Pizza Deliveries Up Despite Global Price Drop

Pizza Deliveries Up Despite Global Price Drop

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April 23, 2020 by Super System
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Bitcoin News

Bitcoin And Visa Transactions Plummet As Pizza Deliveries Rise

Bitcoin Pizza and news

Online purchases via cryptocurrencies and Visa are down for the first quarter of 2020. The drop also affected retail apps that engage in cryptocurrency and fiat currency transactions.

With most folks in most parts of the world in self-isolation or otherwise advised to remain indoors limit the spread of coronavirus, it might be easy to think that there would be a subsequent increase in online transactions. However, the opposite seems to be the case. The rise of unemployment and an uncertain economic future means people would rather save than spend.

The Crypto Market And Visa Face A Sharp Drop 

Since the beginning of March, the number of Bitcoin transactions has dropped by around 100,000. The last time the number of transactions of bitcoin was this low was around December 2018, when the price of Bitcoin dropped to $3,000. 

Just before coronavirus became a pandemic, the Bitcoin network celebrated passing half a billion total transactions since it first came into the limelight in 2009. While these numbers show that more people are using bitcoin for everyday purchases, the recent drop is a significant hindrance to the cryptocurrencies’ goal of becoming a financial power. 

“People are simply more hesitant to spend their Bitcoins at this time,” Mati Greenspan, a market analyst.

Visa is facing similar problems like bitcoin. According to reports from Reuters, Visa is predicting only single-digit percentage revenue growth this year.  This value is in contrast to the double-digit revenue growth experienced this time last year. 

Reuters says that isolations or lockdowns may be partially responsible because consumers are indoors rather than outdoors, where they can swipe their cards to make payments for food, entertainment, and lots more. There has also been a drop in online spending, as customers would rather save in this period than spend.

One of the positives at the moment is that the number of pizza deliveries has increased. American pizza chain Papa John’s have experienced a 5% increase in sales in the first quarter of this year. The cause of the increase can be attributed to the fact that people in self-isolation are now dependent on delivery food options in this present time. 

 


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