The CEO, Crypto Exchange Coinbase, Brian Armstrong opines that one of the unique aspect of crypto is proving to have one crucial benefit. This is coming at the same time when Bitcoin (BTC) and other coins in the crypto has witnessed a crash in market due to the outbreak of the corona virus which has been disrupting businesses and threatening to unsettle the balance in the world’s economy.
He explained that the Bitcoin as well as other cryptocurrency comes in handy in this critical time since the use of physical cash posits a higher risk of spreading the coronavirus. “We are working hard to make it easier for people to use global, inflation proof, digital payments with crypto. Passing paper currency and coins between people has never been hygienic” he maintained
China, in a bid to curb the spread of the virus, has already begun destroying potentially infected physical cash. Similarly, the US Federal Reserve has also imposed up to 10 days of quarantine for dollar bills coming from Europe and Asia as a precautionary measure.
Another unique feature of the Bitcoin according to Armstrong, is its tight supply of 21 million coins, a key advantage over fiat. “Most peer to peer payment apps today are US only and fiat currencies are going to lose their value more quickly with upcoming inflation. It’s time for the world to have a global payment system based on sound money” he said.