Topic: Does the epidemic have a big impact on Bitcoin? - page 2. (Read 1301 times)

While the opposite did happened, I think mostly have thought of the bad situation of the market when the pandemic has started. But well then, the different and opposite did came.

There's the moment that oil also hit its low and that made an alarming economic impact, whilst for bitcoin, it's the different and which made the impact positively.

definitely, this pandemic brought significant turn of events in crypto history. who knows that during this pandemic, btc finally reached the 60k level? though at the start of the pandemic, btc went down. but later on, it bounced back. people got to know more about btc and crypto, as a lot of them were stuck in their homes. and during this time, btc halving happened. so it created another momentous event for btc. as merchants also are finding ways of alternative payments, crypto comes up as a very good viable option. this is why, the interest of the community further grow on this digital currency

it's not how i think things happened, as i remember when things started going well for bitcoin and crypto in general during the pandemic, and other markets were going down maybe because investors were afraid that banks can get negatively affected by some political decisions which led them to a decentralized market which is crypto to invest in.

You are only telling half of the story. When all markets crashed around the world at the beginning of the pandemic, Bitcoin also crashed if I recall that correctly. Then against all expectations all markets around the world made record breaking profits on a daily basis up to the point where they broke ATHs despite the pandemic spreading further at full pace. That is when Bitcoin also went up again. Digital payments increased manyfold, but Bitcoin would never have played a statistically significant role in that as it is just too difficult to use on a daily basis for most of the people, mostly the elder ones who switched from cash to digital with their cards.

I don't think the covid pandemic has affected bitcoin's performance, but in the midst of the economic crisis that followed it, it created a catalyst and boosted popularity in the market, thus creating momentum.  very big.  And started to have millions of bitcoin users and love the crypto space.  Because they know what value bitcoin has created.

i don't agree with you, imo this pandemic really affects Bitcoin.  during the pandemic time peoples are trying to find investment assets that are profitable for them and only Bitcoin is doing very well during this pandemic.  see how stocks and properties don't give big returns during the pandemic. 

An epidemic is very different from a pandemic. An epidemic only affects a certain community or region. It is a spread of disease among a larger population but is limited to the community only or like what I've said, the region they belong to. Meanwhile, a pandemic is an epidemic that is spread across different countries all over the globe. Pandemic is uncontrolled widespread and much dangerous to the health status because most people are vulnerable to it.

Indeed, the pandemic has brought a lot of challenges and struggles to the majority of us. The rich aren't even exempted from this narrative, only that they still managed far ahead compared to the commoners. With this being said, a lot of fields and industries have been negatively impacted by the unforeseen dangers a pandemic crisis may bring. A lot were unprepared, leading to an unstabilized nation of most countries. Inflation increased during the peak of the pandemic wherein lockdowns and stop of operations were imposed. While bitcoin and other cryptocurrencies are just affected a bit, we can't deny the pandemic has also caused trouble regarding its price and position in the market.

The dip happened before, but it is totally normal given that nature of cryptocurrency is volatile. The dips are always a great opportunity to buy anyway. The prices bounced back not long after the dip and the bitcoin's value even hit 60k dollars. Right now, its price is increasing, although there are some corrections and adjustments, bitcoin and other top crypto's price are currently thriving again.

in covid19, I suppose yes, but it's not a major factor in the evolution of bitcoin's value. But Altcoins are probably more influential, some major entertainment trends, online games, payments... this also causes a boom in demand. Example: Doge, at first Elon only bought this coin meme because it was related to his kids entertainment needs, since then it has exploded. AXS grows explosively with money-making online games (p2e)...

Yes the pandemic not the epidemic have an impact on bitcoin but it's not as big as you think because there's other bigger news than the pandemic that have impacted bitcoin mauch more, onw example is the Tesla purchase, China banning mining to make way for Digital Yuan and El Salvador's acceptance of bitcoin as a legal tender.

the main point is that during this pandemic people tend to use digital systems for payments, so that this virus does not spread easily. in this case it is related to health, but unfortunately crypto has not been able to participate in it, regarding legalization. and when this pandemic occurred, we actually saw phenomenal crypto developments, unfortunately crypto can only be traded not for payment instruments according to its first function

The demand for a cashless transaction rise exponentially due to pandemic because it allows digital transaction without the need of a person to go to a certain location and meet a certain person where he/she would give money, less hassle and more safe. But I think this pandemic really have had a big impact to the cryptocurrency platform and luckily it is a positive impact, this pandemic brought an idea to the people that there is another way to earn while you're on your home keeping safe from the possibility of getting infected. Cryptocurrency today is widely known and the usage of the nft games went on trend and rest assured that the crypto will keep on booming.

It is indeed true that cashless transactions dramatically increased, also because all those grocery stores explicitly asked their customers to use their credit or debit cards for payments in order to avoid Covid 19 infections. However, it is of course not like cryptocurrencies received a boost in usage because of that. Most of the stores that demand credit and debit card transactions don't have the proper infrastructure anyway to receive digital currencies.

One thing I am sighting here with the pandemic is the cashless payment alternative of money, so people had the options to convert their fiat to digital currency. From the start of the lockdown most local fiat exchange didn't have a usual business activities, that's why we experienced huge impact when bitcoin abruptly increasing in demand.
Also with the trading, buy and sell activities increased so fast that's why we reached at an ATH of $60k this year.

It is because everybody is in lockdown before and have looked for another means of income. And they've googled about bitcoin as they've heard it that provided good profit for its investors.
They have that idea that it's about the profit that they can make easily but it's not all about how easy it is to make money from investing on it. It takes time and I guess many of them have understood it already.

Every pandemic of that level will have an impact not only Bitcoin prices and crypto assets, but also on all other assets as well because people are forced to sell part of it in order to be able to pay their bills and survive. During such a pandemic I guess what mostly happens is that wealth of low and middle income classes gets destroyed while the super rich can buy cheap what others are forced to sell below prices that are prevalent during normal market conditions. It is a redistribution of wealth towards the top because they can afford investing even in bad times.

To my mind covid had a huge impact on all spheres of our lives from entertainment to politics. You have seen that during 2020 year dollar was falling, and, as a matter of fact, when the dollar is decreasing, other commodities, currencies are increasing. So we have seen the biggest price ever because of the epidemic.
Bitcoin is not a bankrot as long as people use it. To my mind, people are unlikely to stop using it. So it is almost impossible for BTC to devalue.

In fact, this pandemic has both positive and negative impacts.  but for bitcoin it can have a positive impact because many people switch to bitcoin and start investing money there.  So I don't think the pandemic will always have a negative effect but also a positive one

The economy is falling into the black valley and the company is closing down to lessen the damage, employees are also being sent back to their homes, the demand for bitcoin may increase by several such aspects, although the government partially supports the economy but basically we still live on our frugality. Investment can only be a shake of the head in denial, there are only old people in bitcoin, the external economic damage is probably not enough for them to give up but continue, Bitcoin will be the emergency money that many people choose to convert for living expenses

Bitcoin is a unique investment, when many types of investments, especially stocks drop, bitcoin actually experienced a significant increase, even in April it reached a price of $62k, this proves that the Covid pandemic has no effect whatsoever on bitcoin's performance.

it's true as you said, bitcoin has no impact on the pandemic, actually bitcoin has given us a way, when the world is in a financial crisis, our movement is limited, bitcoin comes to give us the opportunity to earn income, to meet our needs,,