Topic: Can Bitcoin become a safe haven for corona virus economic impact? (Read 369 times)

Governments are locking down their populace,

But rents and mortgages and food and utilities and insurance payments are still due.

There will be another mass sell off of all cryptos by May 1st, to help people cover those bills.

Life won't return to a semblance of normal until July or August.  

FYI:
Don't think July is the end of it, the 2nd wave in the coronavirus war starts in November 2020.
2nd wave is always worst than the 1st. There should be no need for any more lockdowns with the 2nd wave.  

FYI2:
Anyone owning bitcoin, should start asking their-selves,
how will bitcoin network survive if all of the ASICS miners go bankrupt in the next 4 months.

We have already seen that disasters like the spread of coronavirus do not strengthen the price position of cryptocurrency. The price of bitcoin and other cryptocurrencies will only increase if the regular currency depreciates, that is, inflationary processes will increase sharply. If, after the coronavirus, a global economic crisis sets in, then in this case the cryptocurrency will have to prove itself.
In a situation where people needed urgent cash, all markets collapsed, including cryptocurrency.

This is true. In fact, remember SARS was more deadlier than the current Corona Virus (Covid-19) which hasn't been half of mortality rate than the SARS 35%.
Some news were overhyped and people are over reacting, that causes panic buying to store foods inside the house hold. While, some of the crypto investors think it's safer to store money in Bitcoin, but I think that wasnt the case since the market has been declining.

It could be that bitcoin has a greater chance of being a safe haven asset. The decline in the stock market is quite visible since the issue of this virus, many experts also predict that this is interrelated. On the other hand, there is no sufficient influence to dominate the BTC movement. Previously BTC had provided enough evidence that laya was a safe haven asset when there was a conflict between the US and Iran. Although currently there is no significant evidence yet, because investors tend to be in risk-on markets, BTC opportunities are quite good.

If the information regarding bank notes https://www.google.com/amp/s/nypost.com/2020/03/08/who-offers-advice-about-using-cash-as-coronavirus-continues-to-spread/amp/) is anything to go by,  Bitcoin and other cryptocurrencies can be the much needed safe haven in carrying out daily transactions. Permit me to say, that coronavirus issue is only for a while and as such there is no need for panic as this will be handled in a no distant time.

Yes crypto is an option when it comes to online payment,
But that doesn't guarantee anything there are still some ways for the current currency to be used online just like here in the Philippines we could use G-cash or Paymaya to pay for any transaction they have an online wallet and a card that we could use anytime anywhere.

There are several fingers pointing at the Plus Token scammers.

https://twitter.com/ErgoBTC/status/1236072541808029696?s=20

I don't usually compare crypto market to the stock market as they are different in many reason, however there is a relation to the price movement from stock to crypto but it does not necessarily mean that it has changed because of the other market. Events in the world is noticeably changing the prices on both market, it is crazy to call it coincidence.

It bothers me when I saw the price of bitcoin dropping at $8K again, like I'm confused where are we going with the price given that there is a huge problem with the disease, are we moving downwards instead of upwards? How about the halving?

Right now BTC/Crypto seems to be acting like a 'fast cash' ATM machine to fill up your emergency fund due to the CoronaVirus.

With the drop today (Sunday 2/8/20) I suspect that at least for now, BTC/Crypto is acting as a precursor to what the Stock Market is going to do

on Monday and this week. I'd be preparing for an 'epic' dump there again. But again, what are you gonna dump first in a crisis? Stocks? Have

to deal with broker, who will try to talk you out of it. Gold? If in a developing country have to dig that out from under the house. Bitcoin..easy

peasy to dump that to get the old emergency fund filled up due to this black swan event coronavirus pandemic.

Real-World-Issues-Suck for Everything now. Stocks/BTC/Crypto/Bonds/everything has frigging tanked and will probably continue to do so in waves

as people see that this is THE FRIGGING FLU and likely MOST of us will get it. But it will not be all at once and likely will take 1.5 to 2 weeks to

recover from to go back to work. This could stretch out well into June/July!

Then, IMHO, when such has passed and the recovery is supposed to happen, the other mismanagement of assets by the powers that be and in the USA

the Trump Administration etc will then become apparent and this latter situation is why I'm still in HODL mode. This is pandemic crisis is simply a black

swan event IMHO over the real world mismanagement of economies worldwide..which will reach a frigging head... sometimes when people look at facts of such

after this pandemic and the supposed restart of the economy and find out that NOPE..that ain't really gonna float well either.

Anyway, why I HODL and still on plan B route and accumulating BTC/Crypto......there is a 2nd act after this pandemic passes...and there is still a lot of blood

to be spilt..when folk look about and go whew! Onward and upward and find the ladder to such much steeper when re-evaluating after this pandemic.

ugly, ugly, ugly for everyone for probably the rest of the year. Indeed this could wipe out any gains at all from halving (pandemic) and cause a 90%

miner capitulation. So I'm gonna treat it, for now, like the crash of 2013-2014 from $1,000 BTC to $250 BTC or some such and accumulate and HODL.

If I'm wrong and BTC/Crypto is just a 'speculative endeavor" like stockmarket etc and not a 'store of value' well ...' supposedly' it will still come back

via adoption and use along with such things as the stock market at least someday ..worse case. Anyway, my view (whim) so far.

Bloody Frigging Sunday Indeed!

i believe that it is mainly because so far to this date bitcoin price has never been changing based on incidents in the world that have been affecting other markets. for example there are times when stock market pumps but bitcoin remains the same or vice versa.

the past 24 hours have been strange though because we had another small drop which brought the price back to $8k range without any reasonable explanation.
if we get out of this slump then we can easily see the big rises start and with all other markets crashing hard, that can attract some additional money towards bitcoin market.

It's important not to attribute bitcoin with the deadly virus affecting humanity and killing men of good will. The WHO has recently warned that the deadly virus could be spread through paper note which is something to worry about, they advise people go cashless. Cryptocurrency may have to be study by the world economic forum.

It can of course, lets say would you touch a money knowing it is infected by the virus? No right? Another way to transact is to use crypto as you will only use your mobile phone, and you smart phone is something that you don't want someone else to be touched, especially to people whore have transferable disease(airborne) or something similar. In this kind of scenario crypto is essential, money is dirty and goes to one hand physically to another. Economy can be saved and their money will be either higher in price (crpto currencies) or the opposite, if bitcoin crashes.

It cannot be a safe haven even if there are no crisis such as corona virus. The market value of bitcoin is laxking stability and putting your money into it would put you at risk unless you are an investor but if you are not, then it would be a bad idea. There is chances of losing profit as its market value is falling, although there are chances also for price increase, which would yield to profit, this is not consistent. Bitcoin is not for save haven purposes, at this moment. If there will be progress in the future and if it will be developed, it could be, but not at this moment.
I have seen multiple topics connecting corona virus and Bitcoin market price. The virus is indeed spreading but as what we can observe, there are no impacts to crypto industry. And this should break the assumption that it would. If the scenario would get worse, there is a tendency that it would but we should rather not hope so.

It's just very much overhyped, and people are panicked by the medias so that they are kept distracted from real news. Corona hasn't really claimed as many lives as the media is saying and the people who died were old enough and had a very weak immune system...

I read an an information/news last night who stated that the Korean government has burned their money fiat to avoid the spread of this virus on their country, and I watched some videos on youtube as well that there is some people who wash their money because they are afraid of being hit by corona virus. And I just thinking that the using of money fiat/money paper will be reduced. Many people there will choose digital money to avoid it and of course for some countries who accept bitcoin as a payment system will be used by its user as mean of payment. Regarding as safe haven I guess it is still far to be, there is gold who will be consider by many people as safe haven.

Perhaps, the entire cryptocurrency world could possibly be widely affected by the issue. If you have read about some news, there are news concerning COVID in South Korea, wherein, the Government is planning to burn/quarantine their cash. That could mean that there should be an alternative way of transacting and I find cryptocurrency and digital payments to be the best alternative as there is no physical contact needed, and even you aren't near to each other, you could still transact with one another.

Though, it needs a careful planning, and Government needs to establish the trust of the people towards it. In other case, they might create a particular cryptocurrency dedicated to their country.

It's not something to wish for. Economic crisis is imminent at this point.

As far as I've seen, the virus situation we're confronting today is leading to the "digital" idea of cash and some people surely did start thinking about accepting digital only instead of physical, tangible currency. The markets are immature enough for Bitcoin not to take a path and keep staying volatile. Once volatility will reach the level of Gold's, you will know the market has matured. And I believe that time will only come after the number of BTC/block will decrease substantially or once the entire supply has been mined.

Be careful what you wish for, economic crisis is in no one's interest, think about it, in the very best case your BTC investment will go up, but you and your family will probably lose your jobs, the prices will go up, etc., so overall it will be a net negative for your life. And there's no guarantee that Bitcoin will react positively to a recession, there's no proof that Bitcoin is a safe heaven, it's most likely not correlated at all, so all you have is just volatility.

Corona virus is actually spreading more globally. Even some other major countries excluding china have been found symptoms of corona virus. This is really getting a lot dangerous. Corona virus was been started from china and also there are some leaked videos where chines people are intentionally spreading corona virus. This might have made the outbreak of this virus go more viral in china which then spread it's root in some other countries as well.

BTC might help financially to get rid of this virus but even if this virus gets global than I think that there would be some financial crisis and it might even affect the price for bitcoins. People might sell their bitcoins just to have some cash on hand to get themselves cured with this deadly virus.

Bitcoin isn't a magic wand. It is sound money. If you want to understand what will  it do in which situation, you need to understand what bitcoin is first.

If a recession happens, people will not spend money on anything but food and toilet paper.

Since bitcoin isn't widely adopted yet, as long as people have their chance to use FIAT, they'll avoid bitcoin.

The only situation where people might wanna use btc over FIAT is, if they happen to have no other choice.

And that's only possible when people lose their trust in the banking system. And this is happening right now. The FED is making our decision easier.