While economies of many countries are bearing the brunt of the pandemic and large companies are suffering serious losses, bitcoin seems to be having the time of its life. Indeed, the pandemic was somehow a gift for this virtual currency. The world's number one cryptocurrency is immune to the virus and thus it is taking advantage of the situation. Demand for BTC remains as high as never before. Some analysts cannot grasp how such a risky asset as bitcoin turned out to be on the list of safe-haven assets.

The coronavirus pandemic has become a black swan event for the market. Therefore, it is quite predictable that precious metals and shares of US tech companies are soaring up. However, the staggering rally of digital currencies, especially bitcoin, came as a surprise to investors. Market experts give several reasons for such a rapid growth. The main reason is quite simple. Bitcoin is a digital asset. Central banks cannot print it that makes BTC resilient to inflation. Furthermore, against the background of the imposed restrictions, online retailers and online payment methods are thriving. Cryptocurrencies as an electronic means of payment have also become widely popular among many people. Besides, this time, seasonal buoyant demand for virtual assets helps BTC to reach new highs. More and more investors get interested in digital currencies amid their impressive growth. In addition, they want to add this asset to their portfolio hoping to increase their profit significantly. Such a splash in demand did not go unnoticed by the authorities.

For instance, Russia’s government usually remains neutral to cryptocurrencies. However, after recent events, it has signed a new law that gives a definition to digital currency. "Digital currency is recognized as an aggregate of electronic data which can be accepted as a means of payment, not being the monetary unit of the Russian Federation or a foreign state, and can be used as investments".