COVID-19 Pandemic Propels Cryptocurrency Market to New Heights, Binance CEO Says

MOSCOW (Sputnik) – The coronavirus pandemic has resulted in increased global interest in the cryptocurrency market and propelled it to new heights, as the world economy remains largely volatile amid turbulent macroeconomic situation, Changpeng Zhao, the founder and CEO of Binance cryptocurrency exchange, said.

“In 2020, worldwide markets faced unprecedented volatility and instability in already-vulnerable economies and countries. With global economic uncertainties, inflation and traditional assets suffering due to the macroeconomic shock caused by COVID-19, people around the world have increasingly looked to bitcoin and crypto as an alternative asset and cross-border transactions in an unprecedented manner. This has driven the crypto market to new heights and poised bitcoin/crypto to enter the mainstream,” Zhao said.

The executive added that people started to better understand economic processes since the pandemic attracted public attention to macroeconomic issues.

“COVID-19 has highlighted the macroeconomic challenges faced by the global economy and as a result, there is more public understanding about inflation and how businesses and individuals could be affected,” Zhao said.

Elon Musk, founder, CEO, and chief engineer/designer of SpaceX speaks during a news conference after a Falcon 9 SpaceX rocket test flight to demonstrate the capsule's emergency escape system at the Kennedy Space Center in Cape Canaveral, Fla., Sunday, Jan. 19, 2020

On 8 January, the most popular cryptocurrency, bitcoin, was trading at an all-time high of $42,000, raising the total value of the cryptocurrency market to over $1 trillion. Although the currency lost over one-fifth of its value on Monday, bitcoin’s performance suggested that cryptocurrency was gaining momentum.

Founded in 2017, Binance is the Malta-based largest cryptocurrency exchange in terms of the trading volume.

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