The world’s existing economies are suffering due to the COVID-19 pandemic, which has revealed the main benefits of decentralized tech and crypto. The COVID-19 pandemic has ravaged the economies of countries all around the world and is showing no signs of stopping. The overwhelming response from global governments has been to place their countries under full or partial lockdowns. This has arguably saved many lives, but the economic fallout has been savage. The United States alone is on track to see a record 30% rate of unemployment and an unprecedented 30% drop in gross domestic product. China, the European Union, Japan and the United Kingdom aren’t faring that much better.In such uncertain times, investors are naturally nervous. After the massive crash in March, and amid rising joblessness and fear, the stock market is back to registering new highs — in the middle of a pandemic. The American Main Street and Wall Street appear to be living in parallel universes, suggesting that the latest recovery could be little more than a dangerous bubble.When that massive March sell-off spilled over to crypto and Bitcoin (BTC) subsequently descended to as low as $3,600, it shook the faith of those touting Bitcoin’s safe haven narrative. However, in the weeks since then, Bitcoin has recovered faster than any other asset. If the global macro situation worsens, we may see some more downward price pressure on Bitcoin in the short-term. Meanwhile, the long-term outlook for BTC could not be more bullish. Here’s why the worst crisis in a century is setting the stage for Bitcoin.
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