Coronavirus is shaping up to be very bad for banks – But not for Bitcoin

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The coronavirus pandemic has turned the established status quo on its head with many businesses and industries still reeling.

 The world’s biggest banks have seen their valuations plummet, with billionaire investor Warren Buffett bailing out of long-held bank stocks this year—and joining many other investors in betting on gold (though the Oracle of Omaha is still not keen on bitcoin).

As banks struggle in the post-Covid world, bitcoin and cryptocurrencies are expected to see a “pandemic-led acceleration of adoption,” according to DBS chief economist Taimur Baig.

Continue reading… “Coronavirus is shaping up to be very bad for banks – But not for Bitcoin”

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