The economic crisis of the century: what awaits bitcoin?

The International Monetary Fund has warned that the coronavirus pandemic will cause the worst economicconsequences since the Great Depression of the 1930s.

IMF Managing Director Kristalina Georgievawarned that 2020 will be “extremely difficult” and a partial economic recovery will only begin in 2021 if the pandemic fades in the second half of 2020.

The European Commission called on EU countries to do everything possible to protect their people and their economies in the face of a pandemic.

After the marathon talks last weekEurozone finance ministers have agreed on an emergency package of more than € 500 billion to mitigate economic consequences. But this amount does not include financing economic recovery.

Traders, the founder of Xena Exchange, Anton Kravchenko, proposes to create a basket of stable assets to protect againstDigital currencies, particularly Bitcoin, could become part of such a basket. 

Bitcoin is now becoming an interesting and innovative asset that can be added to the asset portfolio to reduce the impact of inflation.

Garantex exchange founder Sergey Mendeleev, alsobelieves that cryptocurrencies will not depreciate, but rather, will strengthen their positions against the backdrop of global inflation. He notes that the value of cryptocurrency has increased by 80% over the past crisis months, despite its attachment to traditional stock markets. Digital assets can undoubtedly lose value. However, this situation will provide an opportunity to enter the market for new decentralized digital assets from Telegram and Facebook. This will undoubtedly increase interest in alternative value storage and support market development.

Stabilization of the situation in the world will be positivefactor for the digital money market and will have a very positive effect on their course. Experts say that after the crisis, they expect new highs from the first cryptocurrency.

Recall that recently the Ministry of EconomicRussia's development identified two possible scenarios for the impact of the pandemic and the global economic crisis on the Russian economy. The department prepared tests for the largest companies in order to assess their resistance to stress.