Futurist and author, Daniel Jeffries, shared with Cointelegraph his view on the futurity scenarios awaiting Bitcoin in the aftermath of COVID-19.

2 possible outcomes

In i specially dark scenario,  the global economy will plunge into a severe recession and countries will turn to authoritarianism in order to survive.

In such a scenario, earth governments volition impose capital control measures, curbing citizens' financial freedoms. Authorities volition then crack down on cryptocurrency to prevent people from circumventing their restrictions. Jeffries does not believe that Bitcoin would exist able to survive in such a scenario. He stated:

"Governments volition swiftly move to destroy all centralized exchanges and local Bitcoin operations. Then how much is your crypto worth? It's worth nothing."

In fact, according to Jeffries, Bitcoin is still "an early on alpha engineering".

In an alternative scenario, a COVID-19-induced global crisis could also accelerate innovation, pressuring crypto to evolve into a complete ecosystem which offers goods and services on a large calibration, and "non simply coin".

Jeffries invited the crypto customs "to call up more comprehensively".

"Y'all have to think about it at a macro scale. Y'all take to recollect well-nigh buyers and sellers. Y'all have to think near the boilerplate user." He said, standing that, "You lot would need to think about culling distribution mechanisms and calibration. It's non plenty to solve just one of these bug. Y'all have to solve all of them in order to build a robust community".

Bitcoin beyond the safe haven narrative

To Jeffries, the narrative of Bitcoin every bit a rubber haven asset was disproved in the latest market crash. Still, Bitcoin can be valuable as a proof-of-concept for other crypto technologies. He noted that the value of Bitcoin resides in:

"The idea that you could build a decentralized consensus system without a centralized ability behind it and that yous could make that system work over a meaning period of time."

The earth is well prepared for COVID-nineteen

Jeffries' forecast is overall optimistic. He pointed out that the world is better prepared than ever to face a global pandemic. In particular, advice technologies permit us to spread vital information for fighting COVID-nineteen at a speed that was unthinkable in the past. The global supply concatenation too provides many countries with the materials and goods that they need to confront such crises.

"Our interconnectedness, while it certainly spreads the virus quickly and accelerates information technology, information technology also accelerates the response in our ability to coordinate information at a global scale in a way that has never happened in the past."

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