The cryptocurrency industry has been around for almost more than a decade now. With Bitcoin leading the pack, the industry carries a market cap of more than $579 Billion and more than 5000 coins with different technological advancements and use cases. Top 5 coins by market cap are 1. Bitcoin 2. Ethereum 3.XRP 4. Tether 5. Litecoin . The cryptocurrency industry has been capturing mainstream media attention and investors worldwide from different backgrounds with major fintech and finance companies such Paypal, Square, Visa, Mastercard and Fidelity Investments taking interest and investing into the industry.
With the global pandemic still ravaging the world and economies worldwide along with unending money printing and aggressive policies by the central banks around the world, the need for online living has been noticed and this includes working, socialising and doing most other day to day normalities online. With the hard lock downs in place, it has been hard for people to move around and run their errands physically. Another major problem which became clear during the pandemic is loss of income and the need for investment or savings however it is hard to save money because inflation will eat away the value of the money and it is also hard to inevst because of major taxes in place which brings in the only safe haven asset which is Bitcoin.
Bitcoin is deflationary in nature meaning it increases in value and it can be used online which is crucial during the pandemic and unlike fiat(cash) currency it takes less time and cost to send anywhere in the world.