Bitcoin Adoption Accelerates amidst Pandemic

Bitcoin user adoption is speeding up according to various data sources. Based on Singapore-based DBS Bank's report on digital currencies published in August, this year brings rapid advances in the history of digital finance "combining with pandemic-led acceleration of adoption".

Another recently published research from Chainalysis shows that many Latin American businesses and individuals pushed to use cryptocurrencies to buy retail goods due to the ineffective banking system.

The ongoing pandemic has contributed to the cashless society, a new wave in demand for crypto. The number of active Bitcoin addresses are also on the rise according to Glassnode.

Source: Glassnode Studio: Bitcoin Number of Active Addresses

There are now even more active Bitcoin holders compared to previous bull market. This metric however does not show the full picture of the exact numbers in users as one individual or entity can hold a multiple addresses. However, as the dollar losing its purchasing power, especially after the FED (Federal Reserve System) printing trillions of dollars injecting to the economy, Bitcoin seems to be a safe-haven along with gold and silver.

Question to you: What do you think, is Cryptocurrency will be globally adopted and thrive in the coming years, or people will stick to fiat money instead?

Read the full reports:

https://blog.chainalysis.com/reports/latin-america-cryptocurrency-market-2020

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