As the previous decade drew to a close, it was convenient for young engineers to effortlessly ride Bird scooters to nearby WeWork offices, which were bustling hubs for the newest and most exciting cryptocurrency startups.
However, with the arrival of Covid, the significance of electric scooters and coworking spaces diminished drastically, making way for a sudden demand for tools that facilitate remote collaboration. Funding began pouring into entertainment and education apps designed to entertain and educate people during lockdown, as well as into trading cryptocurrencies.
During both timeframes, money was abundant and easily accessible. The Federal Reserve’s policy of keeping interest rates close to zero, implemented in the aftermath of the 2008 financial crisis, combined with Covid stimulus efforts, further fueled the financial landscape. This environment incentivized investors to embrace risks and place their bets on the next groundbreaking innovation, including the world of cryptocurrencies.
Source (CNBC)
