How bitcoin is helping during times of crisis

• Many governments and financial bodies have taken steps all over the world in regulating different crypto such as bitcoin. 
• This has been able to pave the way for greater adoption in many different sectors of the financial industry.

Many governments and financial bodies have taken steps all over the world in regulating different crypto such as bitcoin. This has been able to pave the way for greater adoption in many different sectors of the financial industry. Many traders and investors will see BTC as a vehicle for investment however when it comes to developing economies in different corners of the world, bitcoin can be seen as a great tool. Looking in continents and countries like Latin America, Africa and Asia, bitcoin is being adopted at an alarming rate with a new wave of adoption occurring during times like these. 

Speaking in the Tales from the crypt podcast, Matt Ahlborg talks on how bitcoin is giving users and businesses the ability to connect to a global economy in countries such as Kenya during the current crisis that these nations face. The founder of UsefulTulips.org, looked into certain topics saying that these kinds of economies and local laws are adequate enough to facilitate financial communication with the global market. He further noted:

“Bitcoin market right now in emerging economies, it’s that people are turning to Bitcoin because they, have a ton of bureaucratic friction and they don’t want to deal with it.”

According to a recent report published by arcane research, bitcoins volume has spiked significantly doing the crisis of the coronavirus. The report looks into how the weekly bits going volume in Kenya had been rising slowly but steadily at the end of last year. Over the past few months of 2020 though there has been a drastic rise.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!