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March 21, 2020, 07:40:46 PM |
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Against all odds, it was unexpected by majority to see bitcoin price dip down admist the coronavirus break out. so far, the most brought up reason for the crash in price has been associated with human need to switch to stable liquid assest. The coronavirus outbreak coupled up with the panic buying as a result of no knowledge of how long the outbreak will last for and also the need to survive while isolation is still at its peak caused majority of people to sell off their btc, the dump was really high. Majority of people invested in btc for the long term benefeits of it, but in a situation where the essential need of humans such as housing, foods, hand sanitizer and of course toilet papers, Investing no longer become a priority.
As of writing, you can’t buy toilet paper or food with Bitcoin(this might change in the future). Only with cash. At the moment, we can all smile again gradually, as the prices are beginning to rise again.
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