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How a solar flare could have a bigger impact on bitcoin than COVID-19

 
How a solar flare could have a bigger impact on bitcoin than COVID-19
Breaking News / Bitcoin / BTCUSD
  • In a new report, Deutsche bank has said that a solar flare could have a bigger impact on the crypto space compared to the COVID-19 pandemic. 
  • At the start of 2020, it looks like the crypto industry was going to somewhat boom. Following the pandemic of COVID-19, everything stopped this from happening. 

In a new report, Deutsche bank has said that a solar flare could have a bigger impact on the crypto space compared to the COVID-19 pandemic. 

At the start of 2020, it looks like the crypto industry was going to somewhat boom. Following the pandemic of COVID-19, everything stopped this from happening. Not only did the crypto space experience a significant impact from the pandemic but the rest of the world and the globe's economy was, and still is, in turmoil.

Of course, bitcoin has been able to say pass the $10,000 market during the pandemic indicating that not all hope is lost. Many governments have intervened in their several economies and a lot of money went into the crypto world. 

The Deutsche bank believes that the next solar flare could be the thing that has a serious impact on the leading crypto coin. They say that the increased brightness of the sun could have a big effect on communications and interruptions will become more common than they usually are.

Given that 90% of the world is done through digital means, the bank believes that most forms of electronic payments will have issues but with this in mind, the power of decentralisation could work in bitcoins favour.

It isn’t 100% clear how this will work but bitcoin still holds the promise of becoming a stable payment to medium during this period. The bank that says that there is only a one in three chance of this happening over the next 10 years.

It’s not something that we need to worry about in the coming future as solar flares are very infrequent. The last one that actually happened was in 1859 so maybe there is nothing to worry about at all? Then again, maybe where do you for one?

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

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