Despite the controversy, cryptocurrency continues to experience innovative developments and massive fan growth, even amid this pandemic,
due to its fluctuating value. So crypto continues to show positive performance.
For many countries that are currently experiencing economic recession, because it severely disrupts productivity in various fields due to the effects
of social distancing, so many investors are turning to crypto investments to help increase their income, one of which is cryptocurrencies.
Because they judge that investment in other commodities is now experiencing obstacles due to covid.
They can successfully optimize income in crypto investments, so they can increase the monthly turnover of companies or individuals.
For that in this economic recession, it can still help them.
Topic: State influence for cryptocurrency (Read 762 times)
For now I have not found a clear impact for cryptocurrencies. Because in my country is not 100% of the public or the government who understand this.
But for myself cryptocurrency has helped my economy in the current pandemic.
But for myself cryptocurrency has helped my economy in the current pandemic.
I get the feeling the governments will increasingly try to put measures in place to track users of cryptocurrencies and make sure they are paying the appropriate levels of tax. Bitcoin is ripe for tax evasion and you can already see the largest crypto exchanges are handing information over to regulators whenever it is requested - they don't want to lose a long term business for the sake of a few money grabbing clients and failure to comply could potentially mean they get blocked in certain countries.
We have seen china banning bitcoin a million times now, they have also banned stuff like ICO and STO and so forth, they have tried everything in their hand to promote other coins while saying bitcoin is horrible, not like they are a totally anti-crypto nation neither because they literally publish list of good coins on their official government branches which means they do like crypto as a whole, they just hate bitcoin I suppose.
However that doesn't change anything for the rest of us, if china leaves the crypto market as a whole, not a single person from china ever goes into any crypto at all, that would hurt us at first because they would sell and crash the price but then we will recover and go on like nothing happened. States do not have the power they have in fiat world for us in crypto hence we do not care about them too much.
However that doesn't change anything for the rest of us, if china leaves the crypto market as a whole, not a single person from china ever goes into any crypto at all, that would hurt us at first because they would sell and crash the price but then we will recover and go on like nothing happened. States do not have the power they have in fiat world for us in crypto hence we do not care about them too much.
What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
Unprecedented measures to combat the coronavirus pandemic are leading to a drop in gross domestic income, an increase in unemployment and an increase in poverty in almost all countries. All this causes an increase in inflationary processes. We have been saying for a long time that this could trigger a very severe global economic crisis. Government spending on the fight against coronavirus continues to increase. It would be logical if people, fleeing inflation and poverty, would invest in cryptocurrency. Therefore, the coronavirus pandemic, while increasing the poverty of the population, on the other hand, should positively affect the growth of cryptocurrency liquidity.some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
Ultimately recessions are never good for any market. People tend to tighten up with their excess money. It might have a slight uptick but longterm recession will turn a crypto market bear just like other markets.
Recession is never a good thing in the market especially in crypto market.
This pandemic really bring a lot of bad things in our life, economy, and everything. Although it made bitcoin much more popular than before due to digital development and adoption, recession are still there and ruining the market. We are unlucky because businesses are closed and we are not having any positive movement or progress when it comes to economy and market.
Freelancers and all other people who earn on internet will start to pay taxes! The Country lost a lot of money, nothing is working, so they can't relay on money from that, so they figure it out to tax above mentioned retroactively, for the last 5 years! Tax can go up to 60% of what you earned! So can you imagine how much money is that for some people?
So maybe this law wouldn't come so fast and in that way to hurt many people (money is spent, invested...), but this covid situation and lack of money in government treasury speeded up that!
This is probably a negative influence (for some people) of covid situation on crypto (internet) users from my country! Well like always we will find a way to deal with new problems and to try to not lose a lot of money and nerves in that process!
So maybe this law wouldn't come so fast and in that way to hurt many people (money is spent, invested...), but this covid situation and lack of money in government treasury speeded up that!
This is probably a negative influence (for some people) of covid situation on crypto (internet) users from my country! Well like always we will find a way to deal with new problems and to try to not lose a lot of money and nerves in that process!
Many countries have imminent economic recession coming after them right now and it's hardly affect crypto market like at all. People are too concerned saving themselves that maybe crypto is out of their mind or atleast considered as an alternative safe haven for their wealth that's about to get eaten up by the inflation but overall I don't think cryptocurrency market is gonna be significantly influenced.
Prices are fluctuating by thousands over the period of a few days. Don't understand why there is so much instability right now. Perhaps a mini bubble, perhaps the U.S. election threw some uncertainty into the mix, but fees/confirmation times feels like it's been a bitch lately.
Despite the pandemic showcase Bitcoin potentials to the world which the IMF and people like Kiyosaki also confirmed Bitcoin and others meaningful cryptocurrency to be the best solution to inflation and economic meltdown, the price fluctuations with no genuine reason are the impacts of the pandemic cause people sees cryptocurrency the way to escape recession and whats investors are doing is selling once some certain profit is achieved. 
What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
In the midst of the COVID-19 pandemic which is not yet known for sure ending, many countries are entering the abyss of economic recession in 2020. But I think the impact is not too big on cryprocurrency.
to be precise, this has an impact on people's finances which are increasingly depleted because the fulfillment of needs during the Covid 19 pandemic is higher than before the pandemic.
Although uncontrolled inflation can lead to a recession, deflation can get worse. Too much deflation from time to time can cause the wage level to decline, which in turn depresses the prices of goods and services. this needs to be watched out for.
