Is bitcoin benefiting from coronavirus??

BrewMaster

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

THAT is nonsense.
bitcoin may not be following every world event but its price is very organic and it has always been affected by all major world events specifically those that greatly affect the economy. don't forget that bitcoin was created because of the biggest economical fuck up of our time (2008 recession).

is it benefiting from COVID? no because it has nothing to do with it.
on the other hand COVID affected the economy which in turn had some small effects on bitcoin market.

Sebas.tian

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

Alright, how about bitcoin price during the pandemic? Or even the pre-pandemic? Bitcoin topically follows the real world events mate, remember that, during the pandemic the stock market and cryptocurrency market went down and this was as a result of the pandemic. How about the real world news or events? How about speculations from those at the front line of cryptocurrency? Kindly revaluate this; bitcoin is been move by world news and events.

bellaayu

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Bitcoin does not benefit from Corona viruses. Bitcoin can move because negative/positive news is spread globally. Now I see that cryptocurrency trading is in demand by companies to implement. Even with the price of Bitcoin down can be utilized by large companies.

Bitcoin and other Crypto-assets are not influenced by economic weakening and government policies. We see that a few months ago the Bitcoin price dropped very deeply and it was because of a group of people who needed cash for shopping necessities of life due to pandemic.
I don't see that Bitcoin is benefiting from the Corona virus.

sheenshane

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

There are a few reports that I have read about the Bitcoin price rally is nothing follows the event, even during the pandemic, we witnessed that Bitcoin grew organically. The major factor indicating that bitcoin’s growth has been organic and even it's not manipulated. The unique Bitcoin addresses that have been used that prove Bitcoin grows organic up to this month also increased.

Therefore I conclude that Bitcoin follows nothing and it is organic growth despite everyone feels crisis during this pandemic.

dothebeats

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It does not necessarily benefit nor gets harmed from real world events, although there are some influence from the said factor and it is undeniable due to the fact that certain geopolitical issues cause some form of movement on bitcoin's price. It's safe to say that it is somewhat resistant to certain events but it is still affected in the larger sense.

It's not as if bitcoin traders aren't connected to the real world or some other investment assets at all. They aren't aliens on their own world, so it's just right that they are affected on some of the news and whatnot happening around them, which also affects their trades on bitcoin.

hatshepsut93

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Bitcoin does follow real world events, it just doesn't follow every single event, this only happens with the biggest events, like the recent stock market crash, when Bitcoin crashed simultaneously. And the price is organic, all the talk about whales and manipulators who tightly control the price is just a conspiracy theory.

As for your title - no, Bitcoin didn't benefit from the coronavirus, it caused a market crash and provided no benefits, for example Bitcoin didn't see an increase in merchant use.

Debonaire217

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You might not know that drastic events are one of the leading factors to determine the demands for an asset? Bitcoin is one of it, just the same with stock markets, when their company falls, same as their stocks. Yes, you have the idea that crypto and stock market isn't the same. But the fact that events impacts a single person is already enough to conclude that it could drive the price of bitcoin up or down. Imagine, in this COVID19 crisis, in the very first days of it, people bought a lot of goods to stock and ensure that they will have enough for the rest of the month. This means that some of those are crypto hodlers with their job focusing on crypto only and their only means to buy their needs is to convert their crypto to fiat.

The Cryptovator

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Bitcoin follow nothing, even real world events nor news. But we are the one who follow such as things and we think positive then. In a result we jump into bitcoin to accumulate more as much as possible and that's how bitcoin price go up due to increse buy pressure. During beginning of covid-19 we had encountered huge dump because people was worried about real cash. But after few days bitcoin price back to normal. Means when we become panic and sell our bitcoin for real cash then price was dumped. So we can't blame to covid-19 directly for this dump. Always community (we) create influences on bitcoin price.

Ulven

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The most important factors affecting the price of bitcoin are demand and supply. As for events, I do not think it has a direct relationship to influence the price.
We have all seen how the epidemic affected the shares of international companies. As for Bitcoin, it is still holding, despite the epidemic.

Haunebu

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Quote from: raidarksword on June 26, 2020, 05:36:47 AM

Bitcoin's price is not based on actual events or disasters or even pandemic brought by covid19 to the world.

I disagree. BTC is not some invincible asset that is immune to real world events. It is money at the end of the day which is why it will always be affected by real world events.

For example, the collapse of Mt.Gox led to BTC drastically dropping in value though it recovered later on.

Coronavirus has also affected BTC since it was sitting in $11K-$12K range and was set to rise higher thanks to halving, but it has dropped into the $9K range.

sunsilk

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Ok so whoever says that bitcoin's growth is organic is saying a nonsense thing? so who said this because you have quoted it and I'm thinking that it's not coming from you. And if not you, the person should look to the history and past of bitcoin.

