{"id":420937,"date":"2020-04-15T23:00:27","date_gmt":"2020-04-15T23:00:27","guid":{"rendered":"https:\/\/uniquehot.com\/?p=420937"},"modified":"2024-06-11T13:47:32","modified_gmt":"2024-06-11T13:47:32","slug":"bitcoin-sees-rocketing-new-user-inflow-will-looming-economic-crisis-spur-adoption","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-sees-rocketing-new-user-inflow-will-looming-economic-crisis-spur-adoption\/","title":{"rendered":"Bitcoin Sees Rocketing New User Inflow: Will Looming Economic Crisis Spur Adoption?"},"content":{"rendered":"
Crypto traders have been closely watching the rapidly developing Coronvirus pandemic\u2019s impacts on the global economy, as Bitcoin\u2019s recent status as a risk-on asset has made it particularly prone to seeing volatility similar to that seen by the traditional markets.<\/p>\n
This risk-on asset classification may soon be nullified, however, as the benchmark cryptocurrency has seen a tremendous rise in adoption amongst new users throughout the past couple of weeks \u2013 according to new data.<\/p>\n
If this trend extends further, or accelerates in the coming days and weeks, it could signal that those fearing an economic crisis or collapse are turning to BTC \u2013 potentially shifting it to adhere to the previously invalidated \u201cdigital gold\u201d narratives.<\/p>\n
Because the global economy hasn\u2019t ever been frozen<\/a> in the way it is now, there\u2019s no telling as to what the economic implications of this will be in the months and years after the pandemic passes.<\/p>\n Some believe that the jobs market \u2013 along with other economic strength indicators \u2013 will all see sharp \u201cV-shaped recovery\u201d while other analysts are offering more pessimistic outlooks.<\/p>\n Either way there is a bullish case to be made for Bitcoin<\/a>, as the benchmark crypto could rise alongside the financial markets if it maintains its correlation to them or could also see upside if it breaks this correlation and becomes a digital safe haven.<\/p>\n