Coronavirus is very harmful to fiat currencies, not bitcoin

[20kevin20]

Gold will be unaffected (supply-wise) too, so will any other asset except fiat. So what's the point? All assets are going to be affected when it comes to their price. There are too many people selling literally anything to get cash ASAP.

Governments are trying to take any measure possible to hide the hole of debt we've entered. It's a hide-it-until-you-can't game they're trying to play. Let me tell you something: once the real side of economy is going to pop to the surface and people will start facing the reality (which is terrible), that's when the real market chaos begins. As far as I'm concerned, out of 10 friends of mine, not even 2 or 3 see the real threat behind this virus. That's scary.

When I'll mention here that out of 10 friends of mine at least 7 have finally woken up, you'll know the real economical game has already begun. I expect the downfall of many assets people have previously believed in, but only for a few months. After these months, the rich and patient will take action.

Fiat will most likely go into hyperinflation if it hasn't already. Purchasing power is already theoretically lost.
One day, the scarce assets will prevail.

[AniviaBtc]

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.

Fiat currency circulates faster than digital currency and it is a tangible thing that can be passed from one person to another. You don't know how old a fiat money is, so you have no idea if that is still not contaminated by the virus. According to Gan Kim Yong, the COVID-19 can be passed if a person with the virus coughs and touched a certain surface and that surface is touched by another person and then touched his face. There's a direct and indirect process, we all know that money is one of the most contaminated because I'm sure that everyone already touched it from time to time.

So we need to wash our hands with soap for 15 - 20 seconds and wash it again with alcohol. Also avoid touching our faces after we touched a fiat money and always be mindful of our actions. I suggest to use your bitcoin if it is necessary and you really need something pay for your goods.

[Blackdeath]

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.

Fiat currency circulates faster than digital currency and it is a tangible thing that can be passed from one person to another. You don't know how old a fiat money is, so you have no idea if that is still not contaminated by the virus. According to Gan Kim Yong, the COVID-19 can be passed if a person with the virus coughs and touched a certain surface and that surface is touched by another person and then touched his face. There's a direct and indirect process, we all know that money is one of the most contaminated because I'm sure that everyone already touched it from time to time.

So we need to wash our hands with soap for 15 - 20 seconds and wash it again with alcohol. Also avoid touching our faces after we touched a fiat money and always be mindful of our actions. I suggest to use your bitcoin if it is necessary and you really need something pay for your goods.

This Corona virus is really more harmful in fiat currencies than cryptocurrencies because the virus could be pass on to you if the last person who touch the money is contaminated or infected by the virus, that is why you should be clean to yourselves and boost your immune system for you to avoid getting infected by the corona virus.

[abhiseshakana]

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.

The coronavirus pandemic provides us with valuable lessons that disaster beats anything. We may have early detection devices for disasters but nature always gives surprises that we cannot understand. This is proof that we cannot control nature. Even the falling price of bitcoin makes many people doubt about the halving process, whether the halving can trigger bullish run or not?

As long as an area, city or country, if the population is independent and very little dependent on other areas, then they will survive the plague. It's just that sometimes we only think of being independent after a problem occurs. The situation will be different if we already have preparations and simulations responding to global disasters and epidemics such as Corona.

[kenanajkunic]

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.

Too bad that Bitcoin (and other cryptocurrencies) are not being recognized by the masses. For now BTC is mostly being used by investors and people who are HODLing. We need to somehow make BTC more accepted and less of a taboo to people. And i think that until people become more accepting of cryptocurrencies that they will never be used for their initial purpose (and that is to make money decentralized and not controlled by the government)

But that's just my take on it

[Xampeuu]

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.

Fiat currency circulates faster than digital currency and it is a tangible thing that can be passed from one person to another. You don't know how old a fiat money is, so you have no idea if that is still not contaminated by the virus. According to Gan Kim Yong, the COVID-19 can be passed if a person with the virus coughs and touched a certain surface and that surface is touched by another person and then touched his face. There's a direct and indirect process, we all know that money is one of the most contaminated because I'm sure that everyone already touched it from time to time.

So we need to wash our hands with soap for 15 - 20 seconds and wash it again with alcohol. Also avoid touching our faces after we touched a fiat money and always be mindful of our actions. I suggest to use your bitcoin if it is necessary and you really need something pay for your goods.

