At a time when COVID-19 is continuing to dominate the headlines, there have been concerns about the global economy over the course of 2020. Many businesses were temporarily or even permanently shut down. And with lost jobs, the economy takes a hit and affects many people around the world.
But there are those who are actually benefiting from the economic impact of COVID-19. Bitcoin has long been an alternative to regular currencies. And it has long been a staple for most investors. Because of the economic impact, it may even help Bitcoin grow to prices that might be familiar territory or beyond that.
From playing at a Bitcoin casino to just investing in Bitcoin for long-term growth, there are plenty of ways people have contributed to the cryptocurrency’s growth. With that said, let’s dig a little deeper into how Bitcoin may continue to grow during the pandemic:
1. Online casinos are starting to accept it
If you are someone who loves playing casino games casually, then you’ll notice that Bitcoin is being accepted at some casinos. While not every casino online is accepting it as a form of payment (yet), there are others that have already taken the liberty of doing so.
As a result, the amount of traffic has considerably increased and more player sign-ups skyrocketed. Plus, more people are winning prizes almost constantly depending on the games they are playing. Yes, the odds are quite high for players to win prizes compared to regular casinos.
If you have some extra Bitcoin and want to win some more, try your luck at some casino games.
2. Many people are investing in it
Sure enough, there are investors that have lost confidence in their country’s economy. And as a result, they are flocking to Bitcoin as a result. They know that while the price moves around, that adds more value to their digital wallet.
People are flocking to Coinbase just to invest and hold onto it. Others are using exchanges like Poloniex and Bittrex to trade for other cryptocurrencies. Regardless, Bitcoin is growing in price since more people are buying it.
If there are more buyers, chances are the price might just increase because it’s increasing in so much overall value. So why not jump on the chance and invest in Bitcoin while you still can?
3. People can buy stuff online
One of the best reasons why Bitcoin is growing in value is because of the plethora of online stores that now accept it as a form of payment. For this reason, many people are purchasing Bitcoin for the sake of spending it. Of course, there’s really nothing wrong with that.
If you are someone who would rather purchase something through major retailers using Paypal or a debit or credit card, more power to you. Overstock.com is a major retailer that accepts Bitcoin and some other cryptocurrencies. In fact, they may be the only Amazon competitor to do so.
Not to mention, a lot of people are more comfortable ordering online since they don’t want to go out as much and shop at a time like this. And who can say we blame them? The stats show that eCommerce stores have seen an increase in sales since the beginning of 2020 when COVID cases started to rise.
There are plenty of niche stores that even accept Bitcoin as payment. How many online stores can be able to adopt it as a payment option? Only time will certainly tell.
4. Halving has occurred
In May of 2020, Bitcoin began to halve. It was one of the handful of instances of this happening. Each time Bitcoin has halved, the price somehow increased. It’s uncertain how far the price will rise after this halving.
But we can say for certain that people who are Bitcoin acolytes might just rush to buy more at affordable prices and thus raise the price in the process. When the price rises, the Bitcoin you carry in your wallet will increase in value as well.
Think about it, buying Bitcoin at $100 can increase to more than that if you hold it over time. Even after halving has occurred.
5. It provides stiff competition for gold
Unlike fiat currency, gold is one of the biggest assets that people can buy in the event of economic uncertainty. If currencies around the world tend to devalue, the value of gold will increase. It’s part of the reason why most investors will buy gold bullion or coins.
However, Bitcoin is more than gold in terms of price. But it also provides plenty of value compared to other assets. Make no mistake about it, Bitcoin and gold will be the two things to watch for now and in the future (especially when currencies are unstable in some parts of the world).
Final Thoughts
Bitcoin has witnessed exponential growth due to COVID-19. It had even wiped out more than enough of the losses it suffered in the 2018 crash. At this point, it appears that all signs are pointing to Bitcoin going up in value in price.
Over the next two years or so, you can expect plenty of growth. That’s because it is now being accepted as an alternative form of payment in most online stores. Not only that, but more people are looking to invest and watch their portfolio grow over time.
The lesson here is simple: Bitcoin is a reliable asset in times of economic uncertainty (especially during this time). And more people are even preparing for the long term. It’s better to be prepared for the worst than never at all. That is the major takeaway we can all learn from COVID-19.
Until then, it’s up to you to consider the idea of using Bitcoin to your advantage. Whether it’s for shopping, investing, or even gambling Bitcoin has proven its worth across many parts of the Internet. Now would be a good time to jump on the Bitcoin train and see how far you can go with it in terms of financial growth.