The Global Banking Industry lost Billions of dollars due to Pandemic

News • 2020/09/15 • by Remitano

Fourteen leading banks around the globe have lost over 635 billion USD in market cap since the breakout of coronavirus pandemic, which is currently 3X more than BTC market cap and about twice the market valuation of all digital currencies.

The market as of 19th of December was $130 billion. Only a few of the major banks had a valuation greater than the crypto before the pandemic-driven economic meltdown. On the other hand, Bitcoin made $62 billion or 48% profit during the pandemic.

The biggest pension firm in the world also lost an amount equal to Bitcoin's market cap in three months. In contrast, the crypto space has been witnessing unrivaled acceptance among conventional investors.

Major banks have been forced to redefine their value proposition and rethink the adoption of cryptocurrencies.

Source: Cointelegraph

Comments (3)

Guest

exodusab

6 years ago

This is due to our over reliance on banking system, we should thank Satoshi Nacamoto for inventing, crypto currency. You can see that crypto exchange platforms was not shot during the pandemic. This is a way of telling the whole world to embrace the new world order, which is crypto.