The COVID pandemic has accelerated the shift to digital settlements and crypto coins triggering a debate about whether traditional means of payment and safe havens will soon become a thing of the past. Independent political risk analyst Eric Kraus has weighed up whether Bitcoin will replace gold and whether crypto yuan can depose the dollar. On 8 June, the World Bank suggested that the COVID-related global recession would be the deepest since the Second World War with the highest share of economies seeing contractions in annual per capita gross domestic product (GDP) since 1870.
Under these circumstances, investors are seeking safe havens to shield their assets from the perfect economic storm. One would expect that they would opt for gold; however, the yellow metal is growing slowly and has yet to see the levels it reached in August 2011. Meanwhile, crypto-currencies appear to be gaining steam with macro investors, such as Paul Tudor Jones, buying Bitcoin as "a hedge against inflation". Even China which has previously dragged its feet about embracing crypto currencies has doubled down on testing and developing a sovereign blockchain technology. .......https://sputniknews.com/analysis/202...lar-dominance/
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Originally Posted by PJL
