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[Blockchain Today Reporter Kim So-yeon] Yoni Assia, CEO of eToro, said, “There are several factors that are contributing to the rise of the current cryptocurrency market. The current economic situation in the US amid the Corona 19 pandemic is also among them. It is one.”
In an interview with Cointelegraph, Asha told Cointelegraph, “We believe there will be circumstances leading to record growth in cryptocurrency and stock markets. We are seeing unprecedented monetary and fiscal responses from federal governments around the world, which means zero interest rates and even some In the region, it leads to negative interest rates.”
Bitcoin (BTC) fell below $4,000 in March 2020 as the COVID-19 precautions made headlines around the world. However, since then, the cryptocurrency market has risen greatly. Bitcoin has surpassed $60,000 and the total market cap is more than $1 trillion.
“Governments around the world are printing unprecedented amounts of money, some of which is a unique and completely new concept of stimulus packages delivered directly to consumers.” The debate over value has intensified. This debate started very strongly in the cryptocurrency world,” he said, citing the scarcity of Bitcoin.
Bitcoin supplies up to 21 million coins, but some of them have not yet been circulated. Every 10 minutes, a set number of new coins in this allocation are offered as rewards for miners contributing to the network. However, over time, the number of coins allocated for distribution decreased. Over the past decade, block rewards have dropped from 50BTC to 6.5 BTC. In the end, despite the strong and consistently increasing precedent of investors’ demand, there will be no more coins in circulation.
Asha said, “The concept of scarcity inherent in this network is easy enough for ordinary people to understand.” “Now retail buyers are increasingly using cryptocurrency and stock purchases globally, triggering large-scale participation from people who had not previously participated,” he said.
He pointed to these factors as the reason he is seeing the new interest that he saw for the first time since December 2017, that is, the cryptocurrency soaring 1.0 through the current cryptocurrency soaring 2.0.