Deutsche Bank Warns Of Major Bitcoin Disaster That Can Kill It

One of the largest banks in Europe, Deutsche Bank warns of a major disaster coming our way that can completely kill Bitcoin as the largest cryptocurrency on the market. In the following Bitcoin news, we will find out what it is that poses a threat to Bitcoin.

In a report by the banks, it says that there is a strong chance of a disaster worse than the recent COVID-19 pandemic coming over in the next ten years. One of the scenarios could actually be the end of Bitcoin. The number one cryptocurrency seemed poised for a new uptrend to start in early 2020 and several indicators pointed to the start of a new crypto market but then the pandemic hit and became a huge problem for the entire market.

The markets crashed and investors started panicking that the worst could happen. The unemployment rates increased and stimulus money was printed which left to save the entire economy from recession that shakes up the markets. The stocks went from the all-time high to crashing out the quarter with the worst losses ever recorded. The Bitcoin price crashed from over $10,000 to under $4,000. As bad as the drop for Bitcoin was, it is nothing compared to the disaster that Deutsche bank warns that could even come in the next 10 years which could kill Bitcoin and the other forms of electronic payments as well.

The life and society as we knew it ceased to exist as soon as the lockdown started. The system shock to consumer spending habits has also been huge. It caused a huge shift to remote work and reliance on digital forms of payment. The digital payments of all kinds increased as well. Even VISA said there was an increase in adoption in Latin America where most people were making their first digital purchases while they were stuck at home. In some smaller places, where there is no banking infrastructure, Bitcoin is serving very well.

As per the recent reports, The Deutsche Bank researchers claim that cash will maintain its importance for a while even with the growing usage of cryptocurrencies and other forms of digital currencies. In Asia, electronic payments are the norm, gaining this status only in recent years, with platforms like Alipay and WeChat pay experiencing massive transaction numbers.