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

[iamsheikhadil]

It's just very much overhyped, and people are panicked by the medias so that they are kept distracted from real news. Corona hasn't really claimed as many lives as the media is saying and the people who died were old enough and had a very weak immune system...

[Latviand]

It cannot be a safe haven even if there are no crisis such as corona virus. The market value of bitcoin is laxking stability and putting your money into it would put you at risk unless you are an investor but if you are not, then it would be a bad idea. There is chances of losing profit as its market value is falling, although there are chances also for price increase, which would yield to profit, this is not consistent. Bitcoin is not for save haven purposes, at this moment. If there will be progress in the future and if it will be developed, it could be, but not at this moment.

It's just very much overhyped, and people are panicked by the medias so that they are kept distracted from real news. Corona hasn't really claimed as many lives as the media is saying and the people who died were old enough and had a very weak immune system...

I have seen multiple topics connecting corona virus and Bitcoin market price. The virus is indeed spreading but as what we can observe, there are no impacts to crypto industry. And this should break the assumption that it would. If the scenario would get worse, there is a tendency that it would but we should rather not hope so.

[kaya11]

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!

It can of course, lets say would you touch a money knowing it is infected by the virus? No right? Another way to transact is to use crypto as you will only use your mobile phone, and you smart phone is something that you don't want someone else to be touched, especially to people whore have transferable disease(airborne) or something similar. In this kind of scenario crypto is essential, money is dirty and goes to one hand physically to another. Economy can be saved and their money will be either higher in price (crpto currencies) or the opposite, if bitcoin crashes.

[betty11]

It's important not to attribute bitcoin with the deadly virus affecting humanity and killing men of good will. The WHO has recently warned that the deadly virus could be spread through paper note which is something to worry about, they advise people go cashless. Cryptocurrency may have to be study by the world economic forum.

[BrewMaster]

i believe that it is mainly because so far to this date bitcoin price has never been changing based on incidents in the world that have been affecting other markets. for example there are times when stock market pumps but bitcoin remains the same or vice versa.

the past 24 hours have been strange though because we had another small drop which brought the price back to $8k range without any reasonable explanation.
if we get out of this slump then we can easily see the big rises start and with all other markets crashing hard, that can attract some additional money towards bitcoin market.

[Searing]

Right now BTC/Crypto seems to be acting like a 'fast cash' ATM machine to fill up your emergency fund due to the CoronaVirus.

With the drop today (Sunday 2/8/20) I suspect that at least for now, BTC/Crypto is acting as a precursor to what the Stock Market is going to do

on Monday and this week. I'd be preparing for an 'epic' dump there again. But again, what are you gonna dump first in a crisis? Stocks? Have

to deal with broker, who will try to talk you out of it. Gold? If in a developing country have to dig that out from under the house. Bitcoin..easy

peasy to dump that to get the old emergency fund filled up due to this black swan event coronavirus pandemic.

Real-World-Issues-Suck for Everything now. Stocks/BTC/Crypto/Bonds/everything has frigging tanked and will probably continue to do so in waves

as people see that this is THE FRIGGING FLU and likely MOST of us will get it. But it will not be all at once and likely will take 1.5 to 2 weeks to

recover from to go back to work. This could stretch out well into June/July!

Then, IMHO, when such has passed and the recovery is supposed to happen, the other mismanagement of assets by the powers that be and in the USA

the Trump Administration etc will then become apparent and this latter situation is why I'm still in HODL mode. This is pandemic crisis is simply a black

swan event IMHO over the real world mismanagement of economies worldwide..which will reach a frigging head... sometimes when people look at facts of such

after this pandemic and the supposed restart of the economy and find out that NOPE..that ain't really gonna float well either.

Anyway, why I HODL and still on plan B route and accumulating BTC/Crypto......there is a 2nd act after this pandemic passes...and there is still a lot of blood

to be spilt..when folk look about and go whew! Onward and upward and find the ladder to such much steeper when re-evaluating after this pandemic.

ugly, ugly, ugly for everyone for probably the rest of the year. Indeed this could wipe out any gains at all from halving (pandemic) and cause a 90%

miner capitulation. So I'm gonna treat it, for now, like the crash of 2013-2014 from $1,000 BTC to $250 BTC or some such and accumulate and HODL.

