Coronavirus is very harmful to fiat currencies, not bitcoin

[countryfree]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

[johnyj]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

The problem is that cryptocurrency does not provide a immediate relief of the concern, because it is considered as an asset, which you always have to sell it first then get fiat money to spend. If you could spend it right away then maybe there is a less motivation to sell it, but that is not possible since now tax authority want to get a cut from each spending

[naaimmd]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

I don"t see that because coronavirus is Global crisis and we don't see it's stopping soon and as you can see btc super violated and there's no guaranty it won't affect in future more.

[JohnSegWick]

Yes somehow the prices have been affected as well. There is at least some correlation now. Still, it's good to have a little bitcoin as diversification of asset classes.

[Assface16678]

One of the most controversial news today about the world is the spreading of the virus NCov 19 or most popularly known as coronavirus this virus comes from Wuhan, China there are a lot of evidence that this is a start because of eating exotic animals and insect by that it is widely spreading because of having a direct contract to the people and now it is widely spreading for over the world and some of the country today are making a lockdown to make sure that the virus won't spread anymore to the nearest cities and countries. There are some country today are favor to remove the transaction of physical money because the virus can attached to the physical object and the person can be infected of they touch those things and touch their nose, eyes, and mouth with an infected object and today they are promoting the use of digital currency, even it looks like harmful for fiat currency there are some people withdraw and hold their coins that may cause if decreasing of the market price of the bitcoin and altcoins too, still we are hoping this will be finished immediately and back to normal again.

[Wintersoldier]

This corona virus is starting to collapse the economy of a country that has been affected of this virus because a lot of productivity has been stop and there are a lot of people are stating to hoarding since there are lock downs in their places. Fiat currency is a physical object , so it is possible that the virus could be pass on to another person, that is why there are countries who avoids accepting physical money for their own sake because you can't really say if that money has been touch or not by an infected person.

[jakelyson]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt

It is turning into a global crisis, I do not think they have other options.

In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Say that to the current price. 12.47% down in 24 hours, that is a huge drop. The crisis brought by COVID-19 should not affect bitcoin but it still affects the holders. We are just humans, we get scared, we panic and we panic sell. Hope we recover from this crisis soon.

[abhiseshakana]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

What is attacked by the coronavirus is not fiat, bitcoin or the economy. What is attacked by the coronavirus is humans as economic agents and economic drivers. If humans are limited in their activities by being isolated and quarantined at home, then the economic wheel will slow down and may also stop.

If supply chain problems, especially basic needs are not met, it will cause chaos and commotion in the community. Simple analogy, when we are sick, our appetite is lost, let alone to think about business and investment, our concentration is only to recover. The loss of desire to do business and because of the massive nature of the spread of corona outbreaks, caused a combination of sluggish majority of economic actors, plus restrictions and restrictions on activities by the government even to quarantine a city. This caused the economy to stagnate and not stop.

Worse yet Corona Virus attacks the country with the largest trade figures in the world and a center for manufacturing consumer products and semi-finished goods. Which causes the industry to weaken and even stop. When the economy is disrupted, fiat money also stops spinning, which in turn lowers its value.

Markets or exchanges can be manipulated but natural disasters and disease attacks cannot be manipulated.

[Yatsan]

This corona virus is starting to collapse the economy of a country that has been affected of this virus because a lot of productivity has been stop and there are a lot of people are stating to hoarding since there are lock downs in their places.

It really does, the capital city of my country got a lockdown after declaring a positive case of NCOV-19 from its composed cities. People are panicking to the point that they are buying lots of alcohol and disinfectant which leaving the others unavailable. Several operations conducted from Metro to provinces, vice versa, are being hurt due to this and will cause a terrible economy in the future but I guess the government is already preparing for this one to come.

Fiat currency is a physical object , so it is possible that the virus could be pass on to another person, that is why there are countries who avoids accepting physical money for their own sake because you can't really say if that money has been touch or not by an infected person.

This is where the fiat is disadvantaged, as people are often to use fiat and contacted it, the virus could easily transfer from one to another person leaving the disability of the virus to be airborne useless. Using crypto and other digital payments would be helpful on such cases like this, it might be even the solution for non-contact policies and social distancing.

[mersal]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

It takes years to recover even from today's loss in global economy so fiat money will lose the value more and it will be worse if the virus will be uncontrolled for few more weeks.But we can't say it didn't affected the crypto market,it is no exception to the crisis but we can expect the things back normal in anytime when people realize that crypto should get affected with this issues.

[gentlemand]

The problem is that cryptocurrency does not provide a immediate relief of the concern, because it is considered as an asset, which you always have to sell it first then get fiat money to spend.

Of course. This is a longer term boon, definitely not a short term one. Bitcoin is going to get fucking hammered just like everything else. When the smoke clears you can bet your bippy that economies will be even weirder, more skewed and more zombified than they already are which is really saying something.

