The world economy is reeling, and the reason behind it all is the Coronavirus. As this disease progresses, countries see their economic activity decrease, affecting the normal development of business. Both traditional and cryptocurrency companies.
The impact of the Coronavirus
The first months of this year 2020 have had an indisputable protagonist: the Coronavirus. And it is that, the disease born in the city of Wuhan, China, has already infected hundreds of thousands of people globally, taking the lives of several thousand. Furthermore, it has caused enormous economic damage in the main countries of the world.
Let’s just think for a moment about the changes generated by the arrival of the Coronavirus in any country. Well, it is not just the risk of contagion that forces you to be more careful with your personal hygiene or to reduce your physical contact with other people. Rather, the Coronavirus disrupts every aspect of the life of the citizens of a country.
Depending on the severity of the outbreak, various measures can be applied in a city. They can range from constantly taking the temperature to people transiting the area or to preventive quarantines lasting weeks. Even in the most drastic cases in Italy and China, a total travel ban has been established for citizens.
This has forced companies around the world to adapt. Well, even if you want to continue operating in the midst of the Coronavirus advance, it is irresponsible to force workers to break the quarantine and risk their health, and that of others, going to their jobs in the midst of the health crisis.
All this has generated two effects. The first of these is the disruption of global supply chains, as companies supplying industries and markets around the world are paralyzed. And the second, that those companies that can operate with their workers at home, have instructed their employees not to attend their workplaces anymore. Thus avoiding the spread of Coronavirus in the office.
Cryptocurrencies are also affected
This is a trend that has not only affected traditional companies and industries, but also companies related to Blockchain technology and cryptocurrencies. Which have also had to migrate their activities entirely to the digital world, with the ultimate goal of safeguarding the lives of their employees.
This is especially true in New York City. Where the rhythm of proliferation of the city, with already 200 confirmed cases of the disease, has forced multiple companies to move to the digital world. Including well-known companies like the Winklevoss brothers’ owned exchange, Gemini.
Although the New York outbreak has escalated rapidly, it is not the most dramatic case in the world. So the actions of crypto companies would essentially work to prevent human contact that allows the spread of the Coronavirus.
Although, thanks to the emphasis placed on digital during the crisis, we could be seeing the birth and consolidation of a new virtual work model.