Coronavirus spreading is extremely good for Bitcoin.
I expected a pump off it too but I was underwhelmed..
It caused some thoughts in me such as...
Would Chinese people sell their BTC to prep/hoard for the coming hard time?
Would the Chinese gov possibly dump on BTC to help hold up their markets?
Could the CNY going down drag BTC down with it? Devaluing BTC until CNY markets came up to equilibrium?
What effect could a big problem in China have on Bitcoin mining? Hardware availability and possible Chinese mining farms shut down?
I can see how the Coronavirus Pump so far doesnt seem all that large. But when I look at it in context, I find it to be extremely impressive. I believe due to the huge downwards momentum of the mini bear market, we were headed back to Bargain Boyz Buy Zone one last time before the Coronavirus Black Swan started the pump.
Thoughts in response:
a. Hard times require hard money. Stocks are dumped while Bitcoin is hoarded.
b. What Bitcoin does Chinese gov have to dump? Why would shorting such a tiny market be a panacea for their markets which are many many times larger. If anything the CCP elites would see Bitcoin as a way to hide and transport ill gotten gains of their oppression as their world crumbles.
c. CNY devaluing has historically been awesome for Bitcoin so bring it on CCP
d. Miners problems are miners problems. Hodlers not worried.
