Bitcoin's Image Is Getting Stronger by the Minute - page 2.

ChiBitCTy

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I never expected to the pandemic to be one of bitcoins biggest allies but that's exactly what it has been.

Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

More and more people are starting to perceive bitcoin as a store of value (an asset that maintains its value without depreciating), and now that it's rising while other currencies and asset forms are falling, perhaps the most important impact this global crisis is bound to make is help strengthen the image of BTC for the long term.

I agree in most part with your assessment here, and think you did a good job laying things out. However it's important to remember that a "store of value" or a "hedge" asset is NOT "an asset that maintains it's value without depreciating". There is no such thing as an asset that can't depreciate. Bitcoin can, has, an will continue to go down at times. Let's hope bitcoins growth continues far after covid-19.

john_nautica

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Quote from: Slow death on August 30, 2020, 01:44:40 PM

Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

But I wonder how bitcoin will perform when the pandemic is over.

many people keep making very absurd forecasts and forget that the pandemic will one day pass and everything will return to normal, which means that people will continue to invest in the investments they have always invested, bitcoin still has a long way to go because of the lack of regulation ( a big barrier that limits bitcoin a lot). this price increase we are seeing we cannot think that people are running en masse to invest in bitcoin

What you said really made sense. Although enthusiasts are really going all positive about the future of Bitcoin and crypto industry at large, due to the evident increase recently, it is also possible that people would just go back to their normal lives after pandemic. By this, they will go back to old habits and old investments.

kezinaur14

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Quote from: Velkro on August 29, 2020, 02:23:55 PM

Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

The dollar continues to plummet as the U.S. struggles to reopen due to the pandemic
Being the world’s reserve currency, however, the dollar is expected to maintain its strength and recover from the downturn as soon as things get back to normal.
More and more people are starting to perceive bitcoin as a store of value

All of that is true, but its not that easy to world’s reserve currency maintain its strenght/value while printing like MAD.
This is real problem, everyone but USA mostly printing like mad lads. Value of currency beign printed this way plummeting, other resources price going up (gold, BTC etc.)
Dollar wont recover from that easily. I dont think its even possible, especially now while crippled economy from covid.

Thing is, many countries are printing like mad to flush money up from the poorest. This is not socialist propaganda or whatever, it's just what seems to be happening. Other countries do better. Not all countries are printing like mad though. But what better way to build an alternative road to the impending overinflation of many world curriencies than by buying bitcoin with those savings.

I can say now I'm confortably at 50% btc savings, 40% in my local fiat currency (EUR), 10% in a few different FIAT currencies.

Slow death

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Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

But I wonder how bitcoin will perform when the pandemic is over.

many people keep making very absurd forecasts and forget that the pandemic will one day pass and everything will return to normal, which means that people will continue to invest in the investments they have always invested, bitcoin still has a long way to go because of the lack of regulation ( a big barrier that limits bitcoin a lot). this price increase we are seeing we cannot think that people are running en masse to invest in bitcoin

jekanmasin

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Because of the pandemic there was a lot of peoples are stay at home as the government forbidden them to go out in this pandemic time. Peoples that invest on stock trading might be changed their passion to cryptocurrency who knew. Might be a newbies that has nothing to do start to research about bitcoin.. This is all because the covid a lot of peoples stay at home and Seeing bitcoin as their alternatives to use bitcoin as it easy to use and can be trusted.

VanityWallets2015

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Quote from: Kelvinid on August 29, 2020, 08:28:56 PM

Should we say that Bitcoin is surging high because USD had drop its value?
It was not about dollar or gold that coincides with the promising looks of Bitcoin nowadays but because people see it as a vital thing to acquire this time as the pandemic continues. People considering Bitcoin as new financial freedom, not being control by these politicians or any others but just our self.

And also, it is to realize that sooner or later, fiat money will be replaced by any digital currency, and possibly crypto will take on the lead. The market recession had come to start, yet it takes years, decades to see it. And I foresaw that Government will consider this and accept the changes that most wanted to happen.

