Can Bitcoin become a safe haven for corona virus economic impact?

[Tilbrook007]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

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[minairia3]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

Dont be affected so much with the virus. Yes Indeed, bitcoin is still a safe haven in spite of those fud that are going around with it. Everyone should be stay calm and dont use the panic button for selling your asset as this will only add negative effect on its price.

Global recession might be happened but as long every government can contained the situation this will be prevented. Dont put much stress on this stuff.

[NavI_027]

Yes! Bitcoin is ahmm let's say a better option for making transactions especially that there is a virus outbreak but the question is until when? Until the corona virus exists? If that's the case then it won't have a significant move through our mass adoption because everyone will get out soon. For me this dream of ours do not depend on whatever scenario we are facing, it depends on the willingness of each and everyone. If all of us really like the concept of cashless society then all of us will make ways despite of any hindrances .

[The Cryptovator]

For me, I can't see much affect on bitcoin due to Corona virus. Currently China is the one who affect massively and their economic conditions isn't so good. If they can't prevent it slowly their economy system will collapse and as a result it would effect on global economy. When global economy will start collapse then we will see its effect on bitcoin as well. Bitcoin become a part of global economy, so adoption depend of global economies. In my opinion if we can't prevent Corona virus and in case it spread all over world like China then we might see bitcoin price collapse due global economy.

[Taskford]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

Yeah it could be an option for people who know about the fundamentals and the risk on  bitcoins but for new I don't think its a best option since they might get panic if  they see the price moves especially if goes down, That's why I always though that maybe majority of people  will go for gold if there's a global recession happens but hopefully we will not come unto that point since the scenario is very scary.

[pakhitheboss]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

I do not understand on what sense do you think Bitcoin has a real chance for mass adoption? Bitcoins value is fueled by Fiat. If economic growth gets hampered due to the virus then it will also affect the crypto market.

[Janation]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

I don't think it would be that way.

China is known for its mobile transactions and it is one of those countries that is widely using mobile payment method. The market of China is so big and a lot of payment system is accepted. Corona Virus is mutating, which means it is really getting worst. The problem still surrounds how will the citizens of China maintain their living there with minimal stocks of food and other essentials there.

[White Christmas]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

That's right i'm pretty sure that bitcoin could be one of the best safe heaven to cure the effect of the coronavirus to the country's economic growth especially that the impact of the coronavirus that has been occurring right now will become more outrageous. Maybe bitcoin is one of the key to lessen the bad impact of the coronavirus to the economic growth of one's country and also i'm pretty sure that there would be a massive adaptation of bitcoin due that many people assuming that it is the safe haven of the virus negative economic impact.

[Assface16678]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

That's right i'm pretty sure that bitcoin could be one of the best safe heaven to cure the effect of the coronavirus to the country's economic growth especially that the impact of the coronavirus that has been occurring right now will become more outrageous. Maybe bitcoin is one of the key to lessen the bad impact of the coronavirus to the economic growth of one's country and also i'm pretty sure that there would be a massive adaptation of bitcoin due that many people assuming that it is the safe haven of the virus negative economic impact.

The virus is continuously spreading around the world and many people today are going to migrate just to avoid the spreading of this virus some of the people came from different country that is affected by this virus are connected into the world of cryptocurrency or the bitcoin and some of them are pulling out their money or funds just to transfer into different places, that kind of action is quite disturbing with the use of bitcoin too because we are affected now by the economic price of this kind of problem, still the other country today and the world of health organization or the who are now making a cure to the virus but still it is better if the different country today is going to lock down those cities that are affected on it to make sure that the virus will not be spreading.

[Ailmand]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

Bitcoin can be an alternative to fiat just in case people are worried about economic downfall during the virus spread. The spread is starting to create fear around the world since the number of people affected by the virus and death toll increase as time pass by, which is slowly affecting world economy. I've read that some aviation company had less flight, and had to put some of their employees on leave due to travel ban in some countries. This will affect major businesses as well as tourism in some country which I think has a major impact in economy. Another article was shared in our local thread that Iran is using less of their bank notes since it can be a major virus courrier which I think is true. This can push people to use alternative payment method such as cryptocurrency or online payment methods.

[Yatsan]

First time that the cryptoscene encounters a situation like this, so not surprised a lot of questions are filling up around it. Safe haven? Possibly. Stocks are falling around the globe because companies have seen a fall towards the production process of their companies, and the financial situation of companies are currently varying with many postponements done and many factories being unable to produce what they normally do because of letting workers go home to prevent the spread of virus.

There are still a few factors here and there, but BTC has a chance, just a chance though. There's a possibility that BTC is actually affected as well, just that it isn't really seen as much.

[kryptqnick]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

Dont be affected so much with the virus. Yes Indeed, bitcoin is still a safe haven in spite of those fud that are going around with it. Everyone should be stay calm and dont use the panic button for selling your asset as this will only add negative effect on its price.

Global recession might be happened but as long every government can contained the situation this will be prevented. Dont put much stress on this stuff.

Well, while coronavirus is overhyped as a topic, it truly has a huge impact on the traditional economy. There're multiple articles on this topic, but here's one:https://www.weforum.org/agenda/2020/02/coronavirus-economic-effects-global-economy-trade-travel/. In some areas the impact is already quite heavy, and it's not likely to get better in the foreseeable future. Not to mention that the global economic crisis is also something that's expected to happen quite soon, so maybe the coronavirus itself is not a big challenge from economic perspective, but it can trigger something bigger. Maybe it already has: https://www.wsj.com/articles/more-markets-head-toward-correction-territory-as-coronavirus-spooks-investors-11582864550.
So anyway, I believe that Bitcoin might go down along with everything else initially, but it is bound to go up as something that is not directly affected neither by hyperinflation (the fiat problem) nor by the coronavirus.

