Crypto in the Time of Corona
In this edition:
- Can the Crypto Industry Help?
- Consequences: What Happens Next?
- #StayHome and Read These Tips
- Useful Resources
Usually, I start off every Roundup with some not-so-witty anecdotes and introductory comments. After you’ve survived that part, then comes the breakdown of the latest crypto-related news to keep you posted. However, nothing is ‘usual’ at the moment. Emergency states, lockdowns, and threatening economic recession spiced up with a little bit of panic. Welcome to 2020, where we have one global ruler – the coronavirus.
In all this mess it’s vital to say – you are not alone! We are all in the same boat now with a thundering storm ahead of us. Storms, nonetheless, always end and the sun inevitably starts shining again.
Since the COVID-19 is the #1 trending topic basically everywhere, it’s only fair to dedicate this 32nd edition of Weekly Crypto Roundup to the state of cryptocurrencies in the time of corona. You can expect a review of the market, moderate predictions of what will happen after the pandemic ends, and some useful tips to keep you and your loved ones safe. Let’s dive in!
Can the Crypto Industry Help?
A global issue demands a global solution, something that centralized, sovereign bodies can hardly offer. Let’s not jump to conclusions easily and immediately say that crypto is the key here. Yet, there is definitely room for a potential crypto rescue. How so?
Recently, Tim Draper, a billionaire investor, said: “When the world comes back, it will be Bitcoin, not banks and governments that save the day.” Premature assumption or the truth? As always, only time will tell.
In the meantime, let’s focus on what’s happening now. Currently, we can give the hero’s cape to blockchain technology since it’s the most efficient way to fight i.e. censorship and supply-chain issues (that could come to the surface in months ahead of us). It can also help in reducing costs and ease crowdfunding – problems that the world will be facing soon after the coronavirus’ peak.
In China, journalists embrace Ethereum to bypass the state’s censor. Sarah Zhang from the South China Morning Post decided to publish her COVID-19-related interview with Dr. Ai from Wuhan on this blockchain network. Crafty, don’t you think?
We’ll break down the potential global economic crisis shortly, but I’m certain blockchain can address major issues to come, especially in case of the supply shortage. Not only blockchain, but cryptocurrencies with the right tokenomics can also solve the potential depreciation in value when it comes to fiat currencies, and serve as a bridge to digitization and tokenization of assets.
Rest assured, the world has resources it needs for ‘’the morning after’’, the only thing that remains to be seen is how they will be implemented!
Consequences: What Happens Next?
You don’t have to be a genius to figure out the global economy will suffer the most when this is all over. Sovereign countries, industries, and worldwide enterprises are on pause at the moment. The export/import system is crashing and the governments are focusing on preservation of the national economy, thus making them less keen on international trading. In this chaos, naturally, people are thinking about hedging mechanisms that will help them save the value of their assets. To digitize or not to digitize, that is the question.
Crude oil, gold, real estate, BTC and other cryptocurrencies… All these markets are bearish now. The US Fed made an emergency interest cut (0% to 0.25%) on Sunday due to the recent 0.9% drop in the currency’s value. Where’s the average consumer in this equation?
Well, I won’t lie, even some financial experts are a bit confused at the moment. When it comes to human nature, it’s only natural to follow Maslow’s hierarchy of needs and focus on the bottom, physiological needs such as water, food, air, shelter, sleep, clothing… and toilet paper. Investments can wait! However, maybe they shouldn’t.
Industries are desperately looking for surrogates, more precisely, businesses are moving online. Suddenly, everyone’s buying everything online, there are virtual tours of properties, etc. With this state of affairs, the only possible solution that comes to my mind is tokenization. Already very popular in real estate, tokenization can be a great way to enable people to easily invest from their comfy homes. Additionally, you don’t have to be particularly rich to make this kind of investment. It’s a win-win!
It’s essential to transmit positivity even in the times of uncertainty. The world will carry on! Coronavirus’ impact on the global economy will surely be followed up here in our Weekly Roundups, so rest assured, fellow Anchorians, we will keep you posted on this important topic!
#StayHome and Read These Tips
Okay, no joke, guys! Wherever you are, no matter the number of registered COVID-19 cases, please #StayHome and thus protect yourself and your loved ones. Especially, respect your elderly and bear in mind that this virus is particularly dangerous to their health. This part is not strictly related to crypto, but it’s vital to talk about how we can prevent the spreading of the disease. And, more than anything, I wish that you all were safe!
- Hygiene tips
Wash your hands constantly, especially when you touch surfaces available to other people. Wear masks and gloves – if you can’t find masks in the stores, improvise and use scarves or make them at home. Avoid physical contact and social interaction! If you want to sanitize your phone, wallet, pencils, and shoes, use alcohol or alcohol-based cleansers. Change your clothes immediately when you enter your home. If you don’t live alone, make sure every household member has their own glass, mug, and cutlery. Disinfect your home with steam, too. Remember, reducing the potential number of viruses around you is crucial since just one can’t make you sick!
- Work-from-home tips
First things first, if you are working from home, consider yourself lucky! Yes, it can be a little bit tricky, but you’ll manage and here’s how. Arrange your working space in the way you feel the most comfortable. It would also help if you did some kind of exercise before you start your working day! You don’t have to pretend you’re a professional athlete, just stretch your body now and then. You can also go on 5-minute breaks to check on your loved ones to keep calm. Talk to your colleagues to see how they are doing, surprisingly, this remote work can strengthen your relationships.
Besides staying healthy, we all want to stay sane, too! This is an opportunity to extend our knowledge in crypto, but also in some other areas. So, without further ado, here are some useful resources to keep you knowledgeable and informed!
- Crypto people on YouTube: Well, if you want to, quite literally, watch and learn you should check these guys out: Ivan on Tech, The Crypto Lark, Crypt0, Louis Thomas, and Altcoin Daily.
- Crypto and financial concepts: You don’t have to have a BA in finance, there are other ways to learn about the most important terms and concepts: Investopedia and Cryptopedia.
- Ivy League free courses: From computer and data science to social sciences, 450 free Ivy League courses are waiting for you here. After that, you can order your Harvard hoodie without feeling like a hypocrite!
- Historic sites and museums to visit virtually: You can’t go to Louvre, but Louvre can come to you! And many more cultural sites available for you here.
Are you still with me? I will forgive you if you clicked on an interesting resource and ‘’left the chat’’ since that kinda was the point! I hope this Weekly Crypto Roundup has helped you understand what’s going on worldwide, especially in terms of the global economy.
The tips I shared with you are somewhat common knowledge, but they can indeed save lives so tread carefully and keep calm – the state of emergency can’t last forever! The Anchor Community on Telegram is here for you if you want to chat about recent events in our industry or how you are coping with self-isolation.
Now more than ever, I wish you fair winds and following seas, fellow Anchorians!
Disclaimer: The information provided in this post is not legal, accounting, or financial advice. I am not a lawyer, accountant, or financial advisor. I am not registered as an investment adviser with any federal or state regulatory agency. The Information should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies.