Topic: Coronavirus is very harmful to fiat currencies, not bitcoin - page 11. (Read 1491 times)

It takes years to recover even from today's loss in global economy so fiat money will lose the value more and it will be worse if the virus will be uncontrolled for few more weeks.But we can't say it didn't affected the crypto market,it is no exception to the crisis but we can expect the things back normal in anytime when people realize that crypto should get affected with this issues.

It really does, the capital city of my country got a lockdown after declaring a positive case of NCOV-19 from its composed cities. People are panicking to the point that they are buying lots of alcohol and disinfectant which leaving the others unavailable. Several operations conducted from Metro to provinces, vice versa, are being hurt due to this and will cause a terrible economy in the future but I guess the government is already preparing for this one to come.

This is where the fiat is disadvantaged, as people are often to use fiat and contacted it, the virus could easily transfer from one to another person leaving the disability of the virus to be airborne useless. Using crypto and other digital payments would be helpful on such cases like this, it might be even the solution for non-contact policies and social distancing.

What is attacked by the coronavirus is not fiat, bitcoin or the economy. What is attacked by the coronavirus is humans as economic agents and economic drivers. If humans are limited in their activities by being isolated and quarantined at home, then the economic wheel will slow down and may also stop.

If supply chain problems, especially basic needs are not met, it will cause chaos and commotion in the community. Simple analogy, when we are sick, our appetite is lost, let alone to think about business and investment, our concentration is only to recover. The loss of desire to do business and because of the massive nature of the spread of corona outbreaks, caused a combination of sluggish majority of economic actors, plus restrictions and restrictions on activities by the government even to quarantine a city. This caused the economy to stagnate and not stop.

Worse yet Corona Virus attacks the country with the largest trade figures in the world and a center for manufacturing consumer products and semi-finished goods. Which causes the industry to weaken and even stop. When the economy is disrupted, fiat money also stops spinning, which in turn lowers its value.

Markets or exchanges can be manipulated but natural disasters and disease attacks cannot be manipulated.

It is turning into a global crisis, I do not think they have other options.


Say that to the current price. 12.47% down in 24 hours, that is a huge drop. The crisis brought by COVID-19 should not affect bitcoin but it still affects the holders. We are just humans, we get scared, we panic and we panic sell. Hope we recover from this crisis soon.

This corona virus is starting to collapse the economy of a country that has been affected of this virus because a lot of productivity has been stop and there are a lot of people are stating to hoarding since there are lock downs in their places. Fiat currency is a physical object , so it is possible that the virus could be pass on to another person, that is why there are countries who avoids accepting physical money for their own sake because you can't really say if that money has been touch or not by an infected person.

One of the most controversial news today about the world is the spreading of the virus NCov 19 or most popularly known as coronavirus this virus comes from Wuhan, China there are a lot of evidence that this is a start because of eating exotic animals and insect by that it is widely spreading because of having a direct contract to the people and now it is widely spreading for over the world and some of the country today are making a lockdown to make sure that the virus won't spread anymore to the nearest cities and countries. There are some country today are favor to remove the transaction of physical money because the virus can attached to the physical object and the person can be infected of they touch those things and touch their nose, eyes, and mouth with an infected object and today they are promoting the use of digital currency, even it looks like harmful for fiat currency there are some people withdraw and hold their coins that may cause if decreasing of the market price of the bitcoin and altcoins too, still we are hoping this will be finished immediately and back to normal again.

Yes somehow the prices have been affected as well. There is at least some correlation now. Still, it's good to have a little bitcoin as diversification of asset classes.

I don"t see that because coronavirus is Global crisis and we don't see it's stopping soon and as you can see btc super violated and there's no guaranty it won't affect in future more.

The problem is that cryptocurrency does not provide a immediate relief of the concern, because it is considered as an asset, which you always have to sell it first then get fiat money to spend. If you could spend it right away then maybe there is a less motivation to sell it, but that is not possible since now tax authority want to get a cut from each spending

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.