Bitcoin Forum

I've seen how mainstream events like the coronavirus "COVID-19" and the downfall of the stock market, has negatively impacted Bitcoin's price across the crypto market. For a cryptocurrency that's been hailed as a safe-haven against traditional Fiat, it's been doing otherwise. Gold has been performing better than Bitcoin and other cryptocurrencies combined. It's odd to see something like this happening today since Bitcoin is a decentralized cryptocurrency. This should make it "immune" from real-world events whatsoever. Bitcoin's latest decline in price has shown us that the cryptocurrency is still linked to mainstream events. It's probably because Bitcoin is often traded on centralized exchanges than decentralized ones. As long as it stays that way, Bitcoin will never be able to become a "safe-haven" asset in times of turmoil. Or am I wrong?

What are your thoughts? ???

I disagree with that premise--bitcoin might technically be a currency, but in practice it's treated much more so as an investment, just like stocks and gold are.  People aren't buying bitcoin in order to spend it, and in times of crisis that would be foolhardy. 

Look at what's happening right now; this coronavirus panic is causing people to go to a very safe (for the short-term) asset--cash.  People are expecting this outbreak to cause quarantines and everything else that comes along with epidemics, so cash is useful for stocking up on food and supplies and consequently people are selling their investments.  Plus once a huge drop happens in the stock market (or the crypto market), it causes even more selling due to the fear of losing even more money. 

There's no way bitcoin is a safe-haven asset even in the best of times, and I say that based on its volatility alone.  And it's turning out to be even worse in a crisis.  I haven't done the math, but bitcoin has dropped something like $4k in the past month or two.  You tell me if that's an asset that people are going to flock to because they're scared.

Depends on the 'type'. nCoV is one type, Venezuela is another.

While it's hard to deny that the current bitcoin price took a big hit, I don't think that the point is not for it to be just a safe haven, if we consider it like that then not only this event but many others could easily wipe out bitcoin from existance, again, under that premise. Now, when I talk to people about bitcoin they all usually refer to it as however many they have, or what's the position as in why they sold and whether they'll buy back, you see, when I need a certain currency I go to a trading house, go, get my euro or my pounds or whatever but if somebody ever asks whether I have some I'd probably go "sure I haven't changed the last few bucks I didn't spend", with bitcoin it's never like this, people see bitcoin as something they can store value on, some people sell because they need money in x amount of time and have a set sell price in their mind and I respect it, people buying euros or pounds don't worry too much about whether to sell and buy back, it's just not heard of.

I sold zero coins because of the coronavirus panic, because I have enough fiat money to buy some supplies. The idea that people need to liquidate their coins in order to buy supplies assumes that people have zero fiat, which is really not the case, I don't think there's many people in the world who hold all their money in crypto. So, if someone needs cash, they can just withdraw if from the nearest ATM, no need to sell their coins.

https://i.imgur.com/IZeRkrm.png
Source: https://www.newsbtc.com/2020/03/12/silver-gold-bitcoin-even-safe-haven-coronavirus/

many people seem to secure their assets to paper money.  This "Pandemic" really makes a big shock in almost all economic lines..  the vaccine must be found immediately to reduce the mass panic. Italy has closed their country, I just pray that the Vatican is free from the Covid-19 virus.

Where does this belief come from? It's commonly held among Bitcoin investors, but it makes no sense to me. Why would any investment be immune to real world events?

Bitcoin investors are real people and real institutions. They are affected by market panics and economic downturns just like stock and commodity investors are. At best, we could hope that bitcoins hold value better than stocks do during an economic crash. Gold seems to fit that niche, but it certainly isn't "immune" to the world economy.

I don't like commodities as safe haven assets. In a crash, demand for, and consumption of commodities tends to fall. Perhaps their prices fall less than stocks in this situation, but stable fiat currencies seem like a much safer financial hedge.

Give it some time to react. The sell volume is not high on exchanges, and all the fundamental aspects do not change, it is basically psychological effect, same as the sudden 30% jump when Chinese president Xi annonced China will focus on blockchain technology

Helicopter money will arrive, not sure if they will find a way into cronavirus affected labor forces, but definitely they will first enter capital markets to buy assets

But it is a sad reality about humanity: When in crisis, people still seeks fiat money, since that is backed by the ultimate credit of the government. They will never have such trust in cryptocurrency, which indicated that the PR work for cryptocurrency is far from effective

I think a very large advantage of fiat money is that people use it as a unit of accounting, like meter inch or lbs kg. once it become that standard unit of measuring value, its position as money becomes strengthened

How could make bitcoin a standard unit of something?

I've been pretty flabbergasted at the people flabbergasted by today's events. What on Earth did they think would happen? This isn't some bank going down or country making a balls up of itself. It's a global seizure. There's a bit of a kerfuffle in a corner of a market and then there's THIS.

The world is filled with people. Some of those people own Bitcoin. Those people will react in the same way as most other people. I think sometimes Bitcoin fans believe those 'holders' out there are steely buttocked missile men who won't let them down when it really counts. In reality they're quaking in their Y fronts while weeping in their gaming chair just like they are.

BTC is definitely not showing well at the moment.  It seems that when things go bad, people flock to the old "reliables" like fiat and 401k's over crypto.  So if something has to go, it appears to be one's holdings of crypto.

Like others have said though, the selling volume really isn't there.  If you just bought recently at $8500, why would you sell today at $5k?  Makes no sense.  As always the weak hands get get flushed first.

A great time to buy though if you have the stomach to move your cash into any asset at the moment.  I for one don't think we've seen the worst of the mass panic yet.

What is happening is exactly opposite to what has been told. I always thought Bitcoin was immune from the outside world but things have changed now. If whales are manipulating the price they will never drag it to these levels. I fear the worst is yet to come. Bitcoin already below $5k in just 24 hours. I fear it will go below $3k.

Tbh, its a lie that's parroted/spread around here for some absurd reason. I guess it makes them feel better about their btc investment. Good luck to them.

It's one of many theories that people cherished. I never understood why as it makes no sense at all.

It's not what you think about it that counts, it's what everyone else thinks and today they've at least eliminated that particular meme for a long time to come.

So far, we can’t correctly assess the current events related to the fall in prices of all markets, and especially the cryptocurrency market. The reasons for the drop in the price of bitcoin may turn out to be completely different than we think now. However, it can be said that cryptocurrency will not be a safe haven in the event of global natural disasters. The current situation clearly shows this regardless of the reason for the current sharp fall in the cryptocurrency market.

