Since many jobs had to be done remotely during the pandemic, we have become used to the idea and this practice will probably continue once it is over. For instance, there are robots doing remote surgery and many other things which would have seemed impossible before. This trend will most likely continue once Covid-19 is just a bad memory.
This will be the case, sooner rather than later. With many vaccines coming out as viable candidates and even pharmaceuticals that help people with the virus heal faster, we will be out of the woods in the not so distant future. Once it does, will life get back to normal?
We are going to see some changes that occurred during the pandemic become permanent. The next question is, how does the bitcoin fit into the future once the pandemic has gone?
In this article, we will take a look at a few factors that may give us an indication of what the future of bitcoin will look like post Covid-19.
The price will only go up
A lot of things came together during the pandemic that helped bitcoin and cryptocurrency in general out quite a bit. One was that the uncertainty of the stock market drove a lot of people to buy bitcoin to store their money while they waited to see what would happen. Many weren’t doing it as an investment, but the value rose so much that they made a tidy profit from doing so. And this made a lot of people bullish on the currency.
Another factor is that you can now buy BTC with PayPal which has made it much easier for the general population to buy bitcoin. Those that don’t have a bank account can now safely and easily buy the currency and use it to invest, trade or use to make purchases. This will surely lift cryptocurrency out of an underground currency that only the tech savvy among us use into a mainstream one used by the masses.
The real opportunities
For a long time, people saw the bitcoin as merely a vehicle for speculation. You bought the coins to trade at a profit and that’s as far as it went. Now that inflation is rearing its ugly head due to many governments pumping cash reserves into the economy, it is being used as a way to store value and to use as an actual currency.
The biggest advantage that a cryptocurrency has is that it is never prone to inflation. There is a cap on how many bitcoin will be mined, for instance. This is not the case with fiat cash as it can be printed on demand by a reserve or government. This leads to inflation that is immune to cryptocurrency. The value may fluctuate due to many factors, but it won’t lose its value due to more bitcoins being produced.
The other real benefit is that bitcoin is portable. It can be used to pay for things in any part of the world without dealing with any currency conversions. In the post Covid-19 world, we may see the world get even smaller as people work and operate remotely. People will start moving to areas where the cost of living is lower and rely more on cryptocurrency than the devalued local currency.