The uncertainty caused by the Coronavirus, or COVID-19, which has paralyzed Italy and the entire world, prompted Banco Sella to offer the free exchange of Bitcoin (BTC) through the accounts of its clients. Is it a drive towards Bitcoin adoption?
The Coronavirus has paralyzed the entire world and, with it, the economies. This is precisely what has placed financial markets against a rock and a hard place, the crypto market has also suffered. However, the difference is fundamental and is that, Bitcoin does not need someone to rescue it.
So while the traditional economy fears of a potential financial crisis, Bitcoin is gaining ground. Thus generating the hope that the adoption of Bitcoin takes place naturally, both by individuals and financial institutions.
Bitcoin demonstrates its potential in times of crisis!
Despite the recent drop in the price of Bitcoin, an Italian bank, Banca Sella, will now provide its 1.2 million customers with a platform to exchange Bitcoin with their available balances. Does not it seem magnificent ?.
Italy is the country in Europe that has suffered the most from the ferocious advance of the pandemic in the country, claiming 627 lives for now. It is even worse than in China, given that a death rate of 6% is estimated in Italy. The situation has pushed the government to stop practically all activities and, therefore, prevents citizens from carrying out daily activities.
Banco Sella offers this new alternative to its clients to make payments and transfer funds internationally in the comfort of their homes. Not to mention, this represents an opportunity to draw Italians’ attention to Bitcoin, paving the way for mass adoption.
How will it work?
Trading will be done through the Hype platform, with the bank acting as the intermediary, in order to mitigate the possible security risks associated with crypto exchanges.
So, through this platform, Italians will not only be able to buy and sell Bitcoin, but will even be able to pay for goods and services using Bitcoin.
In this way, it represents a strategy to minimize operating cost at a time when fiat money is less favorable.
However, the service is currently being tested with a limited number of clients. But don’t panic, the bank says it will soon be available to all its customers.
“The cryptocurrency market and Bitcoin in particular continues to arouse interest, especially among the public that constitutes our client base, by definition young and intelligent and that, increasingly, hopes to be able to access this world through the tool they use. to manage money on a daily basis ”, expressed Antonio Valitutti, CEO of Hype, according to CoinTelegraph.
Now more than ever, Bitcoin (BTC) has shown potential to help us get out of the darkest times caused by the Coronavirus.
Finally, as we have raised in other articles, we wonder if after the crisis caused by the virus there will be an acceleration in the adoption of Bitcoin by the world.