Everyone has heard about bitcoin millionaires — the people who invested in bitcoin ten years ago, bought miners and started the era of digital mining. This digital mining industry grew quickly, and it’s definitely a big sensation in the world of technology.
A response to a crisis
Bitcoin was created as a response to the financial crisis in 2008. The crisis was caused by a bubble in the real estate market and granting of loans by banks to people without adequate creditworthiness. These were the so-called subprime loans.
The last crisis has not been properly taken care of with only its symptoms having been eased, while politicians were inflating bubbles in other markets.
Since 2008 many countries have had huge problems with their national debt coupled with recklessness and short-sightedness in finance. When things go wrong in the economy, people start turning to safe assets (safe havens as they are called) such as physical gold — and for some time — also cryptocurrencies.
People investing in gold, silver and cryptocurrencies have assumed that after the financial collapse, they will not only not lose their life savings, but also make a good profit.
One example of this are the events that took place in Cyprus in 2013 and later in Greece. The citizens sought to store their savings in cryptocurrencies, which initiated a rapid increase in their value. Currently, in a similar way, cryptocurrencies are being beneficial for many Venezuelans.
The 2020 crisis
And what will the current crisis be like? It will certainly cause great damage to the economy and will be a huge blow to ordinary people. Many companies will go bankrupt, unemployment will rise sharply, some banks and even countries may go bankrupt.
Some industries may find it hard to rebuild. Tourism and airlines are losing the most, but at the same time there are some industries that are growing rapidly and may benefit from the crisis. Two good examples would be the medical and new technologies industries.
When most stores were closed in many countries around the world, trade moved to the Internet. Add to this the growing interest in cryptocurrencies that have arisen as a response to the crisis and tokenization which can prove a salvation for many companies. For this reason, we believe that wee will not only not lose from the crisis, but can also get new wind in our sails from it.
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