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The current pandemic has had a tremendous effect on global markets as many companies have been forced to close, temporarily halt their operations or attempt to work from home. Additionally, it has revealed the weaknesses in the daily operations of companies across the world, namely in supply chain management, resource allocation and data security and sharing.
Bitcoin emerged from the scars of the 2008 financial crisis as distrust in governments and central banks inspired the digital currency to thrive outside the establishment. Unlike traditional currencies backed by sovereign credit and taxing authority, Bitcoin has no equivalent support. This push for monetary independence found early adopters in those that wanted to transact anonymously. Then with time, it captured broader investor interest. Yesterday, Tesla announced that it has bought $1.5 billion of bitcoin, which it plans to accept as payment.
Many investors believe that bitcoin and the technology behind it, blockchain, will reshape the global financial markets. Even though the cryptocurrency market is still in its infancy, demand is growing from investors who wish to buy into an emerging asset class. Accordingly, since bitcoin is still not widely used as a form of digital money for consumption purposes, from an investment standpoint, its main benefit is as a long-term investment into a future asset category. (Full disclosure: Author owns bitcoin and other cryptocurrencies in a retirement account.)
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