe has been through such before. A full recovery is on the horizon. And those who invest in Bitcoin could profit tremendously when the storm is over.