Covid-19 and cryptocurrencies
The pandemic has moved swiftly, presenting unknown problems that have destabilized financial markets and altered the way the environment works. In order to adapt to society's constraints, individuals and companies are increasingly technically linked to remote, video, and online shopping.
The fact that COVID-19 will ever vanish is unclear, and the standard for social dissociation and contact and remote work is expected. Attitudes about capital have altered as well. Concerns over carrying potentially COVID-19-infected cash have contributed to a growth in the use of contactless digital payments, with the contactless cap for in-store spending increasing from £30 to £45. The pandemic may be the impetus for moving into a cashless world. There are fears about cryptocurrency dissipating. Is the question now the right time for cryptocurrency to shine as interest in blockchain and cryptocurrency grows?
COVID-19 is said to have raised the demand for cryptocurrencies, especially Bitcoin (which controls roughly 60% of the crypto markets), which has hit new levels not seen since the cryptocurrency boom and bust of 2017 and early 2018.
The FCA recently released research on crypto assets, which was conducted before the COVID-19 crisis. According to the results, 3.86 percent of the population owns cryptocurrencies. The study also discovered that consumer awareness of cryptocurrencies has risen. Twenty-seven percent of consumers have never heard of cryptocurrencies than 58 percent in the previous year's survey. Bitcoin is becoming the most well-known cryptocurrency.
Benefits of crypto
The UNICEF Innovation Fund has already given $100,000 in fiat money to the eight beneficiaries of CryptoFund to build open-source digital services that can resolve economic, health, and educational issues in their home countries.
The goal of the CryptoFund is to complement this program in order to help businesses overcome the unique challenges of the Covid 19 pandemic, which has brought to light the problems faced by UNICEF funds such as food supply and education.
Investees have partnered with governments and other local agencies to monitor food deliveries, provide remote learning, and solve other concerns that have emerged as a result of the pandemic's lockdown and isolation.