I do think it's the people who HODL Bitcoin and they are cashing out completely. No matter the situation or the event, I do believe that some rich people have already sold most of their BTC causing the price to go down. The best thing about it is that we could now buy BTC at a lower price. I think that's the best silver-lining that could be offered. Don't you think so?

As long as people are involved, mainstream happenings are going to be connected, no matter the event it is.

it appears that it is not as safe-haven-y as we thought but it has nothing to do with world events, coronavirus, ... it has one simple reason: the market is very small and susceptible to manipulation. and of course when the sell off starts the panic follows and that chain of events causes the big downfall thanks to the thin order books on exchanges where if you sell a small amount you change the price by a lot!

you mention gold, but gold has been dumping too. the difference is that gold market is packed and you have to dump 1000 times more compared to bitcoin to cause a big drop. if we adjust the drops based on the order book sizes you can see that bitcoin's drop is not that big on that scale.

Some experts even say that gold is not that reliable as a safe haven investment.

Some people already sold their Bitcoins so that they could have fiats to stock some essentials in their homes while this pandemic is still lurking. Safehaven or not, I would just reinvest now since it is the best time to do that. It might still fall but after that, we never know when will the price be this low, this might be our last chance.

I think we all should be responsible for making Bitcoin and other cryptocurrencies safe haven.
If everything dies down today, I bet people will go back to their old ways. When the old way results to crashes , people will complain again,and it happens over and over again.
I wish people could stop being greedy/selfish and start doing things properly. The Right thing should be done absolutely! Decentralization, Transparency, immutablity, censorship resistant permissionless/trustless transactions, etc. We must try as much as possible to avoid things that will lead to problems in the future. Safe haven should be made of things that can survive worst disasters... I would seriously recommend things like foods(not "centralized food"), smale/medium scale farming implements, decentralized internet, first aid box, survival information, torch, more of natural things, mobile homes, mobile hospitals, mobile industries, inverters, etc. Crypto communities should produce and trade these things, even on decentralized exchanges. They should be continously traded like we normally trade cryptocoins. When disasters hit, lots of people in centralized world will have no option than to join our world and that will be good for price. I will definitely buy alots of cryptocoins that are specifically designed for such assets. And it would be fun to diversify into multiple assets

It doesn't matter if bitcoin is being traded on centralized or decentralized exchange platforms.Do you think that,if bitcoin was 100% traded on decentralized exchanges,the price crash would have been avoided?
Bitcoin is a safe heaven for the people in a country,if there is a local crisis in that country.When it comes to global events,BTC can't be a safe heaven.I don't think that even gold can be considered a safe heaven,where there is a global "plaque".

The only safe-haven at such kind of panic is short options, money might doubled many folds during this crash. But unfortunately, during most of the time, such options will just bring loss

I'm already sending fiat to exchanges and try to grab some coins, but seems the lowest point has passed, now its on the way back

I would even argue that had Bitcoin been centralized, it could avoid the current price fall since there's no reason for it to go down which is not the same with other things people trade that is tied to physical things that suffer due to restrictions. However, I believe that Bitcoin can recover from this, and perhaps it won't even take that much time. Over the last hour, according to Coingecko, Bitcoin is up 7.5%. (okay, down to 6.7% already). Surely, it's still extremely low, and people did not expect that. An example of how unexpected this is can be a predictions thread due to a giveaway by Bitcasino where we had to predict today's price: https://bitcointalk.org/index.php?topic=5229828.0.

I posted about this in another thread. Simply, bitcoin has the potential to be a safe-haven asset, but isn't at the moment...


To my mind, a key indicator of how far along that road to 'safe-haven' status we are will be how bitcoin reacts once the panic dies down and the recovery starts.

Yes Bitcoin is a decentralized cryptocurrency but it's price is still base on the technical and fundamental analysis and right now, the fundamentals already affected it. We saw the price decline of it few days ago.

It is and it will never be a safe haven asset. We saw already that Bitcoin is also affected with the current events right now. Bitcoin isn't a safe haven because we saw how it moves already. It went from $9k to below $5k in just a few days so how will it be a safe haven. If there is a safe haven asset, I think gold would be the one.

The COVID-19 has spread worldwide and it has created mass hysteria to most of the investors right now forcing them to sell some of their assets at a loss. This virus will just stop affecting the market if the mainstream media will stop hyping it.

I think that it is not must to go ahead to take actions yet, it is better to wait a bit for the market to stabilize to trade, the COVID-19 has just declared a global pandemic, we must not forget it.

In my opinion, it is best to buy bitcoin little by little to see how it performs and accumulate everything you can, when people make nervous sales it is the best time to invest.

Basically I agree about "safe-haven" assets and don't think that the COVID-19 incident will really affect any market in the world, or maybe the collapse of the bitcoin market because of a process for the bullish market after the halving event and honestly, I still hesitant to say about the collapse of the bitcoin market because of the impact of the corona virus because everything happens simultaneously when chaos continues to increase in many sectors in the world because of this corona virus outbreak.

Bitcoin did not even drop this hard within days during Venezuela crisis. There is too much fear and worry with Corona. The world is crumbling under the weight of the virus.

To see the the COVID-19 being declared as pandemic, it does seem like to have a significant effect to it. What's the other thing that we could think of the cause of this crash?
However on the brighter side, Bitcoin landed almost the same crash last year except that it was below 4k before so we can still think the conclusion that the Corona Virus effect to Bitcoin is still just a coincidence although we can expect that many are panicking in other countries now.

Cryptocurrency does have the capacity of been safe haven against traditional fiat but not against conflicts, pandemics and war which could lead to panic sell their holdings.

Bitcoin decentralization doesnt mean bitcoin will be bulletproof to pandemics and a single whale which choose to save his holding by swapping it for stablecoin could cause the current dump. However, bitcoin is still somehow linked to mainstream events because it uses the internet and it exchange activities are total execute by exchange team which might be living in the region where the COVID 19 is high so the dump in price is normal.

Yes, one whale, as was the case with Mr. Gox previously, having thrown into the market several batches of eight thousand bitcoins, can completely collapse the cryptocurrency market. Where does the "safe haven" go? At the same time, can such a drop occur in the gold market, even considering that the amount of gold entering the market will be approximately equal in value to the value of bitcoins then exposed? It is unlikely that the gold market in a similar situation will fall as much as with cryptocurrency.

Basically Bitcoin being a volatile coin will make it not be seen as a safe haven because its dropped far more than other stocks in the market. Like gold and oil dropped and Bitcoin which was to be a safe haven dropped even worst than them. This was as a result if bitcoin volatility. We have seen is: Bitcoin isn't immune to turmoil or crisis most especially when it has to be a global thing. We'll got it wrong when we said it is immutable, though the global effect of sell off affected Bitcoin because of it volatility which we all know from the beginning. Bitcoin isnt a safe haven as it proof itself during the covid-19.

