Because the world sits at flux between coronavirus and financial marketplace worries, AAX crypto exchange CEO, Thor Chan, believes cryptocurrencies will ultimately make out okay.
“Cryptocurrency markets endured with all other markets,” he continued, including:
“But over the coming weeks and months, as governments cut interest rates, I think we will see the crypto markets surging.”
All markets have dropped during the coronavirus pandemic
Over the past month or so, in the face of the coronavirus pandemic, mainstream markets endured carnage similar to the market crash of 1987, as well as the 2008 recession.
Initially, crypto assets fell alongside traditional markets, with Bitcoin reaching its most recent pinnacle of annoyance between March 12 and 13, falling over 50%. Since that time, however, the advantage has revealed cost action comparatively unattached to traditional markets.
Current circumstances can force a mass reevaluation
Global coronavirus states have spurred drastic steps, leaving many folks quarantined and changing everyday life dramatically for individuals around the world.
“If anything, this is a time where a lot of people might want to reflect on how we have organized our society,” Chan said. “Such thinking could be about societal problems, environmental issues, but also around economics and finance.”
The CEO noted the evaluation of blockchain and crypto use cases as a useful endeavor during these times.
“I feel that the value of crypto will become more evident to the mainstream, including institutional investors, which will bring more funds into the market,” Chan explained.
Present quarantine measures have caused many companies to put more thought into the virtual realm, leading some to explore distant work methods further. Since the crypto business is mostly digital, these conditions could logically steer clear of the general public toward blockchain and crypto solutions.
Cointelegraph achieved to AAX for additional information but received no reply as of press time. This guide will be upgraded accordingly should a response come in.