The Covid 19 pandemic largely affected business performance due to the directives from the ministry of health. Lock-downs, ban on travel and social distancing restricted the business operators from accessing goods from different places and therefore rendering them idle. This for a country means a decline in the economy since it leads to a reduction in taxes. Many people also lost jobs as a result of social distancing since they could not work in large masses at a particular place. Many people had invested in the physical currency and when the covid 19 emerged with diverse health effects, the government directives in conjunction with the ministry of health resulted to directives that led to decline in the economy globally.
To the contrary, the restrictions on Covid 19 pandemic highly favored the digital currency market since its operation does not involve many people and it is done on a network of computers. Economies are looking for cryptocurrencies as a way of recovering from the fall during Corona virus outbreak. Bitcoin is prone to fluctuations as there are various risks that come along with investing in the digital currency market but despite this, the years of covid 19 that is 2020 and 2021, its use rose and there is no doubt that in the years beyond 2022 more investors will be investing in digital currency market hence making it gain more hype.
Bitcoin being safer for investors to invest in so as to recover from the fall outs during the covid 19 recoveries, therefore the investors have to seek ways to curb inflation as the government regulates the digital currency market to stimulate the economy. Cryptocurrencies attracts criminal activities hence theft that may lead to loss for the investors and this can only be guarded by the government by setting strict measures for any offenders so as to attract more investors for they are assured of safety in the digital economy.
Lack of predictions on when a pandemic may come to a country or the world and looking at where the covid 19 has already drawn the economy of the different countries in Africa to leads to attracting more investors in cryptocurrency. Since cryptocurrency may be traded even with the use of a mobile phone meaning it does not require much of information communication technologies and people can receive payments across borders, investment in digital currency market will rise and the cryptocurrencies will be known by many.
In conclusion, there is no doubt that the cryptocurrencies will be considered safe heaven for investment in the post covid 19 recovery so as to prevent any danger that might lead to decline in the economy. The plight for pandemics, wars and other disasters is not known. An example is, just as the corona virus pandemic goes down, there is already war in Ukraine that its impacts is felt globally and it might have negative impacts to the economy if the government agencies will not have had strategic on regulating the crypto markets to bring stability to the markets. To avoid going back to making an economy unstable, more investors should be educated on how to join digital currency market to gain benefits.