You certainly find it different of course when there is a crisis just like we have now. But talking about crypto as a safe haven, you can't expect to be like that coz even before we know how volatile it is. This is enough that people would like to say that only invest crypto that we can afford to lose. And for that statement alone we, therefore, conclude that safety assurance and guaranteed gains are not at 100%. This is the risk we face before then and this is also a thing we are able to face again and again in the future.

Absolutely correct, fear contributed to the dip in price of Bitcoin and other cryptocurrency, we all know that, with Bitcoin volatility, it won't be able to stand against turmoil or epidemy. The global shift in financial institutions will at the end shift to digital currency and holders will reap the fruit of holding for long-term. The effect of this coronavirus will cause a global recession which will engulf the whole world, then maybe as the time goes Bitcoin can be a safe haven.

The stock arket was crashing so much that they shut down and did not allow people to trade anymore. This made it seem that the stocks did not crash so much but they would if not for the external influence.

You can see how traditional markets work. They decide when you're allowed to sell or not. You're just a sheep to them.

Bitcoin is only as decentralized as the Internet. If they shut down the Internet what will you do? That's what people who sell are afraid of. The total shutdown!
Have you noticed that the biggest crash happened after Trump said that the US will close its borders?

I think probably the reason why Fiat or gold has even become a main way of buying goods is because of its easy access. Though, we can say that Bitcoin and any other cyrptocurrency is easy to be used for transaction because it is digital, still, many people are not aware and unsure of its existence. Traditional family or standard families would still rely on Fiat to buy goods for the lockdown system. Bitcoin still remains a decentralized currency, people thinks its an investment and asset rather as something they can use everyday especially for this kind of situation. It is still a safe haven, and its quantity, quality, and price depends on the user - on how and when will he use it. It may experience this decline but let's not ignore the fact that from the very start, it is volatile. No one controls it, no one is sure of when will its demand will go down or up. Moreover, the finality here is that, the fear will cause and subject you to be realistic. If I think that it is unsafe and I might be scammed if I use Bitcoin, wouldn't I just rely on my savings account or paper money in my wallet?

Unfortunately, that's the harsh truth Bitcoin is facing today. It's more like a store of value than a real currency like the ones we know and love today (Fiat). Just like Gold, people tend to sell their Bitcoin in order to obtain cash for daily purchases. After all, Fiat is widely accepted among merchants and businesses worldwide than the pioneer cryptocurrency. Considering that Bitcoin is a highly-volatile cryptocurrency, it can never be a safe-haven asset that's good to use in times of turmoil. Negative events in the mainstream world will affect Bitcoin's prices in a bad way just like it's the case with stocks today.

While Bitcoin proponents have often claimed the cryptocurrency to be a safe-haven asset, yesterday it has proved them wrong. At least, 1 Bitcoin = 1 Bitcoin no matter what. In terms of Fiat, one would have to deal with the dreaded volatility until the market gains more liquidity. With ample regulations from governments worldwide, I'm sure the crypto market will mature like never before. As it's said in the real world, "Don't put all your Eggs in One Basket". Diversification is necessary if we want to survive unexpected situations in the mainstream world like the recent case of the coronavirus pandemic which has affected the worldwide economy. Just my thoughts ;D

I disagree with this. Bitcoin price is not affect by where it is traded. Bitcoin price is determined by traders ( market) and traders are always hypersensitivity with news, by that way price will be affected by news.
Gold has been a standard store of value for thousands of years and it is recognized worldwide. Meanwhile no country claim that Bitcoin is a currency. Until now Bitcoin is just an asset and its value is not stable. We can see and we saw that Bitcoin price can be shock by a rumor, a fake news, or a speak of Warren  :)

Yeah nothing we can do about mindset of people about bitcoin. Even though many users have adopted it, they just seen bitcoin as store of value, nothing more nothing less, some say this will replace other currency but the truth is people only using it for financial purposes such as trading. How often does bitcoin uses on establishment? Few times, just because to show how cryptocurrency is booming. But with a fixef supply has disadvantage since most people thinking is to hold it since its value can increase later on. So its not being used or utilized like what fiat and currency has been used for.

I don't consider Bitcoin as a safe-haven asset as I am aware that any issues regarding the world will definitely shake its position in the market. I only consider Bitcoin as an investment so I choose to hold on to it as much as I can. I am not sure if it is because of COVID-19 or other things that manipulates it but I do know that it is connected to the economic situation we are in so everything is in a decline.

To be honest, it depends on the current situation. In the event that a certain fiat currency is to go down, then yeah Bitcoin would be a safe place to invest your money in. But when this kind of event where food, medicine, and necessary supplies are more important then money, then fiat money would be your best bet. The decline of Bitcoin might be because of the current event where supplies and medicine are more important so it is pretty logical that everything is going down this month.

When saything price crash, people are still unconsiously using fiat money as a standard to measure value, this is the major reason that bitcoin can not become a safe-haven asset

Now some people even say that the machine that makes surgical masks has become the money printing machine, means that medical supplies has become the safe-haven asset, but they still use fiat money to measure value

So I think the key is to let people to use bitcoin to measure value, that will make quite big difference, otherwise, always a slave of fiat currency

people still have overwhelming confidence in fiat currencies. this confidence was temporarily shaken in 2008 but liquidity injections managed to sustain the system.

it's gonna take something drastic like a full blown USD default to break that confidence and change the current paradigm. when that finally happens (could be decades from now), assets like gold and bitcoin could become units of account, which would reinforce them as stores of value.

until that day comes..... Recession Rule #1: Cash Is King (https://seekingalpha.com/article/114144-recession-rule-1-cash-is-king)

You are right, but also WRONG in your conclusion.

Confidence in FIAT is starting to get shaken NOW, hence the market crash, money printing, etc. etc.  Markets are just starting to figure it out, and the result is a CRASH in the price of Bitcoin since the crisis started.  You think the price is gone down a lot now, wait until the economic crash gets even worse, there is no limit to how far the price of BitCoin can go.   The LIE of BitCoin being " Digital Gold " and a safe haven asset is OVER...  People and the market are selling BitCoin like crazy, hence the price drop, and it is just getting started.

