Futurist and writer, Daniel Jeffries, shared with Cointelegraph his view on the long run situations awaiting Bitcoin within the aftermath of COVID
Futurist and writer, Daniel Jeffries, shared with Cointelegraph his view on the long run situations awaiting Bitcoin within the aftermath of COVID-19.
Two attainable outcomes
In a single significantly darkish state of affairs, the worldwide economic system will plunge right into a extreme recession and international locations will flip to authoritarianism to be able to survive.
In such a state of affairs, world governments will impose capital management measures, curbing residents’ monetary freedoms. Authorities will then crack down on cryptocurrency to forestall individuals from circumventing their restrictions. Jeffries doesn’t imagine that Bitcoin would be capable to survive in such a state of affairs. He said:
“Governments will swiftly transfer to destroy all centralized exchanges and native Bitcoin operations. Then how a lot is your crypto price? It is price nothing.”
In reality, in keeping with Jeffries, Bitcoin continues to be “an early alpha expertise”.
In an alternate state of affairs, a COVID-19-induced international disaster may additionally speed up innovation, pressuring crypto to evolve into an entire ecosystem which affords items and companies on a big scale, and “not simply cash”.
Jeffries invited the crypto neighborhood “to assume extra comprehensively”.
“You must give it some thought at a macro scale. You must take into consideration patrons and sellers. You must take into consideration the common consumer.” He stated, persevering with that, “You would wish to consider different distribution mechanisms and scale. It’s not sufficient to unravel simply certainly one of these issues. You must clear up all of them to be able to construct a strong neighborhood”.
Bitcoin past the secure haven narrative
To Jeffries, the narrative of Bitcoin as a secure haven asset was disproved within the newest market crash. Nonetheless, Bitcoin will be priceless as a proof-of-concept for different crypto applied sciences. He famous that the worth of Bitcoin resides in:
“The concept you may construct a decentralized consensus system with out a centralized energy behind it and that you may make that system work over a big time frame.”
The world is effectively ready for COVID-19
Jeffries’ forecast is total optimistic. He identified that the world is healthier ready than ever to face a world pandemic. Particularly, communication applied sciences enable us to unfold very important info for combating COVID-19 at a velocity that was unthinkable prior to now. The worldwide provide chain additionally supplies many international locations with the supplies and items that they should face such crises.
“Our interconnectedness, whereas it definitely spreads the virus shortly and accelerates it, it additionally accelerates the response in our capacity to coordinate info at a world scale in a manner that has by no means occurred prior to now.”
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