Bitcoin (BTC) gives its biggest test

BitMEX, the world’s second largest crypto exchange, by daily trading volume, believes that the global financial crisis in the midst of the ongoing global coronavirus collapse is an opportunity to prove the potential of Bitcoin.

The 2020 coronavirus crisis may be the biggest opportunity Bitcoin has ever seen. On March 17, BitMEX’s research arm, BitMEX Research, published an ongoing analysis of the impact of the Kovid-19 outbreak on financial markets. BitMEX Research’s blog post titled “Inflation is Coming” sums up the financial market collapse from coronavirus as the biggest economic turmoil since the 2008 financial crisis. In the same analysis, BitMEX compared this collapse with the 2000 Dotcom balloon and the 1997 Asian crisis.

Pointing out that inflation will reveal a “deficit winner” under a new global financial regime, BitMEX Research emphasized that Bitcoin, which was created as the first cryptocurrency in 2009, now has the greatest chance to prove its worth. BitMEX Research wrote:

“In our view, Bitcoin has the biggest opportunity it has ever seen in its short life in this economic regime.”

Great Opportunity for Stable Coins

Apparently, Bitcoin is not the only cryptocurrency that is expected to prove itself during the ongoing instability of the global financial market. In the midst of global market turmoil, stable coin currencies achieved significant market share. Circle’s USD Coin (USDC) reached its all-time high of $ 568 million on March 14.