In a recent interview with Insidebitcoins.
com, Mode Banking Chief Product Officer Janis Legler stated that Bitcoin might be successful thanks to the mindset change by investors after the coronavirus pandemic.
Legler also talked about the general cryptocurrency regulation progress in the United Kingdom.
During the interview, he also talked about the potential of Central Bank Digital Currencies (CBDCs) in 2020.
Legler further delved into Mode Banking’s expansion plan outside the United Kingdom.
In the wake of the Coronavirus lockdown, Mode reported that the volume of Bitcoin traded through the Mode app increased by almost 1,000% in the last week of March.
From this scenario, what trend can we expect from Bitcoin trading in the post Coronavirus period?
The week after the UK went officially into lockdown and global financial markets saw a sell-off of almost 30%, Mode saw its biggest spike in trading activity to date.
One potential reason for this is that people had more time to think about their future and their finances, and were also looking for ways to diversify their portfolios.
Having witnessed such widespread volatility in stock markets worldwide, it’s highly likely that many investors, particularly younger generations, sought out investments in digital assets instead.
We believe that the rippling effects of the coronavirus pandemic are going to have a long-lasting effect on our financial landscape, and change the way we use money.
The world will undoubtedly remember this crisis forever, and it could usher in the beginning of a new era where diversification of asset exposure and wealth protection are more important than ever for retail investors and institutional players alike.
After interest rates fell to all-time lows in March 2020, assets that are independent of central governance, like Bitcoin, will likely gain long-term popularity amongst everyday investors – who are more tech-savvy than ever before and keen to look for new financial products to hedge against inflation.
Mode donated Bitcoin to the NHS to help fight the Coronavirus.
What impact do you expect Bitcoin’s contribution to such an organization to have on the overall adoption of the asset?
The NHS has done an outstanding job throughout this public health crisis, one that has impacted and protected us all, including the Mode team.
Our main objective with this donation was to do something meaningful for our valued NHS, something that mattered.
Helping our dedicated health workers was the key focus of our recent donation, but if we are able to successfully raise awareness about Bitcoin that would be great.
The Mode team believes that other companies in the cryptocurrency space should also take steps to show that not only have they truly moved beyond the ‘Wild West’ world of early crypto but that they’re here to stay and ready to make a lasting impact for the greater good.
Bitcoin has been viewed as an alternative…