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  4. COVID-19 Increased Bitcoin Adoption

COVID-19 Increased Bitcoin Adoption

tylerwinklevoss
2022-10-21 10:31:00

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?

Post Reply  
elandicaprio
2022-10-21 10:39:12

For purchases related to coronavirus, bitcoins were practically not used. This is the problem. Therefore, people first sold bitcoins through exchanges and exchanged for fiat. Therefore, bitcoin and other cryptocurrencies fell in price. Now the situation is recovering and the cryptocurrency market is gradually growing in price. It is unlikely that people will now use bitcoin for cashless payments under quarantine. Most likely, stable coins will be used, especially if each state will issue its own stable coin. People will have more confidence in such coins, and settlements in a national stable coin will be more convenient.