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Coronavirus Crisis can Become a Catalyst for Bitcoin Adoption

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The financial repercussions of the coronavirus pandemic is very difficult to predict. Some people expect a major insolvency cascade to take place, eventually forcing people in the direction of Bitcoin and other crypto assets.

Various banks and governments are scrambling to keep their economies afloat.

Coronavirus may Force People to Embrace Bitcoin

That is easier said than done, given the current market conditions.

The coronavirus crisis may have major repercussions, according to former Goldman Sachs fund manager Raoul Pal.

He expects there to be major insolvency in the coming months, capable of potentially destroying economies in the process.

Gauging the economic impact of a global pandemic is always incredibly difficult.

With the coronavirus, there isn’t even any sense of a potential timeline until things return to normal.

Pal even went as far as dedicating a bigger part of his portfolio to Bitcoin.

If insolvency were to occur on a major scale, alternative assets are likely to appreciate in value.

These concerns are not just raised in the US either.

Similar sentiments are echoed in the United Kingdom, especially as far as potential unemployment rates are concerned.

If there is more market turmoil moving forward, the balance of power will begin to shift eventually.

Which paradigm will come next, is a matter of speculation and debate at this time.

Image(s): Shutterstock.com

The post Coronavirus Crisis can Become a Catalyst for Bitcoin Adoption appeared first on The Merkle News.

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