Source: Google Trends
In early 2020, when the world heard about COVID-19, it was time to close doors. The market crash and around 17 million filed for unemployment. As a result, the unemployment rate went over 15%, a number deemed not good in the country’s economic sector.
However, in November 2020, Bitcoin surged 40%, marking its biggest monthly gain since May of 2019. Interestingly, no traditional assets could chart a 40% rally in a single month like what Bitcoin did.
Moreover, several publicly listed companies like MicroStrategy, Square, Cypherpunk Holdings began to buy Bitcoin in the wake of the pandemic. Also, PayPal started offering cryptocurrency services for its customers. Notably, many retail investors that are looking at where to put their money begin investing in digital assets.
At the time of writing, the worldwide number of coronavirus deaths was 2.63 million. Consequently, the United States continues to be the most affected, with 546,605 deaths associated with COVID-19 and 29.3 million cases recorded.
In line with this, America’s economic policies contributed to the bullishness of Bitcoin. The newly signed $19 trillion COVID-19 stimulus package made it clear that the government was pumping money into the economy. The fear of losing fiat money’s value due to the pandemic’s market crash made investors put their funds to Bitcoin instead of fiat. After Tesla (NASDAQ:TSLA) purchased $1.5 billion worth of Bitcoin, 10% of the automaker’s cash reserve, Bitcoin surged to new all-time highs. Elon Musk’s Twitter support for cryptocurrencies might have relatively boosted the search.
This article first published on coinquora.com
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Source: Cryptocurrency - investing.com
