How will financial crisis affect crypto?

[Kong Hey Pakboy]

It looks like the downtrend on the financial system is inevitable. How do you think this will affect crypto? People used to refer to gold in the past, will they move to crypto this time instead?
I kinda think, that the upcoming crisis actually gives crypto a chance.

Indeed. The financial crisis doesn't even impact the crypto market, especially during the pandemic or the corona crisis that only the banking system and stocks have suffered. This year 2020 proves that bitcoin and cryptocurrencies don't get affected by the economy that it can truly save our financial system because its market only shows stability and growth.

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[Om.monata]

There are pros and cons to the effect of bitcoin, some say it provides a good opportunity to own bitcoin, some do not agree, but I personally think the opportunity for bitcoin can be minimized or used during a crisis, and bitcoin can be a valuable asset reserve

[best2015]

It looks like the downtrend on the financial system is inevitable. How do you think this will affect crypto? People used to refer to gold in the past, will they move to crypto this time instead?
I kinda think, that the upcoming crisis actually gives crypto a chance.

Previous years show us that overall financial crysis can heavily boost crypto market, but that effect won't last for long if economy is completely destroyed, because most people will stop reinvesting their funds from fiat to crypto at some point

[Xinarae*]

Corona caused a lot of damage to the country's economy due to the financial crisis. Construction industry is a big sector of domestic production in the government, this industry is also affected by the impact of Corona. This will prolong development projects including mega projects and increase costs. Record amounts of high costs high levels of corruption, and inefficiency in project implementation will exacerbate the financial crisis. However, the development of this sector in terms of crypto is that crypto does not have much impact. Many traders are overcoming the crisis by making money through short-term investments with a small amount of money.

[Kupid002]

There are pros and cons to the effect of bitcoin, some say it provides a good opportunity to own bitcoin, some do not agree, but I personally think the opportunity for bitcoin can be minimized or used during a crisis, and bitcoin can be a valuable asset reserve

It really give a good opportunity other people just don't want or afraid of accepting the truth that bictoin can help them in financial or for even basic use like buying necessity like buying online which is more and more company is already accepting Bitcoin as one of their payment option. In situations like this online payment is  very helpful and because of social distancing crypto currency is good alternative for Fiat money as payment.

[AndySt]

It looks like the downtrend on the financial system is inevitable. How do you think this will affect crypto? People used to refer to gold in the past, will they move to crypto this time instead?
I kinda think, that the upcoming crisis actually gives crypto a chance.

Based on the example of this March post, we can conclude that the pandemic has a positive impact on the crypto market. The question is by what?
I suppose due to the fact that the entire world economy is in decline, and people are increasingly switching to digital environment. I hope bitcoin will hold out high enough for the main high-quality projects to realize themselves.

With all my respect and reverence for bitcoin, I don't think bitcoin is ready to take the place of gold in investors ' portfolios yet. Gold has a long history as a protective asset and let's not forget that the reserves of central banks, commercial consist partly of gold and this is not in doubt. it is great that some investors and funds have started to pay attention to bitcoin as an investment object and as a protective asset, but still bitcoin will not replace gold, only will push it in portfolios.

[Rk83768]

Due to COVID-19 pandemic dramatic loss of human life worldwide and presents an unprecedented challenge to public health food systems and the world of work.Hole World Effects Unemployment People No Any Job So Unable Money investment Any Industry in June to July 20 but Aug Sep Crypto Boom Good Investment Crypto New Invester Coming.

[Indriahimovie]

There are pros and cons to the effect of bitcoin, some say it provides a good opportunity to own bitcoin, some do not agree, but I personally think the opportunity for bitcoin can be minimized or used during a crisis, and bitcoin can be a valuable asset reserve

It really give a good opportunity other people just don't want or afraid of accepting the truth that bictoin can help them in financial or for even basic use like buying necessity like buying online which is more and more company is already accepting Bitcoin as one of their payment option. In situations like this online payment is  very helpful and because of social distancing crypto currency is good alternative for Fiat money as payment.

We can see the price of Bitcoin continues to rise, many companies use Bitcoin in their business ventures because of the many benefits that can be obtained, storing Bitcoin assets also preserves the value of assets and even preserves their value, transacting with Bitcoin is safer and efficient.

[bryant.coleman]

Based on the example of this March post, we can conclude that the pandemic has a positive impact on the crypto market. The question is by what?
I suppose due to the fact that the entire world economy is in decline, and people are increasingly switching to digital environment. I hope bitcoin will hold out high enough for the main high-quality projects to realize themselves.

The COVID 19 pandemic presented an unique opportunity for cryptocurrency in 2020. In some areas, it has made significant progress. But in some other sectors, it has remained stagnant. The usage of Bitcoin as a payment medium has witnessed hardly any improvement during this period. On the other hand, it's use as an investment asset has received a massive boost, thanks to mainstream investment firms and corporations such as PayPal and Square.

[chikading2016]

Financial crisis is now hitting the economy due to the corona virus, people cannot do thier regular work so it is really hard to earn because we are not free to move or find a job. But i think it cannot affect crypto in fact it can make the people analized or think how important crypto so there is a posibility that in the next year more people will surely become interested on crypto.

