What Trends Will Define Cryptocurrency for What’s Left of 2020?

The world of cryptocurrency is fast-moving. Things change overnight. There is a continuous introduction of new technology, key players in the market come and go, and trends shift faster than in other industries. The crypto market is fast and, at times, chaotic. However, be that as it may, many new and exciting developments are coming along. Many things that have been taken for granted will be overtaken by things genuinely new and exciting.

The Rapid Shift to a Cashless Society

Shortly after ushering in the new year, dreadful news started to emerge from China. By the end of the first quarter, the world was in the grips of a deadly virus. COVID-19 has managed to do things no man has been able to do. The virus has managed to paralyze, disrupt, or even cause the collapse of business and industry. The population, in general, has stopped and started to rethink life as they knew it. Remote working and crypto payments were available, but many people questioned the validity of such practices. Not anymore. A shift towards a cashless society has happened, and from all appearances, this society-redefining trend will remain after the pandemic is nothing more than a bad dream.

The internet has allowed people to work from their home, or for that matter, anywhere they are in the world. Companies are beginning to question the wisdom of continuing to spend a great deal of money on providing office-bound employees with space. In the digital age, there is no need for central offices.

At the same time, people are beginning to doubt the need for cash. The pandemic has taught the world many things, one of which is the need to improve the quality of life.

Cryptocurrency Is No Longer Just for Geeks

It was not long ago when Bitcoin and other crypto was seen as something only of interest to geeks. Times are changing and changing fast. Bitcoin is no longer a bubble. The market capitalization for Bitcoin is larger than Intel, even larger than Coca-Cola. Institutional involvement in cryptocurrencies is rising. The demand for Bitcoin has soared amidst the confusion caused by the virus. More hedge funds are accumulating digital wealth, a trend bound to continue well into what’s left of 2020.

The U.S. Securities and Exchange Commission is but one regulator that is causing delays in the launch of the Facebook Libra project.

One thing is for sure. More convenient interfaces that react with cryptocurrencies are coming. The so-called “Digital Divide” has made it easier for people to open current accounts in dollars or euros. Can digital currency be far behind?

Blockchain Technology Provides Enhanced Privacy

Real progress is often born out of a crisis. It may be hard to believe now, but in the mid 1980s the internet was seen as some kind of black magic. Today, we live in an age where everything we do is tied to technology. Imagine a day without social-media. There is a demand for all of us to interact and communicate online.

As we become reliant on digital technology, we tend to forget that available services are fragile, regardless of the technological advances that are being made.

The problem associated with “hacking” invariably leads to the question, “What next?” Discussions based on blockchain-based technology have become a hot topic.

Looking Forward

Understandably, the crypto field is set to transform the global economic system. Every day, analysts make new forecasts on the price of Bitcoin. These same analysts expect to see more price ceilings broken, more crypto adoption, and more inventiveness within the markets.