If I'm wrong and BTC/Crypto is just a 'speculative endeavor" like stockmarket etc and not a 'store of value' well ...' supposedly' it will still come back

via adoption and use along with such things as the stock market at least someday ..worse case. Anyway, my view (whim) so far.

Bloody Frigging Sunday Indeed!

[Twentyonepaylots]

i believe that it is mainly because so far to this date bitcoin price has never been changing based on incidents in the world that have been affecting other markets. for example there are times when stock market pumps but bitcoin remains the same or vice versa.

I don't usually compare crypto market to the stock market as they are different in many reason, however there is a relation to the price movement from stock to crypto but it does not necessarily mean that it has changed because of the other market. Events in the world is noticeably changing the prices on both market, it is crazy to call it coincidence.

the past 24 hours have been strange though because we had another small drop which brought the price back to $8k range without any reasonable explanation.
if we get out of this slump then we can easily see the big rises start and with all other markets crashing hard, that can attract some additional money towards bitcoin market.

It bothers me when I saw the price of bitcoin dropping at $8K again, like I'm confused where are we going with the price given that there is a huge problem with the disease, are we moving downwards instead of upwards? How about the halving?

[TheNewAnon135246]

i believe that it is mainly because so far to this date bitcoin price has never been changing based on incidents in the world that have been affecting other markets. for example there are times when stock market pumps but bitcoin remains the same or vice versa.

I don't usually compare crypto market to the stock market as they are different in many reason, however there is a relation to the price movement from stock to crypto but it does not necessarily mean that it has changed because of the other market. Events in the world is noticeably changing the prices on both market, it is crazy to call it coincidence.

the past 24 hours have been strange though because we had another small drop which brought the price back to $8k range without any reasonable explanation.
if we get out of this slump then we can easily see the big rises start and with all other markets crashing hard, that can attract some additional money towards bitcoin market.

It bothers me when I saw the price of bitcoin dropping at $8K again, like I'm confused where are we going with the price given that there is a huge problem with the disease, are we moving downwards instead of upwards? How about the halving?

There are several fingers pointing at the Plus Token scammers.

https://twitter.com/ErgoBTC/status/1236072541808029696?s=20

[xvids]

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 .

Yes crypto is an option when it comes to online payment,
But that doesn't guarantee anything there are still some ways for the current currency to be used online just like here in the Philippines we could use G-cash or Paymaya to pay for any transaction they have an online wallet and a card that we could use anytime anywhere.

[garyrowe]

If the information regarding bank notes https://www.google.com/amp/s/nypost.com/2020/03/08/who-offers-advice-about-using-cash-as-coronavirus-continues-to-spread/amp/) is anything to go by,  Bitcoin and other cryptocurrencies can be the much needed safe haven in carrying out daily transactions. Permit me to say, that coronavirus issue is only for a while and as such there is no need for panic as this will be handled in a no distant time.

[gundala]

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!

It could be that bitcoin has a greater chance of being a safe haven asset. The decline in the stock market is quite visible since the issue of this virus, many experts also predict that this is interrelated. On the other hand, there is no sufficient influence to dominate the BTC movement. Previously BTC had provided enough evidence that laya was a safe haven asset when there was a conflict between the US and Iran. Although currently there is no significant evidence yet, because investors tend to be in risk-on markets, BTC opportunities are quite good.

[Oasisman]

It's just very much overhyped, and people are panicked by the medias so that they are kept distracted from real news. Corona hasn't really claimed as many lives as the media is saying and the people who died were old enough and had a very weak immune system...

This is true. In fact, remember SARS was more deadlier than the current Corona Virus (Covid-19) which hasn't been half of mortality rate than the SARS 35%.
Some news were overhyped and people are over reacting, that causes panic buying to store foods inside the house hold. While, some of the crypto investors think it's safer to store money in Bitcoin, but I think that wasnt the case since the market has been declining.

[Ozero]

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!

We have already seen that disasters like the spread of coronavirus do not strengthen the price position of cryptocurrency. The price of bitcoin and other cryptocurrencies will only increase if the regular currency depreciates, that is, inflationary processes will increase sharply. If, after the coronavirus, a global economic crisis sets in, then in this case the cryptocurrency will have to prove itself.
In a situation where people needed urgent cash, all markets collapsed, including cryptocurrency.