As the world’s nations and financial institutions plan their recovery from the unprecedented economic upheaval in the wake of the COVID-19 crisis, more and more people are turning to digital assets.
Cryptocurrency’s extraordinary resilience during the coronavirus crisis has lent renewed vigor to central banks’ plans to integrate digital currencies. Meanwhile, the younger generation is embracing cryptocurrency as an alternative way to build wealth. All this is made easier by innovative platforms that lower the barrier to entry.
Corona makes the case for crypto
It has become clear that the economic shock of the pandemic will not be done away with by 2021. Decisions being made by governments to reopen national economies will be felt far in the future.
Record unemployment in the US and Europe poses challenges that current systems are struggling to meet: to make sure people have enough to survive, to prop up markets and businesses, and to maintain demand.
In order to do this, the distribution of money will have to modernize. The US stimulus package, delivered through a horribly inefficient bureaucratic patchwork, highlighted the flaws in an old, broken system and brought the discussion of the digital dollar back to the table. Meanwhile, China’s own digital Yuan is underway. Proposals such as UBI, tentatively rolling out in Spain, also pose organizational challenges that digital assets can meet.
To safeguard against future shocks, monetary systems of the future should be fast, efficient, scalable, and where possible decentralized. For the younger generation bearing the worst of the crisis, the cryptocurrency community already shows how things can be done.
The hope of the disenfranchised
The demographics of cryptocurrency adoption according to a recent report from CoinMarketCap show increased interest in digital assets in the first quarter of 2020. More significantly, this was most pronounced among the young, among women, and also in regions outside the US, many of which would be termed emerging markets (usually with unstable currencies). The highest user growth was in India, Pakistan, Colombia, Canada, and Nigeria. Greece and Romania were the countries with the most female user growth.
CoinMarketCap reported a 43.24% growth in interest from female users on its platform and a 46.04% quarterly growth in interest from young adults. A quote from the report observes that: “In relation to the youth user segment (aged 18-24), the continent of Oceania saw the biggest percentage jump of 151.95%, followed by Africa with 91.47%.” In short, demographics that are left behind in the current dollar-dominated system see the emancipatory potential of cryptocurrency.
And why shouldn’t they? A youth that is increasingly aware of global economic and social issues will naturally turn to their main advantage over their elders—they have more trust in technology.
The importance of platforms in building trust
Cryptocurrency’s increased popularity isn’t just about rebellion. We can’t talk about increased adoption without highlighting the role that digital platforms have played in making crypto accessible for everyone.
Digital platforms are a tech revolution that advanced in tandem with cryptocurrency to affect almost every aspect of our lives – media, travel, rent, productivity, retail, finance, and more.
When bitcoin first started in 2009, only serious computer geeks could play around with the new digital currency, which was stigmatized as a niche interest at the best, and criminal activity at worst.
We’ve come a long way since then. Crypto platforms have won the trust of their userbase by offering an easy way for people to buy, sell, or trade cryptocurrency from their smartphones.
StormGain is the current leader of the pack among crypto trading platforms. Available as a smartphone app or on the web, StormGain has won a string of awards including The European magazine’s ‘Cryptocurrency Trading and Exchange Platform of the year’ in 2020.
With increased competition in the market, StormGain understands that simply offering a digital service is not enough. StormGain clients have several advantages including a loyalty program with discounts of up to 20% on trading commissions and 12% APR interest.
But the key element of StormGain’s success is trust. The company has garnered particular praise for its attentive multi-lingual customer support and its extensive education program, which provides a range of information on cryptocurrency, blockchain, and best trading practices that empower beginners to become crypto trading experts, and ultimately take more control over their finances.
Crypto’s coming of age
The case for cryptocurrency has only become stronger as more individuals and businesses turn to digital assets as a hedge against uncertainty, cross-border payments, and smart contracts.
No small thanks to the crypto’s resilience during crisis, we are seeing the point where governments and big banks are finally coming around to meet the rising digital generation. Now is the time for savvy traders to build up their crypto portfolio and take advantage of the knowledge base on platforms like StormGain to be prepared for the future.