Coronavirus is very harmful to fiat currencies, not bitcoin - page 2.

Smartprofit

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Quote from: countryfree on March 13, 2020, 07:52:26 AM

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.

Yes you are right. The functioning of the bitcoin network has nothing to do with the development of the Covid-19 pandemic.

Isolation of national segments of the Internet and power supply problems could wreak havoc on Bitcoin, but the pandemic is not.

At the same time, the pandemic affected national currencies (US dollar, pound sterling, yuan, ruble, etc.). The money supply of fiat currencies has increased significantly.

The coronavirus pandemic has shown the weakness of fiat currencies and the strength of Bitcoin. At the same time, the price of Bitcoin is expressed in fiat currencies. Therefore, the price of Bitcoin is rising.

SirLancelot

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Quote from: MCobian on November 22, 2020, 12:44:42 AM

I agree that the corona virus is very harmful for fiat, because in order to recover the economy quickly several countries are printing money.
This can make the value of the fiat currency decrease, due to inflation. While the price of Bitcoin is increasing in a pandemic situation,
because many people just realized that Bitcoin is very good as a store of value.

Not just because of inflation but because even the governments are now proposing and encouraging online transactions which directly helps the crypto market because when you do online payments somewhere you will definitely see the option for bitcoins payment and you get to know about it directly or indirectly.

There are lots of people who are now into crypto trading and because of the bull run everyone is loving what they are doing because almost no major coin is going down while bitcoin keeps going up so everyone is making profits from their trading, even newbies.

Pandemic had deadly impact on our economy and a lot of lives were taken away, I feel sorry for them but we cannot deny that the pandemic made the world more digital and pushed us 10 years ahead in terms of digitalization like online education, transaction and shopping.

livingfree

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Quote from: Twinkledoe on November 21, 2020, 06:39:26 AM

Quote from: livingfree on November 21, 2020, 06:33:32 AM

Money is flowing again and just as you see, there were lockdowns yet bitcoin went into a surge. So, in that case if money goes into flow again in the economy and people don't have to think of stocking their money into cash.

It will be into investments and bitcoin will be their option. Bitcoin is attractive as it's pumping and most investors won't have any doubt investing into it after they've seen it gone through in a bull run for 2017 and this year.

And 2021 is also speculated to be in good hands.

This pandemic fortunately is a blessing in disguise to crypto. With this crisis, people appreciate crypto or bitcoin as a good alternative payment method as compared to cash. However, the adoption from noncrypto users is not to be expected to surge fast, but I really think, during this pandemic period, there are a lot of noncrypto users that are converted to be crypto enthusiasts. With a lot of time to study and search during lockdown, for sure, some of them encounter bitcoin or crypto, and got their interest to look into it. And to add, the announcement of paypal regarding the integration of crypto in their system, gave a lot of positive vibes to crypto community.

For me it doesn't matter if there were people that are converted from doubters to crypto believers.

What's important this time is that we're looking at the good position of everyone in the market and as well as the market's position itself. It's something that we're not expecting during this pandemic.

We thought that this year won't be ending well because of the pandemic.

Nhor1011

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You're right! Corona virus is very harmful to fiat currencies and not bitcoin because government only support and care about the circulation of fiat money in the country. Because of Covid economic problem of the country suddenly rise too much on which the government need to have enough funds in order to make sure that it will recover. Then if government will buy vaccine for covid virus ,they also need and use fiat money to buy and not bitcoin. Also this Corona virus has no effect on Bitcoin because it is digital, untouchable, can't transfer physically and covid has no contact in bitcoin unlike in fiat money that can carry thousands of virus and bacteria and able to transfer it to others.

Paycoinzzz

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Quote from: atjiat on November 21, 2020, 01:47:42 PM

What is true is true, such favorable conditions for the growth of the cryptocurrency market have not yet existed. And cryptocurrency users have become more prudent and attentive in relation to their investments, as well as the economies of countries under the pressure of the coronavirus destroys all confidence in the stock market and in national currencies. Therefore, investors come to the cryptocurrency market and especially in Bitcoin.

I can only confirm that investment funds in the US are involved in holding Bitcoin, other than that new "investors" I am not sure.
Currently only money is poured into Bitcoin, in addition, the Defi projects or the new Dapps projects only have familiar Blockchain investment funds such as Polychain Capital, Pantera Capital, Galaxy Digital, IDG Capital, ... .
Based on the signals, I guess that the Crypto market has not been appreciated, only Bitcoin is the most appreciated asset here, hope you do not think wrong about the market.