Very well said. Bitcoin has been rising day by day because people have started to recognize it.
This pandemic, many acknowledge what Bitcoin has to offer because they experience it firsthand.
In the future, these people will stay in here because they see the potential of Bitcoin thus, it will prosper.

davis196

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After the pandemic,Bitcoin will perform the same way it was performing during the past few years.
Why do some people expect that we will wake up in a brand new world after the pandemic ends?Nothing will change.The US dollar is suffering now,but it will remain the strongest fiat currency in the world.No central bank in the world will dare to replace USD with BTC. Grin

The image of Bitcoin isn't "getting stronger by the minute",because I don't see any mass BTC adoption happening right now.No big corporation is currently adopting BTC payments and I don't see millions of people opening BTC wallets and buying Bitcoins.

Shasha80

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The current COVID-19 pandemic is a test for Bitcoin, whether it is worth investing in Bitcoin in the current conditions or not.
Where the world economy is experiencing a downturn, some assets are expected to save the wealth we have. Of all the assets
that are of interest to many investors, Bitcoin is one that is increasingly popular and its demand is also getting higher. It can be
seen from Bitcoin's performance during the spread of COVID-19 that it is getting stronger.

ultrloa

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Quote from: Twinkledoe on August 29, 2020, 06:57:24 PM

Quote from: kerjakuat on August 29, 2020, 03:46:24 PM

Thank to the pandemic bitcoin has being massively being adopted as the world in a bad shape in economy and they hard to do their lifestyle because of the Pandemic. There was a lot of transaction in bitcoin cunrrelty make othe believes that bitcoin might be pump up do the strong demand on it.

Indeed, the pandemic crisis brought some of the newbies here in crypto. Because a lot are stuck in their homes and finding ways where to earn income or invest their portfolio, definitely they encounter crypto in some way of searching the net. As it is also a good option for payment method other than fiat, I guess a lot of merchants are also looking into this option.

Recently I see so many hypes regarding on cryptocurrency investment but sadly some of them has been brought to those scam investment site which may lead for newbies to be turned off on crypto if they will get scam, but in other hand this current situation on the market where bitcoins gain good strength to became stable and pump unexpectedly creates interest for those people who are sleeping and just monitor the flow so provably we can see more curious people comes when the market will still strong until next year.

kryptqnick

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If dollar goes down, most things are likely to follow. And I am very unsure that Bitcoin would go up because people mainly think of Bitcoin in terms of its fiat price. As for being a store of value, I think the majority would still give preference to gold due to its long history of playing this part. Bitcoin might win over in the long run, but I don't think it's likely to win in 2020-2021.

Quote from: pooya87 on August 29, 2020, 12:58:26 AM

Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

Being the world’s reserve currency, however, the dollar is expected to maintain its strength and recover from the downturn as soon as things get back to normal.

who expects this?
i'm no expert but i've been reading a lot of experts talking about how there is going to be a crash soon thanks to the extreme amount of dollars that Fed has printed over the past decade specially the gigantic jump in printing dollar over the past couple of months.

I think the logic behind this is that the US is still world's greatest economy, and so every other country wants dollars and relies on dollars. Thus, this strong demand will push dollar up, helping it to maintain position. From what I've read, however, the current situation is too novel to make reasonable predictions on whether dollar will be okay or not.

Kelvinid

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Should we say that Bitcoin is surging high because USD had drop its value?
It was not about dollar or gold that coincides with the promising looks of Bitcoin nowadays but because people see it as a vital thing to acquire this time as the pandemic continues. People considering Bitcoin as new financial freedom, not being control by these politicians or any others but just our self.

And also, it is to realize that sooner or later, fiat money will be replaced by any digital currency, and possibly crypto will take on the lead. The market recession had come to start, yet it takes years, decades to see it. And I foresaw that Government will consider this and accept the changes that most wanted to happen.

Twinkledoe

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Quote from: kerjakuat on August 29, 2020, 03:46:24 PM

Thank to the pandemic bitcoin has being massively being adopted as the world in a bad shape in economy and they hard to do their lifestyle because of the Pandemic. There was a lot of transaction in bitcoin cunrrelty make othe believes that bitcoin might be pump up do the strong demand on it.

Indeed, the pandemic crisis brought some of the newbies here in crypto. Because a lot are stuck in their homes and finding ways where to earn income or invest their portfolio, definitely they encounter crypto in some way of searching the net. As it is also a good option for payment method other than fiat, I guess a lot of merchants are also looking into this option.

Zemomtum

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Until Government at all levels realize that digital is the way to go for us to have a good economy and financial control which BTC and other financial assets have given to us to be in charge and full control of our capital. Printing money at will is just a dictatorship and does not provide equal opportunity.

