The Covid-19 pandemic has made major effects on financial markets all over the world and crypto Currencies are not excluded. Since the onset of the pandemic, there as been a significant association between Bitcoin Cash and The market equity. This may be as a result of the financial difficulties caused buy the pandemic.
In recent times, over a billion Persons have lost their jobs, and worst of it is the increase in rate of poverty across the globe. This causes can not be overlooked as it has directly or indirectly influenced the adoption of Bitcoin Cash.
Bitcoin Cash Adoption happens to be the Fore-aim of the Bitcoin Cash ecosystem and irrespective of how hard the Ecosystem is thriving to be well known and used across the Globe, there are always some positive and negative effects caused by the pandemic.
Some Negative Effects Cause by Covid-19 on Bitcoin Cash Adoption
Instillation of Fear and uncertainty
According to a Finance Research Letters, Volume 36, October 2020 the study made on the level of cryptocurrency efficiency through multifractal analysis before and after the coronavirus pandemic, the empirical results proved that COVID-19 has a positive impact on the cryptocurrency market efficiency. This has instilled fear and uncertainty amongst persons who initially had the interest of buying and Hodling Bitcoin Cash causing a reverse and an abortive result on adoption.
Restrictions to Physical Access To Merchants
Majority of persons especially in under developed and developed countries believe that every business that does not have a physical address centralized or Decentralized is a Risk to invest in.
The Covid19 Pandemic has caused some restrictions in movements which have affected physical access to Merchants.
Restrictions To Physical MeetUps / BCH Seminars
Although this can be controlled by setting measures but still a lot of persons won't want to avail themselves with the fear of getting contacted with the virus.
Positive Effects of Covid-19 On The Adoption of Bitcoin Cash
In as much as some feel scared of investing on crypto Currencies, some have seen the Covid-19 as an opportunity to invest due to the tremendous increase in the rate of people who have lost their Jobs during this moment.
The pandemic have caused a lot of persons to look into themselves, discover ways in which they could solve problems even without leaving their homes this has resulted in a positive trend in the development section of Bitcoin Cash. During the Pandemic, we have seen bitcoin cash build more Solutions to problems, Creating easier ways for Persons to make remittances without leaving their homes and a whole lot of other innovative ideas are being worked on.
Global Response To The Blockchain technology
While the Global Economy crashed at the early stage of the pandemic, a lot of persons predicted that the prices of crypto Currencies will crash likewise but this didn't happen to turn out as predicted. With it's value surging ahead, more people are taking a look at this tech and this will spur even more interest in investment in this technology. Good enough for the Bitcoin Cash Ecosystem, it happens to be the best BlockChain technology for investment as it has been able to fulfill relevancy for Peer to Peer Transactions with maintenance of value.
So far, Even in the crises of the pandemic, The Bitcoin Cash Community have been able to expand in adopting Merchants virtually across some parts of the Globe.
What Are The Post-Covid Expectations From Bitcoin Cash Adoption
Already measures are being set in place, Projects are being Funded to support the bitcoin cash adoption process even in the midst of the pandemic. At the end of the Pandemic, Bitcoin Cash will tend to have a more solid possiblity of breaking bullish records due to this measures being set in place.
Disclaimer
This article is subjected to corrections as it is written mainly out of our personal view of the Pandemic's effect on Bitcoin Cash Adoption.