Sanitough

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Quote from: MCobian on November 22, 2020, 12:44:42 AM

I agree that the corona virus is very harmful for fiat, because in order to recover the economy quickly several countries are printing money.

Is that really the solution? I think that is so easy, if every country would print money then covid-19 or the pandemic is not anymore a problem.

You know what, people are panic when USA printed more money and the statement of President Trump about it does not please them.

MCobian

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I agree that the corona virus is very harmful for fiat, because in order to recover the economy quickly several countries are printing money.
This can make the value of the fiat currency decrease, due to inflation. While the price of Bitcoin is increasing in a pandemic situation,
because many people just realized that Bitcoin is very good as a store of value.

chip1994

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Quote from: countryfree on March 13, 2020, 07:52:26 AM

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.

Yes and that is why major financial funds in the US have poured huge capital into Bitcoin and hold it for the long term. When the government's plans are bad, then Bitcoin is a bailout for their policy mistakes. To me, Bitcoin deserves to be a common currency in the world in next 10 years.

atjiat

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What is true is true, such favorable conditions for the growth of the cryptocurrency market have not yet existed. And cryptocurrency users have become more prudent and attentive in relation to their investments, as well as the economies of countries under the pressure of the coronavirus destroys all confidence in the stock market and in national currencies. Therefore, investors come to the cryptocurrency market and especially in Bitcoin.

Twinkledoe

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Quote from: livingfree on November 21, 2020, 06:33:32 AM

Quote from: NavI_027 on November 19, 2020, 01:23:37 AM

Quote from: livingfree on November 18, 2020, 10:08:57 PM

A lot of positive vibes would come in once the world is cleared again from this virus. Lives will come back to normal and cash flow of most people will go back to normal again which could be in favor of bitcoin.

Look at this picture, crypto market continue being bearish before corona virus appeareed. And now, during the pandemic, all prices become bullish. So how sure are you that btc will soar further after we eradicate the virus? Why don't you think its the opposite? Oops! I'm not a pessimist. Just saying lol.

Nevertheless, I'm very glad that we can already say that we're already in the verge of ending the problem. The invention of vaccine is on its way (95% complete as Pfizer's claim) so let's keep on waiting. I wish that our Christmas this year is a lot merrier than ever Cheesy

.

Money is flowing again and just as you see, there were lockdowns yet bitcoin went into a surge. So, in that case if money goes into flow again in the economy and people don't have to think of stocking their money into cash.

It will be into investments and bitcoin will be their option. Bitcoin is attractive as it's pumping and most investors won't have any doubt investing into it after they've seen it gone through in a bull run for 2017 and this year.

And 2021 is also speculated to be in good hands.

This pandemic fortunately is a blessing in disguise to crypto. With this crisis, people appreciate crypto or bitcoin as a good alternative payment method as compared to cash. However, the adoption from noncrypto users is not to be expected to surge fast, but I really think, during this pandemic period, there are a lot of noncrypto users that are converted to be crypto enthusiasts. With a lot of time to study and search during lockdown, for sure, some of them encounter bitcoin or crypto, and got their interest to look into it. And to add, the announcement of paypal regarding the integration of crypto in their system, gave a lot of positive vibes to crypto community.

livingfree

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Quote from: NavI_027 on November 19, 2020, 01:23:37 AM

Quote from: livingfree on November 18, 2020, 10:08:57 PM

A lot of positive vibes would come in once the world is cleared again from this virus. Lives will come back to normal and cash flow of most people will go back to normal again which could be in favor of bitcoin.

Look at this picture, crypto market continue being bearish before corona virus appeareed. And now, during the pandemic, all prices become bullish. So how sure are you that btc will soar further after we eradicate the virus? Why don't you think its the opposite? Oops! I'm not a pessimist. Just saying lol.

Nevertheless, I'm very glad that we can already say that we're already in the verge of ending the problem. The invention of vaccine is on its way (95% complete as Pfizer's claim) so let's keep on waiting. I wish that our Christmas this year is a lot merrier than ever Cheesy

.

Money is flowing again and just as you see, there were lockdowns yet bitcoin went into a surge. So, in that case if money goes into flow again in the economy and people don't have to think of stocking their money into cash.

It will be into investments and bitcoin will be their option. Bitcoin is attractive as it's pumping and most investors won't have any doubt investing into it after they've seen it gone through in a bull run for 2017 and this year.

And 2021 is also speculated to be in good hands.