Like you have pointed out that many countries have gone into recession as indicated by their current GDP. However, since we are nearing the post covid19 period as a result of some vaccines that have been approved for use. The economy will start to gear up again because businesses that have been dead will start working again. Thanks to government that might provide soft loans to SME. Also industries will start to manufacture again and with time a lot of money will be pumped into the economy including cryptocurrencies too which mean there will be positive influence of the wake up in economy on cryptocurrency. Just has you have seen about current trends about paypal and visa giving crypto more edge. More businesses will consider crypto as well.
Prices are fluctuating by thousands over the period of a few days. Don't understand why there is so much instability right now. Perhaps a mini bubble, perhaps the U.S. election threw some uncertainty into the mix, but fees/confirmation times feels like it's been a bitch lately.
That's what we don't like because if we are using bitcoin as a payment method, we will be affected by the network congestion and high fees, however, if we are here to play the speculation game, we will love the movement of bitcoin. Honestly I believe that the state can influence bitcoin, people seems to react easily on the bad news and good news, and everytime that happens, price move significantly. 
The development of bitcoin in my country is very rapid, I see this from the growing crypto investors towards bitcoin. In times of recession due to this pandemic,
there are many people using crypto, because so far, cryptocurrency investment has many advantages over other investments.
Especially when the country is amid an economic recession due to covid, then bitcoin becomes a safe investment asset, because of its limited supply,
it becomes anti-inflation. Fiat, meanwhile, is currently experiencing inflation in some countries.
there are many people using crypto, because so far, cryptocurrency investment has many advantages over other investments.
Especially when the country is amid an economic recession due to covid, then bitcoin becomes a safe investment asset, because of its limited supply,
it becomes anti-inflation. Fiat, meanwhile, is currently experiencing inflation in some countries.
Prices are fluctuating by thousands over the period of a few days. Don't understand why there is so much instability right now. Perhaps a mini bubble, perhaps the U.S. election threw some uncertainty into the mix, but fees/confirmation times feels like it's been a bitch lately.
What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
Unprecedented measures to combat the coronavirus pandemic are leading to a drop in gross domestic income, an increase in unemployment and an increase in poverty in almost all countries. All this causes an increase in inflationary processes. We have been saying for a long time that this could trigger a very severe global economic crisis. Government spending on the fight against coronavirus continues to increase. It would be logical if people, fleeing inflation and poverty, would invest in cryptocurrency. Therefore, the coronavirus pandemic, while increasing the poverty of the population, on the other hand, should positively affect the growth of cryptocurrency liquidity. some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
As Bitcoin takes off again, we'll start to see a lot more governments wanting to track and regulate cryptocurrencies. In the end they'll put more pressure on to the exchanges that hold large amounts of Bitcoin in order to release tax payer information. Hopefully a good method of information sharing becomes available to most countries, it will be beneficial to bitcoin in the long run as it can be treated more like a legitimate currency if politicians have less reason to be hostile towards it. For the good of the poorest in the world, we don't need another mechanism for the super rich to hide large chunks of money.
What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
People who are losing their job will find other way to earn money and they might look for opportunity in cryptocurrency which can affect the demand for this one, or if the hodlers need the money and they hold bitcoin, the possible scenario is for them to cash out bitcoin so they can use it to help them. Every country is suffering big right now, some are still doing good despite of the pandemic but most of the country enters into a new recession, cryptocurrency can be the safe haven for us, we hope so.some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
Certainly, this would likely to happen. Due to the economic recession that many countries across the world is experiencing all due because if the covid-19 pandemic which have brought and make cause for people to loose their job, people are now seeking for other possible ways on how they can survive the pandemic by finding ways where they can shift or transfer their funds specially if those came from stock market that is directly being hit by the negative impact, people will more likely to get into crypto and treat it as a safe haven for their funds because even crypto is affected at first, still it manages to recover and that is a great point people have seen making people from countries where recession is present get into crypto which is good because there will be a rise on demand and usage of crypto. But still that will be dependent for maybe people would just go use their remaining money for necessities. But all in all, the one stated above will more likely to happen.
Covid-19 has really caused so much damage to the economy of the country. Many people find it difficult to make more profit as usual since this pandemic came to the country.
Many countries are still experiencing this economy recession which is causing them a lot of challenges in their living while some countries are out frome economy recessions because they were well prepared before covid-19 came to the country which many of the citizens where engaged their self with cryptocurrency to assist their business and other things.
Many use crypto to sustain during the pandemic that make them to see crypto as good currency someone or country can use to invest and make a good profit.
Many countries are still experiencing this economy recession which is causing them a lot of challenges in their living while some countries are out frome economy recessions because they were well prepared before covid-19 came to the country which many of the citizens where engaged their self with cryptocurrency to assist their business and other things.
Many use crypto to sustain during the pandemic that make them to see crypto as good currency someone or country can use to invest and make a good profit.
Recession is not going to get affect the cryptocurrency much if the country doesn't play big role in the world's economy but if a well developed country where people uses cryptos more will be affected because they will sell their assets to tackle the recession period which will bring the prices down.
Yes, there is not much an effect to the whole economy specially when cryptocurrency is not yet the mainstream. Cryptocurrency only affect the developed country that use cryptocurrency. However, we don`t it feel specially when the bull approached the market last few months. The crypto market is still doing good even we are all at recession. So I think it is not correlated to cryptocurrency when the economy is in recession. If it has effect, I think to the individual person. Recession is not going to get affect the cryptocurrency much if the country doesn't play big role in the world's economy but if a well developed country where people uses cryptos more will be affected because they will sell their assets to tackle the recession period which will bring the prices down.
I think you are quite in the line because if the government is playing a role to support it that will make enabling ground for investors but if government isn't giving policies to help the growth, investors will be scared out of the cryptocurrency.
Jump to: