Money in the Age of COVID19

A new global order is rising from the horizon. Cryptocurrency and blockchain are taking the place of traditional assets and by that regard, entrepreneurs and large enterprises will look for work on open-source projects.

Coronavirus pandemic has instigated a revolution in the monetary system of the global economy. We see that people all across the world are terrified due to the current crisis and lockdown in global markets.

Countless metropolitan areas all across the world closed their gateways and locked down their borders. The International Monetary Fund declared that the global economy is mired in a deep recession. US national debt also increased dramatically during the quarantine period. Banks refuse to give back money to account holders.

China will have more soft power, more social capital and more economic power after the crisis. There will be a great rearrangement in global relations. International definitions will change. The debt-based world we created can’t be saved.

Much of 21 million Bitcoins will be lost, because in times of extreme panic, assets continue to decrease in value. People may be willing to pay more for smart contracts than ever before. It seems that great corporations will bet a lot more on cryptocurrency and blockchain after this crisis.

blockchain-based supply chains will be the next alternative before the global economy. It is far easier to share coronavirus information through blockchain-based system

blockchain-based voting also will eradicate the fear of fraud and it will save democracy of imminent dangers. Humans are social creatures and we shall survive predicaments and hardships as we have undergone severe catastrophe before and appeared sound and thriving at the end.

Counos Platform is an online peer-to-peer platform with a wide variety of financial services which meets sophisticated online financial demands of Counos users.