If it's not organic then all of the all time highs, bearish and bullish times were not real for bitcoin. All things that are happening to it are just imagination, is that what that person is trying to say?

Natalim

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

Yes because it's not following the stock market, it's doing the opposite.
Now, about your question if it's benefiting from corona virus? I think it is, otherwise it would already fall at this time and we will see it's low price again.
There are a lot of factors many, first factor is the investors as they are the one who can drive a big move to the market, next is just the use case of bitcoin and that includes gambling since casinos are increasing in crypto, so that means inflow of money are doing well.

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

Yes, I think I agree with this. It neither benefits nor suffers from the current situation. However, as others rightly pointed out, Bitcoin is not moving randomly and completely unaffected by anything. News has immense impact on Bitcoin demand and supply which leads to solid changes of the price. For example, on the 13th of May the price went down, following the announcement by the WHO that COVID-19 is a pandemic. It's not the pandemic that made the price go down, it's the announcement that boosted anxiety and people engaged in panic selling. Then people calmed down because the pandemic does not really have anything to do with Bitcoin and the price recovered.

Coin_trader

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Quote from: btc_angela on June 26, 2020, 03:47:53 AM

Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

I don't understand what do you mean by nonsense, LOL, even pre pandemic, bitcoin is one of the best asset we have today and obviously, it's a investors haven, so to speak. Organic or not, people are going to invest on it, regardless if there are FUD's and government attacks. And remove the Covid-19 pandemic, I think we are still going to see the price hitting 5 digits, in my opinion.

I believe that he was pertaining to the pump and dump of bitcoin price recently which I believe somehow have point because the volume when BTC pump is almost equal to the volume when it dumps and it happens in a short period of time. There is no way that organic transaction will be changing in that kind of behavior.

But in overall, Bitcoin really benefiting from this pandemic because most of the institutional traders are moving from falling stock market in to crypto so that they can save there assets from liquidation.

raidarksword

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Bitcoin's price is not based on actual events or disasters or even pandemic brought by covid19 to the world. Price can be dictated thru supply and demands thru investors, adopters and trading as well. Despite the pandemic, bitcoin is still holding its ground and continue to prosper to it's true potential. With corona virus or not, bitcoin is still making its usability and scalability that everyone using it thru online as alternative ways of accepting or sending payments.

Taskford

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

We cannot say that for now since we didn't get a good result when pandemic hit us and the price seems not moving on good trend even if the halving already occur, And don't expect to much on it since you heard some hyping and other things given by now and better to became observant on the flow so that you will not left bag holding some bits.

The best thing you can do for now is to ride with the current trend and earn with slow movements.

LogitechMouse

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

The fact that Bitcoin's price move in the past few months is a proof that it doesn't follow global events or even the news unlike before where if there is a news article that is being shared, the price will definitely rise.

Unfortunately as @Kakmakr said, with the pandemic affecting all of the people worldwide people doesn't have any buying power to buy more Bitcoin and they want to have more cash right now that is why they will definitely sell their Bitcoins increasing its supply and making its price go down. For me, Bitcoin doesn't benefit from the virus and TBH I don't see any benefits from it at all aside from more supporters like the FED and JPMorgan.

Kakmakr

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

The Bitcoin price is influenced by supply and demand and also external political and economical factors. So, with this global pandemic, we got a added disaster...called economic failure. A lot of businesses were forced to close their doors and when they opened again they struggled and some of them had to retrench people.

So now we have a situation where more people cannot afford to buy bitcoins and some of them were forced to sell their bitcoins to be able to survive. This is leading to a increase in supply and a decrease in demand, which in turn will force down the price. (If there are not any other event that will push it up or cancel this affect) Wink

Oasisman

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Bitcoin isn't following "the real world events" as you mentioned, instead It is following the news, the speculative perspective, and market sentiments which will be related to the current global economic status.
Relating Bitcoin to the events that's happening in the world, corona for example, isn't totally nonsense, because It does have affected Bitcoin as It has affected the investors, traders, and miners as well, rather a chain reaction.
We do have different opinions, views, and suggestions anyway.

btc_angela

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Quote from: kobe24ever on June 26, 2020, 01:11:18 AM

" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."

I don't understand what do you mean by nonsense, LOL, even pre pandemic, bitcoin is one of the best asset we have today and obviously, it's a investors haven, so to speak. Organic or not, people are going to invest on it, regardless if there are FUD's and government attacks. And remove the Covid-19 pandemic, I think we are still going to see the price hitting 5 digits, in my opinion.

Topic: Is bitcoin benefiting from coronavirus?? (Read 275 times)