Hard Facts

Exactly. As long as Bitcoin is measured against Fiat, it'll never be able to achieve independency from the existent monetary system. By design, Bitcoin is deflationary so it's meant to be used as a store of value. But in a world where people are focused on the money than anything else, selling Bitcoin for Fiat has been the usual trend since it became traded on exchanges worldwide. It's no secret that the number of merchants and businesses accepting Fiat are far greater than those who accept Bitcoin as payment. In a world of chaos, people will simply resort to using what's widely accepted in the mainstream world. It's clear that Fiat is the true winner when it comes to sending/receiving payments in times of need. Physical cash proves to be convenient for emergency situations like the ones we're experiencing right now.

Despite this, the crypto market is still small compared to other markets on the mainstream world. The small liquidity, lack of regulation, among other factors negatively affect Bitcoin's price across the market once undesired events happen worldwide. The pioneer cryptocurrency is still in its infancy so it may take quite a long time before we'll be able to see people using it as a "safe-haven" asset in the mainstream world. Sooner or later, the banking system might collapse leading many people towards decentralized finance. It's the way of the future, where people can put their trust on a system backed by mathematics and cryptography instead of a central authority prone to corruption, fraud, and instability. But ultimately, time will tell us what lies ahead for Bitcoin as people either use it as a store of value or all the other way around. :)




Agree. We should give Bitcoin some time, as it's still not mature enough for mainstream use. The crypto market is still small compared to other markets, as the space is still at an ever-growing rate. Once the traditional banking system collapses (the Fed), you could expect people to use Bitcoin and even Gold more thoroughly as a store of value. As long as people trust Fiat more than anything else, I don't see Bitcoin or other cryptocurrencies going anywhere. We all know that crypto provides more benefits than Fiat itself. While prices are still volatile, I believe the market will stabilize once it's able to achieve ample regulation (and greater liquidity) worldwide.

Despite the dip in price, Bitcoin has still managed to retain its value after all these years. It hasn't gone to zero, so that's a good sign. With the upcoming halving event, it's expected that people would buy more BTC than they'll ever sell across the market. But no one can ultimately predict what Bitcoin's price will be in the future. Hopefully, Bitcoin would prove to be a great safe-haven asset as more people become aware of it over time. Just my thoughts ;D

To overcome this phenomenon, Bitcoin would need to become the global unit of account, much like the dollar is today. This goes beyond just the abandonment of fiat currencies.

Imagine if fiat currencies are abandoned and people return to using gold and gold-backed notes as their primary unit of account. In that situation, I think bitcoins would at best occupy the same space that gold already occupies in relation to fiat today.

Bitcoins would be treated like any other commodity: When economic turmoil strikes, speculators would sell them for safe haven assets like gold, gold-backed notes, and government bonds whose credit rating would be linked to gold reserves.

The current situation is different from the classical one, in which Bitcoin should prove to be a reliable refuge from inflation. To prepare for protection against the spread of coronavirus, people urgently needed money, and bitcoin and other cryptocurrencies are not yet ready for direct use as a means of payment. Therefore, cryptocurrency was sold through exchanges and its price fell. This is evidenced by the current empty shelves in many stores.
If a global economic crisis sets in, the situation will be different. Production, the global economy and prices for ordinary currencies will fall. In this case, it will be logical if people fleeing inflation will invest in cryptocurrency. Stable coins will not help here, because even without falling in price, they will automatically lose value due to inflation of the usual currencies that they are provided with. In this situation, investing in cryptocurrency is a good way out and it will grow in value.

Exactly. There's no other way around. Bitcoin needs to be the reserve currency of the world, in order for people to use it as a global unit of account. I know that's very unlikely to happen anytime soon since Bitcoin is decentralized. It's not issued by any government or central authority, which explains why many people still trust Fiat today. Considering that the USD has been the reserve currency of the world for a very long time, most people tend to trust it more than anything else for their everyday transactions. The only way Bitcoin will be used in times of turmoil as a safe-haven asset is if the entire banking system collapses. As you've said before, Bitcoin will be treated just like gold, when Fiat loses its value. But it will take a long time before this happens.

Nonetheless, I hope that Bitcoin would be used more as a store of value in the future as people recognize its benefits on top of Fiat. The pioneer cryptocurrency needs to solve some issues first (mostly scalability) in order to become used as an alternative to Gold or existing Fiat. The volatility issue is linked to the crypto market's small liquidity (compared to other traditional markets) and lack of regulation in the space. Once that's solved, money will start pouring in Bitcoin and other cryptocurrencies across the market. By then, Bitcoin will become a true safe-haven asset that will gather the likes of institutional investors, average individuals, and businesses alike. After all, Satoshi designed Bitcoin to be an alternative to the existing monetary system. Sooner or later, Bitcoin will be used more thoroughly when undesired events happen in the mainstream world as people put their faith on mathematics and cryptography instead of corrupt governments and financial institutions. Just my thoughts ;D

Exactly. This is probably because most merchants and businesses worldwide accept Fiat than crypto. We all know that Bitcoin is not merchant-friendly because of its slow transaction speeds, high fees, and most of all, unstable prices across the market. As long as people measure Bitcoin's value relative to Fiat, it cannot be used seriously as a safe-haven asset in times of turmoil. Rest assured that once the world's economy collapses, people will resort to an alternative system that's free from the likes of central banks and governments worldwide. This is where Bitcoin and other cryptocurrencies come into play, as they eliminate the middleman out of play.

With only 21 million Bitcoins that will ever be mined, there's more than enough reason for it to be widely compared as Gold. The number of people using Bitcoin is still low compared to those using Fiat. As governments print more money in order to "maintain the economy", inflation will rise like never before. After that, people will lose trust in the banking system paving the way for widespread usage of Bitcoin in the mainstream world. Until then, we'll continue to see people cashing out everything for Fiat in order to survive in this life-threatening situation. Just my opinion :)

UTTER STUPIDITY...

There is a LOT more than limited supply needed to give something value, limited supply itself means NOTHING.    Only 1000  " Hard Facts Coins " have ever been mined, so are they worth trillions each  :D :D :D

BitCoin grew up in a bubble where virtually everything went up.  This is BitCoins first economic crisis, and the price has CRASHED, it is down by 66 % since its all time high, how is that limited supply thing working out ?   BitCoin price is heading down again as I post, you should be very worried....

$ 6,263.21

-7.80%

In a thing like this, you can't think about holding but rather to sell and buy back again once it stops. To think that people should not lose their appetite seeing their investment drops, I don't think so and I know everyone wants to save some rather than lose it all.
To be in real talk, Bitcoin investment is not to be considered as a safe-haven coz any time of the day you can possibly lose. That is why called it a high risk investment unlike local investment.

Safe heaven asset -
NO !

