The global economic crisis is stimulating the return of cryptocurrencies

Although the conditions caused by the corona virus have created global economic difficultiesthe Cryptocurrencies could grow in battle, according to the director of a blockchain incubator.

“In the short term, digital currencies suddenly look attractive,” said Brad Robertson, CEO of Polyient Labs, to Cointelegraph in an email from May 1st. “If you just look back over the past two weeks, you might think cryptocurrencies are back, baby.”he added.

Bitcoin has recovered faster than the big markets

Bitcon crashed in parallel with major markets on March 12 as fears of the corona virus increased. Both sectors have recovered since thenThough Bitcoin came to life faster than traditional markets.

The global economic crisis is stimulating the return of cryptocurrencies
The global economic crisis is stimulating the return of cryptocurrencies

The U.S. Government’s Recent Money Printing Efforts Let the public question the best place to place their wealthwhile the world economy continues to struggle.

Robertson pointed to recent positive price movements in key crypto assets such as Bitcoin (BTC) and Litecoin (LTC), and also mentioned the new Libra confirmation and US government mentions. to a national digital currency.

“These are all great short-term signs,” he said, adding:

“But we are in the middle of an economic guessing game, and even the President of the Federal Reserve is warning us that the situation will deteriorate before it improves. So in the medium term, I expect great volatility in digital currencies in the years to come.” Months. “

Robertson continues to see optimism

The CEO was also optimistic in the long term. “Digital currencies are gaining in importance”, Robertson said citing a recent bill that gives indirectly Cryptocurrency exchanges and traditional institutions have a similar status. The CEO also cited other examples, including blockchain’s success in retail, gaming, and banking.

“When it comes to digital currencies, games are best positioned to take advantage of the ‘new normal’.”Robertson said, noting that quarantine and thirst for entertainment go hand in hand.

Robertson spoke of unusable tokens and said:

“By adding blockchain to games, you now have an environment where players can create and earn custom digital tokens and NFTs in a game, and then move, trade, or sell those digital collectibles across multiple game platforms.”

Such apps could make current games superfluous and usher in a new wave of potential.he added.

In line with Robertson’s comments, blockchain gaming has shown increased engagement in the past few weeks, Cointelegraph reported in April.

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