Ahead of the government coronavirus update, the cryptocurrency world prepared for the worst. After the recession of 2007 to 2008, the crypto world started preparing ahead of time for any disruption of leadership, human civility and market meltdowns. As a matter of fact, this latest round of doom saying caused by the global coronavirus pandemic had the crypto world preparing weeks ago.
Coronavirus Updates Vindicate Crypto Personalities
For the last month, tech Twitter personalities have been warning the world that CV-19 would be a major problem for the global community. As the crypto world prepared for a breakdown in everyday living, others from media to presidents and world health leaders failed in getting ready in time to deal with the pandemic.
What Pushed Crypto To Prepare?
People who are drawn to cryptocurrency tend to have little faith in centralized governments and their currencies. They recognize that there is a risk inherent in these institutions and systems. The preparedness community has similar beliefs, making them two sides of the same coin with close ideological beliefs. They understand how to wait out a crisis.
Being prepared doesn’t mean running out and hoarding supplies like toilet paper and hand sanitizer. It means making sure personal finances are in order, stocking up on food and essential goods required to wait out the pandemic without going to hoarding extremes, and understanding how to medicate oneself to fight it off. Individuals in the crypto world have taken on a “Life Changes! Be Ready” attitude.
Personal Finance A Concern For Cryptocurrency Users
While some in the crypto sphere understand the value of cash on hand during a crisis, others are still touting the need for an electronic payment system that will work with cryptocurrency without the need for a third-party handler. That would help people in society that are not as robust as others still maintain a semblance of life that they are used to.
Maintaining control over their money during a financial crisis is crucial for everyone, not just people who use cryptocurrency. Software firm Casa is currently working on a system that would allow people to do just that. The system they are working on would allow people to self-custody their finances and not risk losing their funds in a physical attack.
Coronavirus Update Encouraged Social Distancing
Even though the crypto community has been preparing for the pandemic, many are still taking the social distancing encouragement to heart. Remote work will help reduce the spread of the virus, and hopefully, not tax the already stretched health care systems around the world. Crypto users jumped on the bandwagon before it was popular, stocking up at least a month in advance.
However, social distancing could have a significant impact on the economy, especially with municipalities requiring restaurants and bars to shut down and go to drive-through service only. Businesses are having to close their doors and paying their employees to stay home and stores limiting their hours. Crypto leaders are questioning whether the economy’s health should come before the public health, pointing out that the virus could kill millions while a down economy wouldn’t.