[tyz]

The COVID 19 pandemic presented an unique opportunity for cryptocurrency in 2020. In some areas, it has made significant progress. But in some other sectors, it has remained stagnant. The usage of Bitcoin as a payment medium has witnessed hardly any improvement during this period. On the other hand, it's use as an investment asset has received a massive boost, thanks to mainstream investment firms and corporations such as PayPal and Square.

I agree with you. The crisis would be a great opportunity for alternative payment systems like crypto. Unfortunately, despite the progress of the last few years, it is still cumbersome to pay with crypto. The transaction times are still too long. Because of the virus, cash will continue to decline and instead of relying on electronic fiat money, we should use more crypto in order to be able to maintain our own independence.

[Noctis Connor]

Financial crisis is now hitting the economy due to the corona virus, people cannot do thier regular work so it is really hard to earn because we are not free to move or find a job. But i think it cannot affect crypto in fact it can make the people analized or think how important crypto so there is a posibility that in the next year more people will surely become interested on crypto.

Well it is true economy of fiat money since many business closed because of covid and other are removing some of their employee we can't blame them because there are not enough people who are entering into their business it is really hard to find a job since this pandemic hit us, but theres always an alternative ways you can work at home by doing some freelance , but this pandemic open a good opportunity to crypto currency they can also earn from it when you knew how to manage and as you can see there are big volume added to the crypto prices and that is why people are celebrating because of big hit happening to crypto.

[Dragonfund]

It will, check the financial crisis that happened on2008, it took time before traditional market was able to recover. Same scenario has once had a problem with Bitcoin. Early this year, Bitcoin was making news and thanks to its halving and then suddenly covid-19 hit the entire bitcoin market, it made a nice comeback which has been stronger than any assets I have seen.
If you want to know the power the power of financial crisis, let the second wave lock down be implemented, you will see how it will affect bitcoin price and other altcoins.

[X-ray]

Financial crisis is now hitting the economy due to the corona virus, people cannot do thier regular work so it is really hard to earn because we are not free to move or find a job. But i think it cannot affect crypto in fact it can make the people analized or think how important crypto so there is a posibility that in the next year more people will surely become interested on crypto.

It can affect crypto but it was not so bad as the centralized economic where all of activities were running offline. Crypto is fully automated and it can be running online. That means if crypto is only getting small impact from the covid virus. It's true that people can't earn more caused by so many people got fired from their jobs but institutional investors were moving their money to the crypto.

[aioc]

The effect is nowt something that will make the economies of many countries collapse, but the use of cashless transaction will become popular and countries will now look at Cryptocurrency as a good alternative for cashless transactions that is the reason why Cryptocurrency did not crash when so many assets and investment are dropping, this is how strong the Cryptocurrency economy has become.

[DrBeer]

The crisis will not affect cryptocurrencies in any way. The influence may be on the actions of people who may decide to invest in cryptocurrency, deciding that such a move will help save or even increase savings. But what will happen as a result of such actions is hardly predictable, someone will be lucky and he will save his funds, someone will increase, and someone will lose.

[lixer]

It is actually a double edge sword for us. I live in a nation with high inflation and because of this my crypto worths more and more every day, which means I do have more and more money. I have been doing the same work for over 3 years now very steady, but when I look at my salary I have been making a lot more money, probably about double or triple of what I used to make, and when I look at my income I feel like I am very rich right?

Well the thing is, my country is managed so badly, even double of my income compared to 3 years ago means that I can't survive, everything is soooooo much more expensive here, more than doubled the price, so I need to make triple of what I used to make in order to survive and not be in debt.

So, it is great that crypto goes up in financial crisis, at least I can try to catch up, would have been worse if I made the same amount of money, would have probably bankrupted by now so I am happy to make double of what I used to make, but in a financial crisis even that is not enough.

[jaysabi]

This original topic was posted in March 2019. Was there even a financial crisis back then? I can’t think of what “financial crisis” OP was even referring to. The world we live in today is so vastly different than whatever prompted this post nearly 2 years ago.

[AmoreJaz]

This original topic was posted in March 2019. Was there even a financial crisis back then? I can’t think of what “financial crisis” OP was even referring to. The world we live in today is so vastly different than whatever prompted this post nearly 2 years ago.

i noticed that too. however, if the OP will revisit his thread and look back to what happened even this year alone, this pandemic crisis that brought a lot of crisis to everyone not only financial but mental, health, you name it. and here we are, crypto esp bitcoin is doing great in the market, achieving a new ATH. so it shows that financial crisis or whatever crisis we are in, crypto will strive and find its way to survive. not only survive but flourish in the market.

[MCobian]

This is what I like about crypto, sometimes financial crises that occur make crypto prices go up even more. Maybe because many people
think investing in crypto can be a store of value. So the rich and many big companies decide to invest in crypto, compared to saving his
wealth in a bank that risks falling value due to inflation. We know that in the current economic crisis, the pandemic has yet to end,
making many countries make policies for printing money, of course this will have a bad impact on fiat. So crypto is a solution in financial
crisis situations like now. Especially with the increase in the price of Bitcoin, can get profit if trading Bitcoin now.