If you were to look at the financial world before 2020, we would have seen an unequal environment rife with potential. As we move towards the end of 2020, though, the financial market – thanks to COVID-19 looks very different to any prediction made pre-2020. However, because of these changes to the industry and how many people think about money, there has been a change in direction. In the past, for example, there was little certainty among the day-to-day public of the benefits of cryptocurrency.
Today? With financial markets in total flux and quantitative easing in place across many major currencies in a bid to fight the pandemic? It would be fair to say that many people are looking for crypto-based alternatives. Instead of watching the major currencies explode in size and profile, many people today are choosing to put their hope and their investment in crypto friendly banks.
Instead of hoping for the currency they would normally work with restoring and surviving the market changes, many are putting their faith in cryptocurrency instead. The markets show, too, that an increasing number of banks are beginning to see the long-term benefit of turning to the crypto industry. We can expect to see many more banks opening up slots for cryptocurrencies – either popular current currencies or their own currency.
This is the next step in the modern financial world. As the old financial world begins to hit major flux and likely going through permanent change, it is almost impossible to see any return to pre-COVID normality financially. Many people have, since the 2009 financial crash until now, lost faith in the financial industries as they have stood for centuries.
Now, many are looking for an alternative that is far less volatile and far less influenced by the market.
Crypto friendly banks expected to explode in 2021
And with the COVID pandemic showing no signs at all of going anywhere, we are in a position where more banks, not less, will jump on the crypto bandwagon. This has become a major talking point for professionals and investors alike. Trust is at an all-time low with many of the traditional financial industries today, and this shows absolutely no signs of changing anytime soon.
As such, there is an expectancy that crypto friendly banks are going to become much more prevalent as we move into 2021. The days of simply having standard banks that offer us only paper-based currencies are dwindling. Simply too many people, not crypto experts alone, are interested in trying to find an alternative to playing part of the currency financial industry.
With many people looking for a way to escape the shackles of the modern financial system, cryptocurrency becomes even more popular. So, expect there to be an increasing number of crypto friendly banks to arise in the next few years. Yet if you are willing to start on the crypto train, then there are already some excellent options out there for you to consider using.