Been thinking about it a bit more. Bitcoin does not produce anything. There is no dependency on any supply chain being functional or not. Dumping your precious bitcoins like a company stock because of a non computer virus makes absolutely no sense. It is an irrational decision unless your purpose is to try an buy them back cheaper, and we all know how that worked out over the last 10+ years for Joe Average.
The problem is that a fair amount of BTC is owned or at least manipulated by Wall Street and large institutions like Bakkt and the CME. Wall Street views bitcoin has an extremely high risk asset, meaning it is the first asset to get sold off whenever there is a panic of sorts. Only after Wall Street has minimized its involvement with BTC and regular folks feel comfortable with their amount of fiat money will BTC's price begin to stabilize.
Sorry to be the bearer of bad news, but that's what I believe.
This is also true of any crisis..imagine you are trying to prepare your likely 'emergency fund' which also likely is empty....in say Venezuela
Any of that current currency, if you have such, is probably getting even more worthless due to last week's dump of stocks/BTC/etc. So you can
dig out your hidden emergency gold and/or stocks or take out a loan (all doubtful) or you can liquidate that Bitcoin you've been accumulating
that you were and are buying food, in say Paraguay or some such, because they never will again take Venezuelan currency.
But with this handy/dandy BTC/crypto with the ability to get USD out of such back from BTC and into say USD into your phone, you now can stock up for coronavirus.
This is happening with everyone around the world due to the instant and easy liquidation of BTC/Crypto for such pandemics we may be in the process of having.
So, BTC as plan-B for emergencies this should NOT be a surprise. Was to me, just saying, it should not have been. This easy liquidation is a feature of BTC, the same
as accumulation is.
So we will see how this pans out if/when the stock market continues to fall and other things happen....currencies get manipulated around the world and IMHO
BTC price will swing back to upward and accumulation will resume and such BTC for the same ease of use above and BTC's decentralized nature.
But this time as a store of value, for these further games by governments and the next round or two of emergencies with this crisis. Again, IMHO. This liquidation
as a phase of BTC/crypto sales and price, dumping is just the 1st act of this whole coronavirus, again IMHO. Boom or Doom, we will be the first to know!
later
Brad