In its latest documentary, Cointelegraph reached out to crypto industry leaders all around the world to find out how the COVID-19 pandemic has affected their businesses.
While large sectors of the world economy have been grinding to a halt due to the pandemic, the crypto industry was well prepared to face the crisis.
Thanks to a fully digital and decentralized way of doing business, crypto companies have been adapting rapidly to these changes, shifting to fully remote operations without losing productivity. The only exception is the crypto event business: major events scheduled for the first half of 2020 were cancelled or postponed.
On one hand, The COVID-19-induced market crash had a heavy impact on many crypto businesses which rely on the prices of crypto and found themselves in “survival mode”. On the other hand, crypto exchanges have been profiting from the spike in volatility and trading volumes.
Most importantly, the COVID-19 crisis and market turmoil had an undeniable impact on the Bitcoin narrative, exposing a short term correlation of Bitcoin with other traditional assets. However, the inflationary policies adopted by central banks to keep their economies afloat could turn into an opportunity for crypto. As we rapidly move towards a global recession, Bitcoin might attract investors looking for deflationary assets to preserve their money’s value.
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