Tyler Winklevoss: BTC is not a hedge to pandemics

[FanatMonet]

I'am absolutely agree, as we all know when the corona virus started in spreading it everything are collapsed and the bitcoin doesn't saved from collapsing because of what is happening in our crisis now. But instead of worrying about the price of many currencies such as bitcoin, we need to give so much attentions on our health, family and foods because these are most important among them. After the crisis about the COVID-19 everything will be fine and starting to get back to normal, but for know just focused on our health first.

Absolutely, now, against the background of the coronovirus, our health and the health of our loved ones are coming to the fore. Although the introduction of various measures, such as self-isolation, provides opportunities for a more detailed analysis of the market, due to more free time.

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[btc_angela]

Who said Bitcoin is a hedge to pandemics tho?

No one. It's just that a lot of people are already claiming that bitcoin failed as a hedge in general just because it crashed by 40%+ most likely due to the fear of the coronavirus pandemic. I mean, take a look at r/cryptocurrency and crypto Twitter.

Right, many have claimed that bitcoin could be a good leverage and they have picture this for many years that people started to believed in it. However, with the recent covid-19 pandemic and the way bitcoin has been tested and reacted, seems that it is not a good hedge for this kind of massive health crisis.

[nosferzd]

My opinion on this tweet is absolutely the opposite - gold, oil, gas and other resources will only fall due to the crisis, while bitcoin, on the contrary, will grow. The panic subsides and we see how the cryptocurrency market comes to its former state

[LEON331300]

He is actually right,  the pandemic has really had a negative impact on stuck, globa economy,  crude oil and cryptocurrency.  At this rate if the spread,  we don't even know when it would end.  Let's all hope for the best

[jacafbiz]

This is true, has the market is showing in a pandemics like the world is witnessing the price of most asset is going to be affected negatively. I just hope this issue with Corona Virus get resolved soon because if not it could be a long night night and as e have seen it is very easy for the price to go down than to go up

[stompix]

Who said Bitcoin is a hedge to pandemics tho?

No one.

No one? Lol!!!!!!!!!
It was more like everybody!
Should I start posting here all the topics how BTC is saving people from war, famine, economic meltdown, even wildfires?
There were topics right on this forum, about how BTC is not affected by the coronavirus, all the meme of the honeybadger not caring?

Common, a lot of people saw this crisis as a launchpad for BTC, a lot of people have some weird fetish that is the world is going to end you will make it with BTC.
No, a lot believed that BTC was a safe heaven that people scared from the virus will buy the coin and dump stocks.
It didn't happen.

My opinion on this tweet is absolutely the opposite - gold, oil, gas and other resources will only fall due to the crisis, while bitcoin, on the contrary, will grow. The panic subsides and we see how the cryptocurrency market comes to its former state

Mars to ....wherever you are!
Have you actually checked the charts and the prices before saying this?

[gentlemand]

No one? Lol!!!!!!!!!
It was more like everybody!
Should I start posting here all the topics how BTC is saving people from war, famine, economic meltdown, even wildfires?
There were topics right on this forum, about how BTC is not affected by the coronavirus, all the meme of the honeybadger not caring?

Common, a lot of people saw this crisis as a launchpad for BTC, a lot of people have some weird fetish that is the world is going to end you will make it with BTC.
No, a lot believed that BTC was a safe heaven that people scared from the virus will buy the coin and dump stocks.
It didn't happen.

I can't believe anyone thought this would be 'good for Bitcoin'. Some sort of economic shock in isolation, maybe, but that's always bilge too. Definitely not something of this magnitude. You'd have to be a legitimate nutter to think that but I think we probably have enough of those.

I've never believed a proper recession would do it the slightest good and we might be on the cusp of a big 'un. Alternatively they might blag their way out of this with some truly shameless moves which theoretically would be beneficial for Bitcoin's perception. We're not going to know until a few months have passed.

[rexxarofmoknathal]

Of course not, nothing is resistant to a sudden panic sell, and liquid assets like Bitcoin and fiat currencies are usually the first to go.

After all, it's not so easy to liquidate gold or physical assets, hence why stocks tend to get dumped like mad while commodities and precious metals stay up.

That said, I do think Bitcoin will recover faster than traditional markets once the pandemic eases up.

[otto2012]

First, Bitcoin dropped like everything else on the markets.

Then, unlike the rest, it has started to recover.

How is it not safe haven?

From what I know, more and more nocoiners have been turning to crypto in general and specifically to Bitcoin lately.

Those who are claiming now that Bitcoin has failed, lost apriori.

[kryptqnick]

https://twitter.com/tylerwinklevoss/status/1239255301171314689

Do you agree on Tyler's view? personally, this is what we have seen obviously, when global markets are affected, every assets are going to be impacted as well, gold and oil for instance. And. this is new ground for bitcoin, we have never seen this before. The use case that we have witnessed is the Venezuela crisis, not a pandemic like this so I'm with agreement with him

Yes, I think he's more or less right. However, I'd say an interesting word combination here is 'short-term'. While Bitcoin is going down along with everything else, we can see that it's been able to recover a bit already, and the trend might even continue. And since it's about fiat regimes rather than the pandemic, but the pandemic might bring fiat regimes to their end, the time when these words gain special meaning might come very soon. Yep, it's me still believing Bitcoin might get out of this all becoming a save haven. This belief still exists, but it is getting weaker.

[gentlemand]

First, Bitcoin dropped like everything else on the markets.

Then, unlike the rest, it has started to recover.

How is it not safe haven?

Some might say it just reacted quicker than stock markets. It's traded 24/7 worldwide unlike markets with circuit breakers and closing times. It's going to plunge quicker and deeper so a recovery will be quicker and higher too.

To convince me it's not correlated to overall sentiment it would have to do its own thing for several weeks in a row and I can't see that happening. It is of course welcome to do that if it wants to.