BChydro

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Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

More and more people are starting to perceive bitcoin as a store of value (an asset that maintains its value without depreciating), and now that it's rising while other currencies and asset forms are falling, perhaps the most important impact this global crisis is bound to make is help strengthen the image of BTC for the long term. It offers gravity assist that slingshots bitcoin toward the ultimate goal of decentralizing the financial system. But I wonder how bitcoin will perform when the pandemic is over.

I wonder how bitcoin will perform when there is a economic recession when the stock market starts pummeling will the investors jump into bitcoin and the cryptocurrency market or everyone would cash out and wait for the recession to get over and hold the coins in stable coins, it is a question we are yet to ask and the theory of store of value will be put to test.

verita1

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I maintain the conviction that after the Covid19 pandemic. We will overcome the economic crisis in a short time. Bitcoin and cryptocurrencies will play a very important role.

Why? Take a look at this tweet.
This is an advertisement for Binance In London, endorsed by its CEO.

Money is evolving.

It's time to adapt.

#TakingOverLondon 🇬🇧

https://twitter.com/cz_binance/status/1299349187792830464?s=19

The crypto community will make this change possible and this new way of using blockchain technology in order to offer solutions to the global economy. Honestly, everything will depend on our efforts.

kerjakuat

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Thank to the pandemic bitcoin has being massively being adopted as the world in a bad shape in economy and they hard to do their lifestyle because of the Pandemic. There was a lot of transaction in bitcoin cunrrelty make othe believes that bitcoin might be pump up do the strong demand on it.

Sanugarid

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Quote from: Karartma1 on August 29, 2020, 01:42:50 AM

Personally I feel like BTC will be my personal insurance policy for the future and I don't care about its image anymore.

feels the same towards bitcoin. If people do still care about its image on the internet, on the news after it was used in a scam then they are not ready for it. I wish I could accumulate even a single bitcoin before the world turns into a digital one where bitcoin is the center of a discussion. But to be honest the chance of bitcoin being friendly in the future is quite small.

Quote from: Karartma1 on August 29, 2020, 01:42:50 AM

On your thoughts regarding the USD I wouldn't be sure about the dollar keeping its role as a global reserve currency. Things are escalating quickly.

Yeah, it seems like the pandemic is speeding everything up, things are getting worse lately for several countries.
The dollar will still be a global reserve currency for like 2 to 3 years, then it will be replaced by Chinese Yuan. just my opinion.

Oasisman

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Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

But I wonder how bitcoin will perform when the pandemic is over.

Well, this pandemic is one of the key factor for Bitcoin's adaption and popularity. With the demand of having a cashless transaction, Bitcoin has been one of the many options to pay for some goods and services without actually handing over a physical currency. But, what's good about having Bitcoin? Well because people are actually treating it as a store of value rather than spending it like a "real" currency. This is one of the reason some big businesses and rich individuals are shifting to Bitcoin than keeping their dollars that continues to depreciate and the V-shape recovery that Trump said is still far from happening because of the continued rise of positive cases.
Therefore, I believe this pandemic just introduced Bitcoin to those people who aren't totally aware of the usage and future of this technology. Thus, Btc will become even more popular.

Velkro

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Quote from: roadrunnerjaiv2025 on August 29, 2020, 12:12:42 AM

The dollar continues to plummet as the U.S. struggles to reopen due to the pandemic
Being the world’s reserve currency, however, the dollar is expected to maintain its strength and recover from the downturn as soon as things get back to normal.
More and more people are starting to perceive bitcoin as a store of value

All of that is true, but its not that easy to world’s reserve currency maintain its strenght/value while printing like MAD.
This is real problem, everyone but USA mostly printing like mad lads. Value of currency beign printed this way plummeting, other resources price going up (gold, BTC etc.)
Dollar wont recover from that easily. I dont think its even possible, especially now while crippled economy from covid.

pixie85

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I'm not as positive about the situation as OP but there definitely is an improvement in Bitcoin's image.

I don't agree that people are starting to see it as a store of value. There was no real estate crash yet and land is still a much more popular investment than Bitcoin.

Bitcoin is still a speculative asset and an alternative to traditional stocks. It may be an alternative to gold as well but real estate is still the end goal for most people and Bitcoin only the money making machine that they can later invest into something more stable.

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