[FanEagle]

The virus is continuously spreading around the world and many people today are going to migrate just to avoid the spreading of this virus some of the people came from different country that is affected by this virus are connected into the world of cryptocurrency or the bitcoin and some of them are pulling out their money or funds just to transfer into different places, that kind of action is quite disturbing with the use of bitcoin too because we are affected now by the economic price of this kind of problem, still the other country today and the world of health organization or the who are now making a cure to the virus but still it is better if the different country today is going to lock down those cities that are affected on it to make sure that the virus will not be spreading.

It is not actually possible to lock down any of the countries who are infected with such virus. I can only imagine of a lock down if more harmful virus like a zombie virus or something gets viral. Though it is not possible. WHO has appointed a group of experts to find a antidote for this corona virus but until now, they are not successful to find such antidote.

There is huge money associated with bitcoins or cryptocurrencies so I think that this huge capital should be used for the betterment of the nations. There also are a number of medical science projects which also have some most advanced gadgets which can be used to prepare a antidote for such virus. It might be the time where WHO can collaborate with such huge projects and find a cure for corona virus.

[Wexnident]

It is not actually possible to lock down any of the countries who are infected with such virus. I can only imagine of a lock down if more harmful virus like a zombie virus or something gets viral. Though it is not possible. WHO has appointed a group of experts to find a antidote for this corona virus but until now, they are not successful to find such antidote.

There is huge money associated with bitcoins or cryptocurrencies so I think that this huge capital should be used for the betterment of the nations. There also are a number of medical science projects which also have some most advanced gadgets which can be used to prepare a antidote for such virus. It might be the time where WHO can collaborate with such huge projects and find a cure for corona virus.

A few countries have provided a lockdown though afaik. If airports of lockdown though, then I haven't heard about em BUT lockdowns of towns and hotels/etc. are being done in a few parts of every country already. It's actually kind of like a zombie virus, just that it spreads more peacefully ( if compared to biting humans) and in a more invisible way. Tbh, it's a lot easier to quarantine a zombie virus (if its possible) because the effects are visibly public. Unlike how corona is, where it has a stealth feature (somehow like that)

[mindrust]

Bitcoin isn't a magic wand. It is sound money. If you want to understand what will  it do in which situation, you need to understand what bitcoin is first.

If a recession happens, people will not spend money on anything but food and toilet paper.

Since bitcoin isn't widely adopted yet, as long as people have their chance to use FIAT, they'll avoid bitcoin.

The only situation where people might wanna use btc over FIAT is, if they happen to have no other choice.

And that's only possible when people lose their trust in the banking system. And this is happening right now. The FED is making our decision easier.

[barbara44]

Corona virus is actually spreading more globally. Even some other major countries excluding china have been found symptoms of corona virus. This is really getting a lot dangerous. Corona virus was been started from china and also there are some leaked videos where chines people are intentionally spreading corona virus. This might have made the outbreak of this virus go more viral in china which then spread it's root in some other countries as well.

BTC might help financially to get rid of this virus but even if this virus gets global than I think that there would be some financial crisis and it might even affect the price for bitcoins. People might sell their bitcoins just to have some cash on hand to get themselves cured with this deadly virus.

[hatshepsut93]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

Be careful what you wish for, economic crisis is in no one's interest, think about it, in the very best case your BTC investment will go up, but you and your family will probably lose your jobs, the prices will go up, etc., so overall it will be a net negative for your life. And there's no guarantee that Bitcoin will react positively to a recession, there's no proof that Bitcoin is a safe heaven, it's most likely not correlated at all, so all you have is just volatility.

[20kevin20]

Be careful what you wish for, economic crisis is in no one's interest, think about it, in the very best case your BTC investment will go up, but you and your family will probably lose your jobs, the prices will go up, etc., so overall it will be a net negative for your life. And there's no guarantee that Bitcoin will react positively to a recession, there's no proof that Bitcoin is a safe heaven, it's most likely not correlated at all, so all you have is just volatility.

It's not something to wish for. Economic crisis is imminent at this point.

As far as I've seen, the virus situation we're confronting today is leading to the "digital" idea of cash and some people surely did start thinking about accepting digital only instead of physical, tangible currency. The markets are immature enough for Bitcoin not to take a path and keep staying volatile. Once volatility will reach the level of Gold's, you will know the market has matured. And I believe that time will only come after the number of BTC/block will decrease substantially or once the entire supply has been mined.

[Debonaire217]

Perhaps, the entire cryptocurrency world could possibly be widely affected by the issue. If you have read about some news, there are news concerning COVID in South Korea, wherein, the Government is planning to burn/quarantine their cash. That could mean that there should be an alternative way of transacting and I find cryptocurrency and digital payments to be the best alternative as there is no physical contact needed, and even you aren't near to each other, you could still transact with one another.

Though, it needs a careful planning, and Government needs to establish the trust of the people towards it. In other case, they might create a particular cryptocurrency dedicated to their country.

[ballerin and giroud]

At the moment BTC is holding its ground and I believe if things get really bad with corona virus BTC has a real chance for mass adoption. If corona virus gets really bad there will be leave without pay, global recession etc!

I read an an information/news last night who stated that the Korean government has burned their money fiat to avoid the spread of this virus on their country, and I watched some videos on youtube as well that there is some people who wash their money because they are afraid of being hit by corona virus. And I just thinking that the using of money fiat/money paper will be reduced. Many people there will choose digital money to avoid it and of course for some countries who accept bitcoin as a payment system will be used by its user as mean of payment. Regarding as safe haven I guess it is still far to be, there is gold who will be consider by many people as safe haven.