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Covid-19 renews Bitcoin interest and trust


Bitcoin has trekked a transformational path.

From getting maligned as seedy internet money by the legacy media, to becoming a highly-regarded reference point for decentralized financial systems, as major corporations and governments strive to develop their own Bitcoin equivalent.

Amid such stiff competition, Bitcoin remains the king of cryptocurrencies, and The Tokenist will tell you why with their recent Bitcoin adoption survey.

Bitcoin emerged from the breakdown of trust

Ever since the 2008 financial crisis, unprecedented bank bailouts, and departure from basic principles of financial accounting, people have started to question the established financial regime.

What is the nature of money? How does money issuance relate to the economy? Should money be in the domain of governments exclusively? These questions gave rise to cryptocurrencies, first among them being Bitcoin (BTC).

After over a decade, The Tokenist, a specialist portal dedicated to delivering news and analysis of all things FinTech and cryptocurrency-related, conducted a comparative Bitcoin adoption rate survey to clear out the fog of diffused and outdated information.

After such a major turning point as Covid-19 — which even spurred politicians into action to develop a digital dollar — older surveys are of little use unless we use them as reference points to current data.

The Tokenist undertook just such an approach. First, compiling all the relevant 2017 surveys on Bitcoin attitudes, and then surveying nearly 5,000 participants across 17 nations, in April 2020. Unlike previous such surveys, The Tokenist included questionnaires related to Covid-19’s impact on Bitcoin favorability.

Covid-19 plummets investment trust while raising Bitcoin trust

There is no better memetic image to sum up what has happened since governments decided to shut down entire nations as a response to a virus that has a moderate to low fatality rate. To add insult to injury, lockdowns do nothing but dangerously destabilize society, according to statistical analysis by JPMorgan Chase.

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