We have seen that cryptocurrency is a hot topic and something which some people think of as gambling because of the uncertainty surrounding its price and the manner in which they are being traded. We also know that it will be extremely tough to replace fiat currency but this is just an alternative and there is no doubt that our main source will be the fiat currency. At the moment, there are some transactions where cryptocurrencies such as bitcoin, ethereum or others are preferred in order to maintain anonymity but for most of the transactions, digital currency is preferred.
This is also because of the risks involved and the number of times the prices go up and down. Talking about prices, you must have seen bitcoin’s prices going up to $20k per bitcoin a few years ago and since then, we have not seen such high prices for the currency. Now, some analysts over at Bloomberg claim that bitcoin is expected to reach the $20k per coin mark once again this year. We understand this analysis and it is based on the assumption that cryptocurrency will trend because of the Coronavirus pandemic.
People have been told to stay away from physical currency as much as possible and transact mostly in digital currency because of the risk of virus transferring through money notes. Therefore, cryptocurrency and bitcoin being a form of digital currency will also see an upward trend. The only problem we have right now is that bitcoins are not popular for mass transactions and they are meant for high ticket products only. So it will be hard for people to adapt to it on a large scale. But we will see that the bitcoin will be adopted for international transactions for avoiding transaction fees among many other different things.