With news that COVID-19 vaccines are on the horizon, the world has breathed a collective sigh of relief. The once-in-a-lifetime health crisis caused by the pandemic has left countries across the globe in a state of utter devastation. Yet hopefully, the best scientific minds have conspired to finally end the physical threat of the coronavirus.
Unfortunately, the economic damage and impact that COVID-19 had on the world’s economy is a whole story in itself. Financial experts have warned that the economic fallout from the pandemic will eventually prove far more expensive than the health crisis itself.
Entrepreneur and crypto expert Ivan Pacheco creates daily content about investments, traditional markets, commodities, and cryptocurrency. He has kept a close and professional eye on economic development during COVID-19 and believes that although global markets have picked up due to the positive news surrounding vaccines, the picture, on the whole, looks bleak to many.
“There’s no doubt that COVID-19 has spread through the world’s economy like a plague of locusts. It has no respect for borders and has left no country unaffected,” explained Ivan. “Unfortunately, the patterns suggest that it is the most vulnerable, low-income households who have been hit the hardest.”
Ivan added, “For the first time since the 1998 Asian financial crisis, global poverty is on the increase. Tourism, hospitality, and small and medium-sized businesses who traditionally employ from more vulnerable sectors of our society have suffered the brunt of the blow. Although old people were more at risk from the health risks of COVID-19, young people were far more likely to suffer from the economic crisis.”
Ivan added, “As someone who works in the digital sphere I’ve been fortunate in that my industry has not only survived the pandemic but in most areas, seen something of an improvement. Yet, I am concerned that COVID-19 will continue to foster more of a widening economic gulf in society, and many countries do not have the necessary safety nets or financial backing in place to weather the storm. School closures will also have a detrimental effect on decades of progress we have seen taken in the educational sector of many countries.”
As someone who doesn’t pretend to have all the answers on how to tackle the economic impact of COVID-19, Ivan believes that staying positive and diversifying into recession proof industries such as trading crypto currencies will remain key in the months and years to come.
Ivan created DCX Academy as a potential solution for this global challenge. DCX Academy has quickly become one of the top crypto education platforms on the planet and includes recorded education, live education, as well as tools and strategies designed to help average people with above average work ethic turn their dreams into reality by learning how to trade within the crypto markets!
Ivan explained, “Although the pandemic has changed the landscape completely, we can also view it as a catalyst for a much-needed change. The structure of global trade and cooperation must now change to create a fairer and more mutually beneficial system for all. Change is with us and we must be positive in how we deal with it.”
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