I don't think that anything is a safe heaven now , this is worse than a inflation and deflation and even worse than a financial crisis , nothing out there is something that can actually stand in the middle of all this .

The government is not able to control this and people who have recovered have started testing positive again.

The economy is dying , people are there without jobs , families are suffering .

This is just like the great recession but much worse if not controlled . Trust me in the upcoming days it is only going to get worse .

You're right, which reinforces the the FACT that there are MORE reasons why Bitcoin is very valuable.


That's a stupid debate. HardFact-shitcoins are not Bitcoins.


It WAS a natural Ponzi, LIKE Gold, BUT developed its own circular economy.


Zoom out. Do you like the view? 8)

This kind of volatility is totally normal on bitcoin, you can not expect hundreds of times of value increase without such scale of withdraw. But the concern that bitcoins grew only because of economy bubble is interesting

Bitcoin has not really experienced any major economy crisis since it was born, and this time it is actually performed quite well: Given the scale that crash on S&P and Oil, bitcoin should have crashed more than 99.9% by now if it is correlated to normal financial market, since its volatility is usually 5-10 times bigger than them. But it did not, clearly says that it is either independent of the economy crash or it is highly resistent

But for its price to rise, we need some other mechanism or consensus, so that when in panic, a lot of fiat money are going to buy bitcoin without the slightest hesitation.

(Edit) In fact I prefer a smart contract kind of design, where smart contract automatically buy bitcoin based on the scale of economy crash or the scale of QE. The only question is how to get the QE liquidity into cryptocurrency market, or you just create them out of thin air as well like USDT. I feel that the people with the access of QE money have the possibility to do this but their motivation might be a question

---

Besides that fiat money religion is everywhere, I also don't think it is a good idea to make bitcoin a standard unit of account, since the production cost (mining cost) rises too fast. The cost basically decided the value of a coin, and if a coin's value rises very fast, and you use it as unit of account, everything's price (counted by bitcoin) will drop so dramatically that merchants simply have no way to make a profit

The unit of account should be stable, and can not be created out of thin air (against debt). So I promote to use energy unit like Jole or KWH as unit of account. Since everything's production eventually goes back to the use of energy, it can be a very stable and object measure of value

By using energy as unit of account, there will be different view of value. For example, currently when a barrel of oil price crashed from $40 to $20, and people use USD to measure value, they will call oil price crashed. But if you use energy as the unit of account, a barrel of oil always contains same amount of energy, so it is just the USD suddenly get more valuable

People who call Bitcoin a "cult/religion", are people who want you to part from your Bitcoin, or they're big-blocker-shit-coiner-trolls who want you to part from your Bitcoin. 8)

For now people prefer to keep their savings into cash and furthermore I have a lot of friends who panicked due to Corona and sold a nice amount if cryptos as they fear the lockdown will be much longer than we know for now. In my country we just entry the second level of military security as people are still going out side like nothing is happening. So ask yourself, is bitcoin a safe-heaving in this hard times ? I say no, its just another currency that cannot provide ( FOR NOW ) all the things like buying food and stuff in order to survive.

VERY GOOD RATIONAL thought on this subject !!!

The ECONOMIC CRISIS will be much worse, and last much longer than the Corona Virus.   This will NOT end when people can go outside and do as normal, the economic damage will last MANY, MANY years.  Which is why I expect even more people will need their money and sell BitCoin and other cryptos.     My analysis:  Given the way BitCoin reacted to its first economic crisis, I think it is going down to near zero.

Hard Facts

I think BTCitcoin needs more time to demonstrate its full potential. This is a chaotic time Coronavirus has shaken many economies. We should only expect the cryptographic market behavior in the following days. The time we are living is atypical.

That's probably just because we are in an exponential growth period, the "early adopter" phase. Miners are heavily speculating about future adoption and value. I don't think this will always be true.

Once mainstream adoption has already occurred, Bitcoin loses most of its speculative value, which is replaced with fundamental network value. This should lead to much more stable prices that are more closely tied to actual mining revenue.

I guess you haven't taken a look at Gold and Bitcoin's price comparison, if ever the stock markets goes down then Bitcoin and Gold will follow because they're correlated.
The reason for why Bitcoin is also declining is because in the initial stages of the crisis everybody got rekt so their cashing out any assets even if in profits. Because they need to survive and cover their losses.
If this crisis gets more severe people will start to look for assets to store their money.

This raises a very good question and these times are really the first chance that we've gotten to really see if bitcoin holds up as a "safe haven asset".  So far from what we've seen up to this point is that bitcoin really isn't the "safe haven" asset that so many hoped or wished that it was.  Over the last month bitcoin is down around 32%.  The Dow Jones, S&P 500 and the Nasdaq are all down around the 30% area.  Therefore bitcoin fell right in line with the U.S. stock markets which have been tanking. 

If anything I would say that gold has held up to be the true "safe haven" asset that it's always had the reputation of being.  Gold was even surging during the beginning of this whole ordeal. Gold right now sits at spot price of $1,625.  It's important to note this is physical gold numbers, as equity gold positions (ETFs for example) tend to shift with the markets much more so that than physical metal.

I agree. I was hoping that it would perform better during this crisis. The world needs a sae-haven store of value. Maybe if BTC holds close to what it is not when USD has inflation, then maybe , slowly it will be considered a safe haven. fingers crossed.

Then if the pandemic will be "much longer than we know", wouldn't there be bank runs, bankruptcies, and the collapse of the legacy financial system?

If there was only a self-sovereign, international currency we can use. 8)

https://bitcoin.org/en/

Bitcoin, just like any existing currency in economy around the world, is very much dependent on its macro environment such as this pandemic disease called COVID-19. And to say that Bitcoin is a safe-haven asset cannot be justified primarily because of its volatile nature and how its value being affected drastically due to different crisis. Bitcoin is considered as an investment by the majority that they hold for a time then make a decision whether to still hold the coin or to sell out base from its current state and value but not really something that they can store a value on. Today that people are especially depending to what Bitcoin can offer, it is not considered a safe haven asset but a channel of possible income generator and a medium for withdrawal after some time.

You did not read what I said:   The ECONOMIC CRISIS and depression will be far worse than the Corona Virus, and last for MANY, MANY years....

You are correct about one thing, there should be bank closures, bankruptcies of most companies, etc.   But the government has just BAILED them all out, without that there would have been total collapse of many things.   It will still happen, but it will be delayed due to money printing until money printing does not work anymore.

Hard Facts

NOTHING is assured with BitCoin, it is like being in the casino and hoping you win.   I have no idea if BitCoin will go up or down.   BUT, BitCoins reaction to its first financial crisis is very worrying to me.

