Bitcoin May Thrive Despite Coronavirus

Published at: May 14, 2020

The CEO and co-founder of Bitcoin (BTC) investment app Amber, Aleks Svetski, said he thinks the COVID-19 pandemic has bolstered Bitcoin awareness. 

"COVID was one of the best marketing campaigns for Bitcoin in history," Svetski told Morgan Creek Digital co-founder Anthony Pompliano in a May 13 podcast episode. 

Coronavirus has caused global uncertainty

Since taking center stage as an official pandemic in 2020, governmental coronavirus prevention actions have caused business slowdowns, rising unemployment numbers, and falling markets. The U.S. government has taken several measures to right the sinking economy, including various funding tactics.  

Svetski pointed back to the smartphone invasion, saying he does not remember the transitional period between flip phones and total smartphone adoption. Similarly, over the next ten years, the public's view will change from hesitancy to confidence in Bitcoin, he explained. 

Government tactics have created an illusion

The CEO said the government's economic counterbalancing tactics, such as money printing and bailouts, are not healthy. "We're actually tearing society apart," Svetski said.

While mainstream markets have bounced from their lows, numbers still show rising unemployment numbers, indicating a false sense of security compared to reality. "Mainstream and Wall Street are completely divergent," Svetski posited. "Maybe that's what triggers people to say — 'I've had enough.'"   

Recent days have shown a number of mainstream people and companies becoming interested in Bitcoin, including billionaire Paul Tudor Jones and JPMorgan Chase. 

Prior to all the uncertainty, however, Bitcoin still showed promising numbers, housing $188 billion of invested capital in February 2020, CoinMarketCap data showed.  

Cointelegraph reached out to Aleks Svetski via Amber for additional details, but received no response as of press time. This article will be updated accordingly should a response come in. 

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Adoption
Bitcoin
Coronavirus
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