The economic consequences of the COVID-19 pandemic are becoming increasingly apparent. The world’s economists still do not have an accurate idea of how deep the crisis will continue to develop, nor a clear picture of when the world economy’s recovery will begin and how long it will last.
And while many people sit in isolation and play free mobile games, various predictions range from overly pessimistic, which predicts a complete collapse, to optimistic, which speaks of how the recovery of the world economy will be quick and painless. As usual, the truth is probably somewhere between the two extremes mentioned. The fact is that global health, and thus economic, crisis is still deepening, despite the encouraging signs that announce the recovery of individual countries’ economies, among which China is in the forefront.
Although the world economy is declining, more or less, depending on the country, the cryptocurrency markets have experienced a surprisingly fast recovery. If we look at the period of the previous five months, during which lots of us spent plenty of time playing cartoon games online, we can see a significant increase in cryptocurrencies’ value. Let’s look at the example of BTC, which at the end of March was worth just under $ 5,000, while in the second half of August, it was worth over $ 12,000!
Many global companies have expressed interest in cryptocurrencies, which has encouraged investments that have raised the value of cryptocurrencies. One of the most important companies that promote the development of the cryptocurrency market is Google. Google is the dominant global company that can be freely said to cover most internet markets in every sense. Perhaps it could even be argued that it has a de facto monopoly on what is happening on the internet. Few of us do not use Google search, email, navigation, calendar, disk, and other Google products. As a result, the company has a significant impact on the world’s population.
Given that Google supports the cryptocurrency market, it is clear that success will be inevitable. The interest that the company has is primarily a profit, and everything is subordinated to profit. Otherwise, it would not be one of the companies with the most considerable capital in the world. The corporation is interested in expanding its area of operation and making additional profits by making payments in cryptocurrencies through it.
Suppose Google were to charge the lowest possible fee for each cryptocurrency payment, and given the prevalence of the company and the significant number of users. In that case, the company would make extremely high additional profits. One of the applications that enable this goal’s achievement is GooglePay, which significantly facilitates financial transactions. If we take into account that there are similar projects launched by MasterCard, Visa, PayPal, Facebook, and some other companies and that all these projects have a common goal – payment by cryptocurrencies, the conclusion is that cryptocurrencies are expanding and that a bright future awaits them.