Hard Facts

I think any asset that you wish to invest in as a safe haven can work.
There is really no guarantee that the asset or stock you invested in would remain at the same level in this situation.

Some might have stored their value using precious stones and metals,but there's no guarantee that they were not going to lose; as of the time that this pandemic started most of these precious stones decreased in price, though gold seemed to be resistant at first, but after a while the price got affected to a certain level and after a while it started going up again, just like Bitcoin did fall from around 10,000 USD and down to 3,800 USD but later recovered to 6,000 USD plus.

So, you can use whatever you want as a store of value but don't rely on one, it's always best to diversify. Do not diversify with crypto assets only, try others too.

No, there is actually. I can say that you can rely on bitcoin when it comes to profit-making. You should only be careful and never let your environment (like this current pandemic) overwhelmed you which later on leads you on making wrong decision on buying/selling.
What do you mean by "first financial crisis"? Mate this is not the first time when btc experience a bloody dip (not as bloody as I witnessed last 2017). So relax because the price is stabilized at this moment :).

GRADE SCHOOL LEVEL ENGLISH was used here, and you did not understand...   So let me say it as simply as possile:

No one said this was BitCoin's first " bloody dip ", it has dipped in price many times...

I said BitCoin grew up in an ECONOMIC BUBBLE, where everything was going up.  BitCoins price crash in its first FINANCIAL CRISIS should worry everyone.

Hard Facts

Even US President Trump said that by Easter (April 12), an economy must be launched, which suffers large losses due to the unprecedented measures taken to combat the spread of coronavirus. He said that if this is not done, then the consequences of an idle economy can be much worse than that of the coronavirus itself. In my country, the government says roughly the same thing. This means that if the problem with coronavirus drags on, then we can not avoid the global global economic crisis.
It is in this case that Bitcoin and other cryptocurrencies should prove themselves as an anti-inflationary tool. This will be the first serious test for bitcoin.

Unfortunately, that's the harsh truth we're facing today. Even precious metals like Gold and Silver have fallen in price during this crisis. Bitcoin being hailed as a safe-haven asset for quite some time, has also been affected negatively in price as a result of the coronavirus pandemic. It's hard to believe that Bitcoin will do great in times of turmoil, considering how it has behaved over the past days. This is what you get when people are the ones who determine the price of Bitcoin instead of a central authority. Since most people are cashing out for Fiat, the market experiences a bloodbath in price like never before.

Despite this, there's still hope that Bitcoin will be used as a save-haven asset someday. Maybe after the collapse of the world's monetary system, we'll be able to see people flocking into crypto and Blockchain tech? Since Bitcoin is a decentralized asset, it could become immune to real-world events. The reason why that's not the case today is because the pioneer cryptocurrency is largely dependent on centralized infrastructure (like centralized exchanges). But if we were to use Bitcoin directly as a unit of account in a decentralized manner through decentralized exchanges, that wouldn't be much of a problem.

As we're in a time of uncertainty, no one knows what will happen with Bitcoin and other cryptocurrencies in the future. The least we could do is to "hold off" the pandemic, until we see the light at the end of the tunnel.



Bitcoin has performed quite well compared to the stock market, but it experienced a heavy downfall from over $8k per coin to just $6k per coin. That's a massive decline in price that would leave many Bitcoin investors disappointed. This way, Bitcoin can never be used as a safe-haven asset since it could leave you poor in a blink of an eye. The wild fluctuations in price, makes it harder for anyone to use Bitcoin seriously as a currency for day-to-day payments. I don't want to sound pessimistic here, but it's the reality we're facing right now.

A limited supply of only 21 million coins that will ever be mined will do nothing to the price of a Bitcoin if there's not much demand for it. The halving is approaching, yet prices are still a lot low than they were 3 years ago (2017). I'm hoping that everything would turn back to normal after the pandemic ends so that Bitcoin could shine once more as an alternative currency anyone could use as a store of value. Everything will depend on what positive events occur in the mainstream world for Bitcoin to have higher prices over time. Otherwise, you could expect prices to become lower in terms of Fiat like never before. Just my opinion :)

Last week Bitcoin collapsed due to the impact of the COVID-19 spread. In some countries such as China, many people withdraw money from Bitcoin. This is done because some of their areas are Lockdown to an unspecified boundary. So they need a food supply during Lockdown. So this also affects the decline in cryptocurrency prices.

But the market collapse is also caused by a number of investors who sell Bitcoin in large quantities. 

But we must see the current condition that the middle of the virus COVID-19, Crypto-Asset transaction is a very interesting asset to trade. Especially for Bitcoin is able to pump quickly. Yes, this is the best solution to get profit when the community is doing work in the home.

Any events in the world may have an effect on Crypto-assets. However, it will be a temporary impact and the crypto assets will slowly return to the top.

Bitcoin doesn't care. It will continue along WITHOUT down-time.


You already debated against your own debate against Bitcoin. I believe you should rest, breathe, and thinking deeply if trolling is actually for you. 8)

WRONG, WRONG, WRONG....

You obviously have NOT been paying attention.  The SPOT paper price is manipulated.  The REAL price for the actual coins has shot up to record levels, and there is still a months wait if you pay the high price.   Yes, the coins are selling MUCH higher than the paper price, and with a long wait involved.

GRADE SCHOOL LEVEL research here:   Go to any of the online dealers, and see the ACTUAL price you will need to pay and how long the wait is even at the higher price.  Then apologize to everyone here for posting false and bad information.

Hard Facts

If Bitcoin can be considered as a safe haven asset, then almost all the assets would come under this definition. Look at the charts for the past 3-4 months. The exchange rates have fallen by around 50%, and the altcoins have lost their value even more. But then, if you want an asset which is outside the control of the central banks, then Bitcoin is one of the best options out for you.

Can you show us where the market is for that, or is that one of your trolling lies again? Plus, if true, why has no one taken advantage of that inefficiency in the market?

Exactly. In some way, Bitcoin can still be considered a safe-haven asset against the world's monetary system. That's because Bitcoin is outside the control of central banks and other third parties. You can use Bitcoin at will, without fear of censorship or fraud. But if you're relying on Bitcoin as an asset for short-term gains, I'd suggest you look elsewhere. In times of need, Gold performs better than Bitcoin in every way. Still though, Gold and other precious metals have experienced a sharp decline in price as a result of the coronavirus pandemic. Only Fiat has been performing well, as people have been cashing it out for their daily necessities. I believe that most people are not aware about the true benefits Bitcoin provides over Fiat yet. But the time will come when people in the mainstream world will flock into the pioneer cryptocurrency once trust is lost in the world's banking system.

