Bitcoin | Economic Divide

The fluctuation of global markets is dependent on a wide variety of reasons, from the demand of the end consumer, to conflict and as we have seen in recent times, a virus, which in the case of the Coronavirus Covid-19 has potentially had an impact on the global markets of over 1 trillion dollars.

Cryptocurrency has seen its global presence go from strength to strength, at one point, seeing Bitcoin hit over $20,000 dollars. The current rate is approximately half of that, yet it still remains a dominant force on the global currency market.

The impact of cryptocurrencies has had an impact on the way in which nation states behave, and none more so than the United States that enjoys its currency, the dollar, being the current globally accepted standard, making the US billions in commission through global trade.

The US have addressed the rise of the currencies by stating that they could be used to fund terrorism and crime, as well as money laundering, with the Treasury Secretary, Steven Mnuchin, speaking on the issue. In order to combat the notion of a cryptocurrency replacing the US Dollar, the US Federal Reserve has become one of the latest major central banks to consider the idea of issuing its own digital currency.

The announcement caused the Bitcoin price to rocket! China has preceded the US in the idea of launching a digital currency, with the introduction of a digital Yuan.