The current COVID-19 pandemic has disrupted much of the world. The health of millions and the personal lives of almost all have been affected, and the world economy has been plunged into uncertainty. The blockades in many countries caused serious concerns about the future of international trade and business, and countless people around the world were forced to deal with closings and unemployment.
Economic uncertainty has led the United States to inject trillions of new dollars into the system with more trillions on the way. And the European Union is also planning big stimulus plans to help citizens at this difficult time.
Within the cryptocurrency community, the idea of injecting more dollars into the economic system is a terrifying proposition. Most cryptocurrency enthusiasts insist on the fact that governments around the world will continue to print more money. They argue that fiat money will continue to lose value as new trillions are added to the economy. Printing new money has led to tons of memes and the rallying cry to buy BTC.
Gemini crypto exchange co-founder and CEO Tyler Winklevoss think that the current state of affairs is pushing the public towards Bitcoin and blockchain solutions.
“The pandemic has catapulted us into the future. Accelerating the failure of offline retail, engagement in streaming, social media also expose structural issues with fiat, increases the debt-to-GDP ratio and the likelihood of hyperinflation, which means it is accelerating the adoption of #Bitcoin ” .
Her brother agrees. Gemini co-founder Cameron Winklevoss says Bitcoin is almost ready to make a big move. He claims that as the exaggeration of “the next bullfight” increased, technology took great strides forward. Now he expects the hard work of crypto developers and entrepreneurs to pay off.
“The next #Bitcoin bull run will be dramatically different. Today, there is exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real spectrum of inflation that all fiduciary regimes face in the future. Seat belt!"
Bitcoin evangelists have been preaching about inflation and the phenomenon of the loss of value of fiat money. In fact, Satoshi Nakamoto's inspiration to create Bitcoin was the series of bailouts that big banks and other major companies received after the 2008 financial collapse.
Many people outside of the cryptocurrency sector are reaching similar conclusions, but are turning to gold or silver as safe havens. If the Winklevoss cufflinks are correct, many of these precious metal fans will soon be able to hop on the Bitcoin train.