Bitcoin Adoption Could Boost In Covid-19 Situation

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Neha Kumar | Bitcoin World SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES

The COVID-19 situation has brought the world to a standstill but it might work differently in the world of Bitcoin. Balaji S. Srinivasan, in an Unitize panel on Monday, said that the situation created due to the pandemic could act as a boost for Bitcoin adoption. 

Srinivasan has donned several hats in the crypto world. He has reportedly been an angel investor, an entrepreneur, the former CTO of Coinbase, and a General Partner at Andreessen Horowitz. 

He has a strong belief that COVID-19 has made centralized governments more powerful than ever before with it causing people to seek new ways to maintain their fundamental rights.

“There are certain things that are hard to do, unless you do them centralized. It is not the case that every government failed. It is the case that every government is powered up. And it is the case that every government is powered up and gains lots of power over the economy, basically pausing transactions and etc,” Srinivasan said. 

Moreover, he also pointed out that the economy is not an abstract thing and said that it is data which can be paused, edited, and analyzed.

It is believed that if his assessment is right then it could ultimately result in state control over the economy. 

However, according to Cointelegraph, Srinivasan believes we are living in a both centralized and decentralized world. He believes that states that are unable to act cohesively amid the pandemic are likely to fail, and says that the remaining states will inevitably become more centralized.

“Ultimately there are two modalities that people can accept. A, We have total power. B, No one has power over us. On the other hand of the spectrum you have Bitcoin which is open state, open source, open execution, totally inspectable, totally transparent, based on mathematics and no one has power over it.“

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