Sanitough

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Quote from: mich on November 19, 2020, 01:47:50 AM

Corona Virus has been a silent blessing for crypto holders. It is a terrible pandemic and we should all stay safe but we can watch our crypto accounts grow in value.

As of now maybe because bitcoin is undeniably still at bullish mode, so it's correct that because of the covid-19, crypto market was appreciated.
Maybe i's already the institutional investors that are coming in, there's a bigger influx of money for the market and we have seen its effect now already.

Quote from: mich on November 19, 2020, 01:47:50 AM

There is a lot of big news in Bitcoin world this last week and I think bigger news will come sooner only to keep the bull run going.

Such as-

Hasmizara

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Quote from: The cure on November 18, 2020, 08:19:29 PM

OP's prediction is definitely correct,, many months ago after lockdown and strict restrictions were implemented due to covid 19, we all witnessed how badly the fiat gotten affected while bitcoin continues to rise until now. Bitcoin has not been affected and those who invested and trust in bitcoin at that time are very lucky now.

The high price of covid 19 and bitcoin has brought the Fiat currency down . But if the economy improves a touch the Fiat currency will rise again but as Bitcoin becomes decentralized, the demand for Bitcoin are going to be above Fiat. Cryptocurrency may be a sort of digital currency which will be created and used outside the control of the govt or the financial institution. Investors are very lucky and now those that will invest in Bitcoin are going to be ready to make some profit prices may rise to higher prices.

mich

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Corona Virus has been a silent blessing for crypto holders. It is a terrible pandemic and we should all stay safe but we can watch our crypto accounts grow in value.

There is a lot of big news in Bitcoin world this last week and I think bigger news will come sooner only to keep the bull run going.

Durgesh728

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Many Analyst have mentioned Bitcoin as digital gold of future, but still as someone mentioned before that Coronavirus have harmed human-being directly not fiat currency. Though indirectly it have hampered various industry which may never recover all together, as said by Nicolas Talleb in his recent interview.

NavI_027

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Quote from: livingfree on November 18, 2020, 10:08:57 PM

A lot of positive vibes would come in once the world is cleared again from this virus. Lives will come back to normal and cash flow of most people will go back to normal again which could be in favor of bitcoin.

Look at this picture, crypto market continue being bearish before corona virus appeareed. And now, during the pandemic, all prices become bullish. So how sure are you that btc will soar further after we eradicate the virus? Why don't you think its the opposite? Oops! I'm not a pessimist. Just saying lol.

Nevertheless, I'm very glad that we can already say that we're already in the verge of ending the problem. The invention of vaccine is on its way (95% complete as Pfizer's claim) so let's keep on waiting. I wish that our Christmas this year is a lot merrier than ever Cheesy

.

livingfree

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Quote from: The cure on November 18, 2020, 08:19:29 PM

OP's prediction is definitely correct

Yes!

It became true. Despite bitcoin dropped a lot on March which was the hottest month also for covid-19 infection it has remained resilient. And while we're looking to the price and awaits for the breaking of the ATH, bitcoin is the strongest asset that we can credit during this pandemic.

And that's not all.

A lot of positive vibes would come in once the world is cleared again from this virus. Lives will come back to normal and cash flow of most people will go back to normal again which could be in favor of bitcoin.

The cure

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OP's prediction is definitely correct,, many months ago after lockdown and strict restrictions were implemented due to covid 19, we all witnessed how badly the fiat gotten affected while bitcoin continues to rise until now. Bitcoin has not been affected and those who invested and trust in bitcoin at that time are very lucky now.

Twinkledoe

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Quote from: Ridcan on November 18, 2020, 08:47:21 AM

you were right in your predictions. Bitcoin was not affected. even those who invested in bitcoin during this process turned out to be profitable. countries' deficits increased, health spending increased. Those who allocate more budgets to the defense industry every year now have to spend more on health expenditures.

If the OP will revisit his thread, he will be happy with his statement. Right now, bitcoin's price is soaring as compared to the time that he created this thread, March 2020 (around 5800 level at the time he posted). Wow, that's about 300% increase. If someone bought btc at that time, he's enjoying his profits right now. Indeed, pandemic didn't stop btc to perform great in the market.

CryptoLogo

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I do not think so. The coronavirus stops the world economies, it cuts off the cash flows, due to which the price of bitcoin rises.
Note how bitcoin began to grow after the abolition of restrictive measures, I'm sure this is due. If now in view of the global quarantine again, we will certainly face a deep correction.

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