To educate Crypto-enthusiasts and prepare them for upcoming market conditions, A group of well-respected crypto experts have expressed their thoughts on the recent COVID-19 crisis, and its effect on the global crypto markets.
19th June 2020, London, United Kingdom: The COVID-19 pandemic has had an unprecedented impact on our daily lives, our ability to interact and our financial structures and security. Blockchain technology has been around for over a decade, and there are now thousands of projects that seek to utilize its limitless potential to solve some of the world’s most pressing issues.
Coin Journal has assembled a veteran team of experts in the field of cryptocurrency and financial technology, to gain some valuable insights into what the world may look like after the COVID-19 pandemic has passed. Globally, we can only hope that containment of this danger is now within our grasp, but we can only speculate to the long-term impact that it will leave in its wake.
The panel is headed by Yoni Assia, the CEO of the world’s largest social investment network, eToro. Yoni also brought his market analyst and renowned crypto expert, Simon Peters to the table. The next to join the team, Ciara Sun, is currently employed as the Head of Global Markets at Huobi Group, a global blockchain financial asset service provider. The panel also has the founder of virtual currency platform, Coincurve, and CEO of Interlapse, Wayne Chen. Finally, the panel would not be complete without the 15-year veteran of Wall Street technology and CEO of BSV blockchain service provider, TAAL; Mr Jerry Chan.
They discuss the potential effects of unlimited quantitative easing, the need for a Universal Basic Income (UBI), and how blockchain technology can be a tool for research teams to interact with transparency on a global scale. The team reveal evidence that shows how cryptocurrency stands resilient against the economic downturn caused by social distancing measures and the closure of businesses that have succumbed to the strain.
Speaking exclusively to Coin Journal on the idea of Bitcoin as a ‘safe haven’ asset, eToro CEO Yoni Assia noted that crypto and fiat markets moved in tandem at the start of the COVID-19 panic. Market Analyst Simon Peters then noted a shift, which he describes below:
“Interestingly, this is backed-up by eToro’s platform data, which shows a 77% increase in new registrants whose first action was to invest in Bitcoin. As the price of Bitcoin is travelling in the same direction as gold, you could argue investors view it as a safe haven asset.”
Other areas of the article speak about the survival of market segments, and the implementation of blockchain technology, especially across supply chains. TAAL CEO Jerry Chan had thoughts relating to limiting the spread of COVID-19 using blockchain technology:
“Pharmaceutical companies have realised the potential application of a scalable version of Bitcoin blockchain, which can be used to track COVID-19 testing and vaccination records, cross-state and cross-borders, in a way which could be used to corroborate or validate statistics submitted to global health organisations.”