BitMEX, the cryptocurrency exchange, a derivatives trading platform, has come up with a new analysis on how Bitcoin can show its influence and dominance amid the Coronavirus financial crash.
However, this is a challenging face for Bitcoin to prove its worth and become a protected shelter to save people. The evaluation was published through a blog posted on March 17th.
One of the oldest crypto trading companies which stands on number 7th by reported trading volume as per coinmarketcap data has put down a brief study on the previous financial records, which is once again showing the looming inflation on the economies because of the COVID-19 market slump.
The blog reads that there would soon be a significant economic regime change, from monetary policy to central bank funded fiscal expansion. These substantial fluctuations and transformations in the systems are giving rise to a winner called “inflation,” which the financial markets would not be able to tolerate.
As per the blog, the financial crash has the potential to further put world economies in a danger zone due to the impact of COVID-19 pandemic and can lead to changes in the existing economic regime. However, Bitcoin still has the potential and is the best option available in front of us if it can prove it’s worth during this hard time.
The blog stated that:
“In our view, in this changed economic regime, where the economy and financial markets are set loose, with no significant anchor at all, not even inflation targeting, it could be the biggest opportunity Bitcoin has seen, in its short lifetime.”
Similarly, Bitcoin bull, Tim Draper, calculatedly mentioned the worth of BTC. He said that “it will be Bitcoin, not banks and governments, that saves the day” after the life-staking crisis gets over.
Indeed, this is the crucial phase which can impact the global financial markets in a much broader way than expected. Bitcoin, which came in 2009 after the Global Financial Crisis (2008), has already shown its success in 2017 and still has the prowess to save the world economies from getting depleted due to the ongoing capitalism.
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