Personally, I wouldn't worry about Bitcoin prices in terms of Fiat since the pioneer cryptocurrency performs well as a decentralized form of money no single entity can control. This gives us power over our own money, which is something not possible with Fiat today (unless it's physical cash). As the crypto/Blockchain space matures, Bitcoin will experience a large reduction in fees and transaction processing times. Over time, the cryptocurrency will become attractive to everyday people making it rise towards astronomical levels in price. Despite the price, Bitcoin is still useful for performing everyday transactions without the need to rely on governments or central banks whatsoever. Hence, Bitcoin could be a safe-haven asset in times of turmoil after all it's been through lately. Just my thoughts ;D

I think you're right. I would not even invest my money in gold and any other financial instruments. It is most reliable to invest in your education, in your own land, in your house, in your plantations or something, for example, a plant nursery. Because even if something happens, you will always have what everyone needs.

Bitcoin is not in competition with Gold and I understand you will describe Gold to have done better though they dont any platform of competition. Bitcoin was design to link with main event and that had shown is relevance in use but I dont understand the type of exchange (decentralized or centralized) affect the price of bitcoin. The pandemic crisis comes once in long while and no project will define itself to handle such crisis but bitcoin IMO had done so well to pick from the dump in short period.

There is two answers here, first is that bitcoin will not be so safe if you have bought it higher than the current price, in turn you will have loss. Second, is that when you bought bitcoin at the time when it was lower than its current price then you will have a profit. There is a duality in this situation so it really is up to you.

By tradition, Safe Haven has always been gold, despite the COVID-19 pandemic, the price has dropped a bit, but not as much as Bitcoin, because gold is mainly physical, it is difficult to move from one place to another, Bitcoin , like the stock markets, falls in the same way, what has been generated globally is panic, in countries with strong crises it does not matter that Bitcoin falls, since prices in local currency continue to rise, in the local economies of some countries if It can be considered as a safe haven, as is the case of Venezuela, that any currency is more valuable than the same local.

YES, I can...  Just go to all the major dealers that sell REAL GOLD AND SILVER COINS...  Look at the price they are charging, and compare it to the spot price, and also look at the estimated delivery date.  You will see an almost 100 % over spot on silver coins.   So simple a 10 year old could do it.

Are you really so utterly stupid that you think the paper markets are free ??   

WISE UP

https://i.imgur.com/u6MUK2l.jpg

Hard Facts

I really don't know what people mean by btc being their safe heaven but to me, No btc should not be considered as safe heaven, maybe I can consider to store my fiat with stablecoin, because even btc has it's ups and downs in most cases, when that time comes you will find yourself asking the question if you made the right decision,
In my own humble opinion, don't rely on btc as safe heaven, it might be surprise.

Gold has been trusted for a very long time as a safe-haven asset by people in the mainstream world. While it's not as portable as Bitcoin is, Gold has a well-established market that can stand the test of time. On the other hand, Bitcoin is relatively new to the world with only 11 years since inception. It might take quite a long time before people will be able to use Bitcoin as a safe-haven asset in times of turmoil. In some countries where their national currencies are hyperinflated, Bitcoin proves to be an ideal safe-haven asset just like Gold is today. The crypto/Blockchain space needs more time to mature as it's still in its infancy. There's a lot of work to be done both in terms of development and regulatory compliance. At least, many governments are recognizing Bitcoin as legal tender. It shouldn't be long enough before the market gets more liquidity for crypto assets to experience price stabilization.

Bitcoin's deflationary model tells us that it should become more valuable than what it is right now, sometime in the future. That's the way it should be if we base ourselves in the rules of supply and demand. But since there's no central authority determining its value, anything could happen. After all, people are the ones who determine how much a Bitcoin will be worth in terms of Fiat. The price is not important if you rely solely on Bitcoin as a unit of account. Wages can be paid using Bitcoin directly, items or services can be purchased with Bitcoin directly, and so on. Remember, 1 Bitcoin will always be equal to 1 Bitcoin no matter what. Determining its price in terms of Fiat, brings more speculation than anything else.

Nonetheless, Bitcoin's decentralized and censorship-resistant design allows anyone to use it as a "safe-haven" asset in times of turmoil. It cannot be shut down easily, operates 24/7, and it's independent from the likes of central banks and governments worldwide. And that's what really matters. Just my opinion :)

There are no assets that are immune I think if facing a pandemic that has an impact all over the world. Investors are also ordinary people, certainly also choose to release some of their investments to fulfill life in the real world. Only the durability varies.
All investment products declined amid this pandemic. Most people prefer to hold fiat, as a "safe" way to maintain value. This is also the most effective way because of difficult conditions, the need for life must still be fulfilled, while many things are decreasing productivity.

If the coronovirus lockdowns are to last ~2 years until a viable vaccine is researched, mass-produced and globally distributed even Bitcoin might not retain too much of its value. Same goes for gold, silver, etc., it's only physical commodities with wide practical uses or things everyone will need that will still be sought after, e.g. canned food, meds, automotive parts (if fuel is still being delivered to the masses), firearms and ammunition, alcohol, radio equipment, etc.

But some countries such as Taiwan or South Korea seem to be doing very well, so I think we can expect the lessening of certain restrictions. In that case the markets won't crash too much (I still think there's some room for price decreases), some might look to Bitcoin as a safe-haven asset.

Even though cryptocurrency is decentralized it is still included for those affected by the pabdemic virus, no one is exempted by the virus all can be affected, all can be broken especially the real life system, our economy goes down because of this virus, there are so many people who gets unemployed and some investors decided to cash out their money because of being afraid that bitcoin may be dean soon because the bitcoin dumping happens so quick.

 One factor also is that they need money to support their lives with foods and some other stuffs so they need to pull out their assets. There are also who experienced panic selling.

What cryptocurrency needs is a crypto backed wifi or satellite network that broadcasts an internet signal worldwide so that anyone can freely access the internet.

The only thing that bothers me about any cryptocurrency as a "safe haven" is that its continuance is subject to an open and freely accessible internet.

We all know that governments can and do shut down its citizens' access to the internet and restrict access and usage in other ways.

Even gold who widely know as safe heaven are also affected, for me there is no safe heaven assets because all have risks. Bitcoin many people see it as safe heaven and it is really a bad decision if they will invest all of their resources because we all know that the market is so volatile and there is recent crash that happened where it could be happen again in the near future. In this time we should focus on protecting our capital first and remember that cash is also a position in the market.

