Coronavirus: impact on Bitcoin and its Future

Coronavirus: impact on Bitcoin and its Future

Since the pandemic time is getting difficult for everyone to live around, we should be focusing on the good or positive side of this. We know that COVID-19 is becoming a real threat for all of us but should be keep thinking that? Well, the answer would be a big No! I sincerely hope that everyone is doing absolutely fine especially with mental health and if we talk about business, they are facing a major issue.

But, to be honest, lately, I have a perspective on how cryptocurrency could easily evolve out of this pandemic time. We have seen the major fall in stock prices since January and there is no way to feel better about this. Even if you see, gold has fallen more or less by a huge percent so what about bitcoin?

When it comes to bitcoin we believe that it is similar to gold and just like the gold value has raised by around 3 percent in the same period, bitcoin will experience the similar and you will soon realize why we have called it “safe haven”. You might know that bitcoin also has fallen by 30 percent in this pandemic just like other cryptocurrencies or token.

Let’s not create any fuss but look into some of the factors to establish what we have said is absolutely true! You can also consider checking out for better knowledge.

Why Bitcoin Is Still Very Bullish?

You must be wondering this question when we were telling you that bitcoin is nothing but a safe haven. Well, let me make your facts clear. The global central bank has faced a lower economic value in this pandemic time and they have been stimulated the market further with the following lower interest rates and printing more money, was another option for them. We kind of not sure why the supply and demand both are wrecked hence, we can not be sure about their strategy as well.

In fact, we believe that the response of RBI was much better since they were trying to reach the poor directly and not at all through the banks. Hence, during the pandemic, these factors have weakened the currencies and the only reason behind this is, people are chasing money and they have literally forgotten the value of the currency( we might continue debate on this thing later on ). So eventually, other assets like bitcoin and other currencies are taking a backseat for these reasons.

However, we believe that people will soon understand the value of bitcoin and bitcoin needs nothing but more trust as well as adoption. Sooner or later, the action of global central banks will be positive towards bitcoin and other currencies so, you can obviously expect a high reach once the pandemic gets over.

Why bitcoin couldn’t make its impact during this pandemic?

We already have mentioned two things that played a major role but trust me, the future would be bright once people will understand the value.

  • Cash is King: We know that you can not buy groceries with bitcoin and that’s where bitcoin has to take a backseat. A hell lot of people literally sold their bitcoin to get cash because they need essentials for their home. Somehow, they found cash is the most important thing over assets.
  • Trust: People believe that gold is an asset but not bitcoin? We have seen that a very small group of people believe in bitcoin as an asset while we need more people like them. We have already mentioned that gold and bitcoin are a similar thing and you can literally believe in this.

Bottom Line:

COVID-19 will be leaving its impact on so many things and bitcoin would be one of those things, no doubt. In this pandemic, we know that you couldn’t have faith in bitcoin because somehow money was the most important thing for us to biy essentials but hopefully, we will gain more trust in the future!

About the author


Jitender Sharma

Publisher on Google News and Founder of The Next Hint, Inc. Spent 40,000 hours in Business development and Content Creation. Expert in optimizing websites according to google updates and providing a solution-based approach to rank websites on the Internet. My aspirations are to help people build a business while I'm also open to learning and imparting knowledge. Passionate about marketing and inspired to find new ways to create captivating content.
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