Out of the fire of the 2008 financial crisis, emerged one of the most controversial financial innovations of our time. Back then, it was regarded as "the mother of all bubbles," a scam, a Ponzi scheme.

Bitcoin, the preeminent cryptocurrency, has trekked a transformational path.

Arguably, one of the founding purposes of Bitcoin and other cryptocurrencies was that it would be a safe haven in times of economic uncertainty. The COVID-19 pandemic is perhaps its first real test in a crisis scenario.

While many countries around the world remain hesitant, Thailand, in the past couple of years, has embraced the world of cryptocurrency. It is one of only 13 countries that have legalized cryptocurrencies.

As in any other country, the use of Bitcoin rose very quickly and unexpectedly in Thailand. Thais were far more open to using them compared to many countries around the world. The first transactions were made around 2014, and since then, the number has steadily increased. According to the Global Digital Report 2019, Thailand ranked second in the world with 9.9 percent of internet users owning cryptocurrency.

Indeed, with regulation comes legitimacy. And legitimacy could bring widespread adoption.

Bitkub is a new generation digital asset and cryptocurrency exchange platform, claiming 95 percent of market share. They are at the forefront of an apparent paradigm shift making investing in digital assets more mainstream.

"The world is changing regardless. COVID is just acting as a catalyst," said Jirayut Srupsrisopa, the Founder and Group CEO of Bitkub Capital Group Holdings Co., Ltd. From January to August 2020, his company has seen a staggering 600 percent growth. "People look for alternative assets to make sure they protect their purchasing power from more dollars injected into the economy," he added. 

Perhaps a predictable outcome of the COVID-19 impact comes in the form of shifting trust. The shift from traditional assets, such as gold, stocks, bonds, to digital assets and cryptocurrencies. 

Driving it's growth are Millennials. According to a new study from Cornerstone Advisors, Millennials (26 to 40 years old) were 57 percent of the consumers buying cryptocurrency in 2020.

Jett Gunther, 31, fits the profile. After looking into Bitcoin, he was "convinced that it has a place in the new monetary world as being an autonomous reserve asset that is independent of any government manipulation." Like many others, he believes that crypto "has a place in this world where people are increasingly skeptical."

Despite the rush into cryptocurrency, many young investors know they're taking a big risk. Skeptics are also unconvinced that it is a "safe haven," arguing crypto markets have a history of wild swings and are merely riding a tide of liquidity. 

"We don't agree that cryptocurrency is a safe haven," says Dr. Kulabutr Komenkul, a finance professor at Rangsit University. "It's very dangerous. It has a high volatility, high risk and price will change all the time, every day."

COVID-19 - for all the hardship and fatalities it has caused — may just prove to be the biggest catalyst for Bitcoin yet. And as the world emerges from the restrictions forced upon it in the early months of 2020, there will be a great deal of economic ground to make up. Whether Bitcoin, and cryptocurrencies in general, will have a valuable role to play in the process, only time will tell.