Without a doubt, prices per coin will continue to fall until the coronavirus outbreak fades into oblivion. People will continue to use cash for their daily necessities, since it's widely accepted within the mainstream world (unlike Bitcoin and other cryptocurrencies). This will create a constant pressure on the market, reflecting negative prices not only for crypto but also stocks, precious metals, and more. Despite the price, Bitcoin does well as a decentralized cryptocurrency that's outside the reach of central banks and governments worldwide. People might as well depend on it as a "safe-haven" asset when all else fails. The monetary system is about to collapse, paving the way for Bitcoin and other cryptocurrencies as better options against existing Fiat.

I guess that most people haven't realized Bitcoin's true benefits yet. Once they realize that Bitcoin is truly unstoppable, they'd begin to use it more thoroughly. It's only a matter of time before merchants and businesses alike start accepting Bitcoin as payment method. After all, not everyone accepts crypto for daily purchases. The percentage is very minimum when compared to traditional Fiat. In times of turmoil, Bitcoin may not be a safe-haven asset price-wise, but it could be in the sense that's decentralized and censorship-resistant. This means that as long as Bitcoin operates as intended, it could prove to be a viable alternative against existing Fiat which is largely controlled and manipulated by central banks and governments worldwide. With many countries inflating their currencies to "maintain the economy", the future is bright for Bitcoin and crypto as a whole.

Nonetheless, let's see how the pandemic further develops within the upcoming months. If the situation becomes worse, you'd expect people to flock into Bitcoin like never before. It has managed to survive many negative events in the mainstream world, which shows us how resilient it is. With due time, Bitcoin will be used as a safe-haven asset just like Gold is today. Just my thoughts ;D

I would still trust gold in times of crisis, recession, epidemic and similar events. It has long established itself as the best financial instrument during various crises. Cryptocurrencies in my mind have not yet encountered crises of such proportions as they are now.

In order for bitcoin to become a safe haven, it should become mainstream money, not less than 1% of people's money.

It was a bit of a surprise for me too that bitcoin price dropped so much. The I realized, that such a big fall was caused by investors, not by true believers and long-term hodlers.

There are big investors who has a small bitcoin holding in their portfolio. Small for them, but relatively big for bitcoin market. When the stock market started to fall fast, bitcoin was the first one to be sold as a very risky asset in their eyes.

Bitcoin may become a safe haven in more years to come, but not till it reaches several trillion marketcap, I presume.

Please notice, that gold price also dropped when market panicked. Probably, this is because some people saw the investment opportunities in oversold assets and liquidated some gold positions.

In times like these I don't really think that anyone will choose Bitcoin as an asset they are going to invest in, unless you have enough money and you just want to buy at a cheaper rate and hold till all these come to an end and the price goes back up again.

Bitcoin is a very good asset, and it's one of my favorite assets to invest my money on, but I don't really agree when people say that it's a safe asset. BTC is a volatile asset, and we all know that, so I don't see why anyone would consider an asset which is volatile to be a safe haven. Talking about safe havens, I would say that the number is gold and it has always been gold on the top spot.

The pandemic does not directly affect the market but still, people are having doubts about it.

I do agree that I would still go with gold despite the effect of the pandemic on it in the earlier phases of the virus. The price recovered proving that gold is close to that goat investment.

For some reason people can easily choose between gold and bitcoin as an asset, let us assume that they are going to buy during this time, we can simply conclude that they are going to invest with bitcoin since quarantine is still ongoing and they cannot buy gold, bitcoin on the other hand is a digital asset which you can clearly acquire with internet access. Aside bitcoin has a low price compare to past few months, so there is a chance that people will choose bitcoin than any thing else.

Gold has been on the scene for quite a long time. In contrast, crypto is just starting to blossom with only 11 years of inception. It's the first time crypto is encountered in a crisis of such magnitude, so we cannot say with certainty that Bitcoin has failed as a safe-haven asset. I believe that we should give it some time to mature within the mainstream world. The fact that it's scarce-by-design, tells us that it should become more valuable over time. With a decentralized and censorship-resistant model, people will begin looking it as a "safe-haven" to existing Fiat which is greatly manipulated by central banks and governments alike. The pioneer cryptocurrency is outside the scope of third-parties, just like Gold is today. Most people haven't noticed this yet, but I believe they will as the banking system collapses in its entirety. The more inflation there is on Fiat, the more people will flock into both Gold and Bitcoin as safe-haven assets in times of turmoil.

Nonetheless, it's important to be patient in order to see great results in the future. Bitcoin will always be a valuable cryptocurrency as long as people support it. Together, we can encourage people to adopt Bitcoin as a "safe-haven" asset. Otherwise, it'll be a speculative cryptocurrency with no real use cases for the mainstream world. Let's hope for the best, as the COVID-19 outbreak comes to an end in the mainstream world. Just my thoughts ;D

Unless everyone believes government printing money will be a better safe haven versus a fixed amount of asset like bitcoin or other cryptocurrency. Fiat will always cause inflation, while BTC will continue to grow in value coherent or at a higher growth than inflation.

Exactly. The more money is printed by governments worldwide, the higher the inflation will of Fiat will be. I don't get why so many people are still trusting Fiat above anything else in these times of need, as it should be less valuable than it was before. I guess that there is a lot of misconception of how Fiat truly works in the mainstream world. Smart people will choose Bitcoin and Gold than Fiat since they're "safe-haven" assets in times of turmoil. The pioneer cryptocurrency is still in its very beginnings, as there is a lot to build/improve upon it. On the other hand, Gold is much stable and trusted by many people worldwide. Both Bitcoin and Gold are very similar due to their extremely limited supply. Anyone who's looking to secure his/her capital, would quickly resort to Gold or Bitcoin to be prepared for desperate times like the ones we're facing right now.

In the meantime, people will continue to rely on Fiat for daily payments. Even with social distancing, the average person can still make use of Fiat online with the help of credit/debit cards or a payment processor like PayPal. We need to give Bitcoin more time until it matures enough for the mainstream world to use. Remember, the crypto market is still small compared to traditional markets like stocks and precious metals. More liquidity and regulations are needed (aside from development and innovation in the space) in order to make Bitcoin in-par with other asset types. As long as we work together to make the crypto world a better place, the time will come when many people worldwide will resort to Bitcoin as a "safe-haven" asset against the traditional banking system of today. Just my thoughts ;D

I am agree I think the safe have still be gold the price is actually stable even tho there some price correction right now but the price remain stable, and anyways guys right now there's bunch of crypto backed by gold is the same right to invest crypto and gold at the same time hahah  ;D