CB Insights conducted research on the opportunities of blockchain during the pandemic
According to CB Insights, the companies keep on building and launching products that benefit the blockchain ecosystem, despite the broad weakness in crypto prices.
The report unveiled that before the coronavirus outbreak, Bitcoin was on top. However, since the COVID-19 sell-off, BTC is down approximately 30% YTD.
Besides, in 2015, 51% of deals were for US-based companies whereas only 2% went to the companies based in China. For comparison, last year, the US’ share of deals fell to 31% and China’s rose to 22%. This way, the research highlights that deals are moving from West to East.
Furthermore, government involvement is more likely to grow. For instance, central banks such as in China and England, are exploring digital currencies, according to the study. It is believed that the future of programmable money could come out of a central bank, not a startup.