For the cryptocurrency industry, these events have supported the old theory that cryptocurrencies will become the de-facto currency as the dollar decouples, inflation increases, and people become more concerned with financial privacy. 

What is clear is that some institutional investors are more optimistic about the role of cryptocurrencies in the global economy. For the cryptocurrency executives working tirelessly to educate investors and the public about the benefits of crypto, criticism is something that they have become accustomed to. As with any emerging technology, “new” can often be scary and intimidating until more solid foundations are set. 

To learn more about where the economy is headed, we reached out to a handful of cryptocurrency executives that have recently been in the news. 

1. J.D. Salbego, the CEO of Singapore-based exchange BitTok, has experienced the ups and downs of the crypto industry since 2017. In the midst of mass economic and socio-economic turmoil, he sees this as an opportunity for crypto to shine:

2. Patrick Collet, Founder and CEO of MOOVIN, a blockchain protocol that democratizes and tokenizes successfully access to data, is optimistic that the US and global economy will not see a recession based on current signs:

3. For Quincy Dagelet, CEO of Boostchain, a company that is disrupting advertising with blockchain technology, mainstream adoption could be closer than we expect:

“The world we are living in with COVID-19 is really unfortunate but it opened people’s eyes and led to more digitalization. Also, people tend to have less faith in banks, the monetary system and politics. This creates the perfect gateway towards more crypto adoption.”

4. Stefan Hostettler, Co-founder and CEO of Tycoon69 International, a blockchain firm based in the UAE, agrees that we should see massive disruption in the near future:

“Economically, I believe that we will see stagnant and outdated industries experience a massive wave of innovation and disruption over the next few years. This happened during the last crisis and was the leading factor that drove Satoshi Nakamoto to create Bitcoin following the 2007 crash. We are dedicating our time to building out an ecosystem to modernize billion-dollar industries, such as the gift card industry.”

5. Gabriella Davis, CEO of Centric, the world's first dual-cryptocurrency payment network, agrees with the legacy cryptocurrency community that sees these events as a perfect storm that will propel cryptocurrencies:

One thing is certain, the world will be watching as the rest of 2020 plays out and increasingly more curious to learn more about emerging technology that can help them better control risk and their finances. When it comes to transparency, security, and access, blockchain technology provides benefits never before seen. 

Disclaimer: the writer of this article is an advisor to Moovin Protocol and Boostchain, both of which have provided commentary on this article. The writer does not hold any stock in the equities mentioned.

Photo by AbsolutVision on Unsplash