Revolut last week declared it is making cryptocurrency available to all its seven million users. As central banks start injecting unique stimulus into their economies to cushion the damaging outcomes of the Coronavirus pandemic.
This move can open the door for many to some of the benefits of digital assets like Bitcoin as it came from one of Europe’s foremost fintech companies. At a time when mainstream commercial markets suffer a COVID-19-induced downturn.
Indeed, there is reason to be bullish on Bitcoin if one sees it as a hedge against inflation.
Raising Concern
The European Central Bank has vowed €750 billion worth of bond-buying with the potential for this number to increase. The US Federal Reserve and the Bank of England meanwhile have stated their purpose to buy an endless amount of debt. In order to finance Coronavirus-related government interventions.
The inflationary warning this poses will be a concern to users with savings and investments likely to be depreciated.
It is with this consideration that Revolut is now extending cryptocurrency trading to all its customers. Further it announced in an e-mail to customers last week.
The UK fintech referred to crypto’s roots as an “alternative to real money. Throughout the times of quantitative easing and currency devaluation. Following the 2008 economic crisis,” which is now “falling again right now” obeying the COVID-19 economic upset.
Having extended support for Bitcoin, Ether, and Litecoin to its Premium customers since 2017. Revolut was already preparing to enlarge the service to its Standard customers later this year.
Though, this has been brought forward in response to recent events, with the banking app wishing to offer all its users “the occasion to explore different ways of diversifying.”
Whether or not savers and investors will maintain crowding to Coinbase, Binance, or indeed Revolut to buy Bitcoin out of concern for the value of their fiat currency remains to be seen. Still, there does at least appear to be a historical indicator of why it is believable.