It's at that point that more people come to a realisation as to whether anything is worth anything and look around for something straight edge and cast iron like BTC. It's going to be a nice while yet before it starts to happen though.

[pugman]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

On the contrary. Its the fact that the whole thing becoming a pandemic worldwide that has caused mass panic worldwide, and the stock market is already facing the consequences and now the crypto market.

I mean, since yesterday, the degree and rate of volatility has been so significantly larger, as compared to the anything that has happened in the past year. Wherever there is a huge situation, there is a bigger issue in the markets, and panic selling is definitely a given.

I will just say, the markets will be back up soon, the precautions that are being taken is extremely well done, and the spreading of the virus will reduce, and the markets will become normal again.

[adzino]

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Like in what terms will bitcoin remain unaffected? If you are talking about the price, then I am sorry you are wrong. Look at the price. It is already completely drowning deep with the whole market bleeding red very badly. Most people here use crypto currency as a store of value, not as a currency that can be used as a day to day transaction. The way corona virus has affect the price of stockmarket, is completely similar to the way it affected the crypto market.

[fiulpro]

The problem is , Fiat is connected with bitcoins and vice versa , economy at the end of the day is all connected and therefore any problems in one will cause a great deal of loss for the other too .
I do think Corona Virus is harmful for the cryptocurrencies too .
Speaking from a personal point of view , am also gonna take out my money due to Quarantine and prices getting higher than normal .

[Scotslass]

The problem is , Fiat is connected with bitcoins and vice versa , economy at the end of the day is all connected and therefore any problems in one will cause a great deal of loss for the other too .
I do think Corona Virus is harmful for the cryptocurrencies too .
Speaking from a personal point of view , am also gonna take out my money due to Quarantine and prices getting higher than normal .

Why wouldn't you put in more money due to high chances of all markets growth in nearest 2-3 months?

[gentlemand]

Why wouldn't you put in more money due to high chances of all markets growth in nearest 2-3 months?

In 2-3 months imagine how many businesses will have gone bust and how many people will be unemployed. Entire industries will basically stop operating and I doubt there are many that can afford to shut down, wait it out and then fire up again as if nothing has happened. That aspect has only just begun.

Before that there'll be a lot of selling pressure from people who need to get through this period of time. Selling pressure now and no income to buy in future adds up to a pretty gross looking few months.

[NavI_027]

Why wouldn't you put in more money due to high chances of all markets growth in nearest 2-3 months?

In 2-3 months imagine how many businesses will have gone bust and how many people will be unemployed. Entire industries will basically stop operating and I doubt there are many that can afford to shut down, wait it out and then fire up again as if nothing has happened. That aspect has only just begun.

This will happen if, and only if, the situation gets worse. Hearing in news that one's economy collapse after 2-3 months is not impossible especially for those affected poor countries because they will definitely have a hard time to bring solution upon such problem. It that happens then everything will fall, like a domino effect.

I know stressing ourselves due to current happenings is normal but let's don't forget to be optimistic. Focus on the bright side. The fact that mankind able to find ways on curing the disease and as long as there are people recovering then that's enough to be thankful to God. He will bless us .

[gentlemand]

This will happen if, and only if, the situation gets worse. Hearing in news that one's economy collapse after 2-3 months is not impossible especially for those affected poor countries because they will definitely have a hard time to bring solution upon such problem. It that happens then everything will fall, like a domino effect.

It's happening right now. Almost everyone here has little to fear from the disease. It's the hysteria and economic paralysis that they're going to feel and it's already rolling. I know of people in tourism who block book their whole year around now. They've already laid their staff off as there are no bookings for this year.

Hopefully in a month or two people will realise the world isn't ending. All the same there will be a large hit that'll take quite some time to digest.

[Magkirap]

The problem is , Fiat is connected with bitcoins and vice versa , economy at the end of the day is all connected and therefore any problems in one will cause a great deal of loss for the other too .
I do think Corona Virus is harmful for the cryptocurrencies too .
Speaking from a personal point of view , am also gonna take out my money due to Quarantine and prices getting higher than normal .

Indeed, currency whether its cryptpcurrencies or the fiat currencies, its all connected to our economy and i yes it is like a building where if one foundation has been damaged it will bring damage to the whole building and that is what's happening right now, the virus is affecting the fiat currency and look what effect does it brings to crypto, were experiencing dumps right now but of course this is just a challenge for humanity, to test us and i do hope for the next copule of months that the crypto market will be back to normal as well as each countries economy.

[fudster]

I doubt something will change in 2-3 months though. If we are talking about halving then yes the supply will be lessen but who cares about bitcoin when they can't spend it. The dumps will keep on going til we see the corona virus are contained in every country that's affected. China had made it but that's how good they are at solving problems, what about Italy, what about the rest?

Lucky are the ones who lives in the remote islands who people are just living out of harvesting the ocean because they are not going to suffer scarcity.