The Year of Living Pandemically

This is a letter about cryptocurrency and blockchain industry that our chief editor publishes once a month.

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Think back to the beginning of last year and recall your optimism, if you can. Every New Year’s Day evokes a sense of adventure, but 2020 seemed extra magical. Something about the repetition and roundness of the numbers in two-zero-two-zero felt special. What thrills we’d experience! What a story we’d write!

What a difference 366 days make (yes, it was a leap year). Who could have known what was in store for us? Sitting on the precipice of 2021 and looking in the rear view, we now recognize 2020 as the year that every synonym for “bad” was used, over and over, every day, to describe everything.

With so much turmoil around us, only a fool would have failed to learn something. This is the silver lining. Strife and uncertainty have a way of helping people to stack their priorities in a more sensible manner. Exercise and self-care became crucial. Family connections were rekindled. Humankind reassessed nearly every aspect of their lives as the fragility of their institutions became painfully clear.

One institution that fell under review was the national bank. As money was created ex nihilo by governments across the globe to prop ravaged economies, it spotlighted a concern that has troubled cryptocurrency supporters since well before COVID-19 ever entered the picture: the impermanence of money. Now, the rest of the world is catching on: Fiat currency is nice and all, but the portfolio must be diversified. We need money in the bank, reserve toilet paper in the garage, and digital assets in cold storage.

Bitcoin is nearing US$29K at the time of this writing. There are likely price corrections coming, but odds are it will not mimic the one of 2018. The world has changed too much. We’ve changed too much. Cryptocurrency has shifted from “a foot in the door” to standing in front of our refrigerator, selecting snacks.

We may not be out of the woods yet with this coronavirus, but there are good reasons to keep building. Mourn what was lost, yes, but do not feel bad if you feel a return of that lost optimism. After all, hope is what keeps the show rolling.

Best of luck on your journey. From the entire staff at Coinhubkorea, Happy New Year. May you enjoy good health first, healthy returns second.

by Sean.

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