This Corona virus is really more harmful in fiat currencies than cryptocurrencies because the virus could be pass on to you if the last person who touch the money is contaminated or infected by the virus, that is why you should be clean to yourselves and boost your immune system for you to avoid getting infected by the corona virus.

by exchanging banknotes, then a virus that can last for 10 hours on inanimate objects can be transmitted quickly, making it difficult to deal with it, therefore wHO supports digital transactions to avoid direct contact with someone, like cryptocurrency, at least reduce the spread of the virus widely

[CHENIEN]

Coronavirus is scarier than storm which is secretly attacked by people and killing one by one, with this opportunity we don't know the cure except of maintaining the power of our immune system that because we can't see on what the virus form, therefor the fiat currency affected globality which is probably some people are hesitant to hold money.

[Rafael_Carrero]

Coronavirus is a disaster which affected crypto and the broader tech industry too. So it's harmful for Bitcoin too. Decentralization and limited supply help the crypto be more resistant than fiat.

[criza]

Well, as the virus continue to invade and spread among countries, this could possibly affect the standing of Bitcoin in the market for the time being. But, I think it would not affect it greatly as the virus could be over just after 2-3 months because, a lot of countries now are gradually overcoming the virus such as China. But, base from the standing of Bitcoin in the present it goes into a dump even with the virus threatens the people to use fiat, this might be a sign that it has little to no impact at all.

[julius caesar]

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.

Actually there are some news that the said virus can be transmitted thru the usage of paper money? I am not quite sure actually. I think that is possible so I would like to suggest the usage of crptocurrency or digital money to be able to transact online. It is better to avoid the person to person transaction and avoid being infected by the virus.

[Sanugarid]

The economy of every countries affected would surely fall down as the outbreak continues. It led to lockdowns which made most of the employees avoid going to work or sometimes, companies makes it mandatory not to make their workers go out for their job so that much more spreading of the virus can be avoided. It was also studied that the virus can stay on paper money or coins making its range of dessimination bigger. That's how we can consider it unhealthy for the fiat money but at the same time, it harms crypto also cause the pandemic outbreak makes people anxious of their surrounding and not their investment anymore, even transactions become less often because of it.

[awik p]

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.

Actually there are some news that the said virus can be transmitted thru the usage of paper money? I am not quite sure actually. I think that is possible so I would like to suggest the usage of crptocurrency or digital money to be able to transact online. It is better to avoid the person to person transaction and avoid being infected by the virus.

but if we look at the characteristics of corona viruses, they can last about 10 hours in inanimate objects, and money is a place to move viruses effectively. when people make transactions with banknotes, then they hold on to each other, and it is possible for the virus to spread widely. this is different from bitcoin which is done digitally

[countryfree]

This is what I had in mind:

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program
https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html

People are queuing to buy toilet paper, but the dollar bill is the next toilet paper.

[KrisAlex18]

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.

Actually bitcoin is also affected by the COVID-19 that is why our market keeps on going down, but in our current situation, cryptocurrency is the best thing that we might use compared to fiat currency to avoid interacting with many people. In this kind of situation bitcoin is really valuable but the thing is, if we are facing problem on our country the market is also facing the problem because of so many people affected by the virus, maybe those traders, players, investors and big whales are also affected which results of going down of the bitcoin.

Let us help each and everyone by staying at home and not going outside just to purchase and transact someting, you may do it through online, there are so many websites that accept cryptocurrency.

[Farma]

that's what should have happened, so I was very confused when I saw the price of bitcoin drop so dramatically. I concluded that people take back their assets, and exchange them for fiat so that the deficit will fiat increase. this, causes damage to the investment and economic sectors of a country. in fact, the crisis also occurred in my country.
actually I think that it is very good when people turn to crypto for the current situation, but it seems this decline makes others think otherwise. I do not think that this has a great influence on crypto.

[thesmallgod]

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.

And this makes e-currencies the best option because no direct contact like fiat and it is also fast. I heard some banks in Czech republic are encouraging bank transfer and online payment directly for purchases of goods and services in order to reduce the chance of contracting the disease which I believe it is very good. I think the op is generally talking about the effect of increasing budget deficit on fiat compare to fiat but also the pandemic has effect of crypto

[imstillthebest]

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.

And this makes e-currencies the best option because no direct contact like fiat and it is also fast. I heard some banks in Czech republic are encouraging bank transfer and online payment directly for purchases of goods and services in order to reduce the chance of contracting the disease which I believe it is very good. I think the op is generally talking about the effect of increasing budget deficit on fiat compare to fiat but also the pandemic has effect of crypto

also venezuela too  . people are also encourage to not  depend on fiat not because of the virus because that was happening a long time ago  .

this is good because even thier governments doesnt want them to use physical fiat  . it was like they want thier people to use more digital currencies but didnt mean its already a crypto because there are also many digital currencies  and most of them were older enough than a crypto but cryptos do also have thier advantage which make them a choice for people who wanted to use digital curencies  .

[tvplus006]

by exchanging banknotes, then a virus that can last for 10 hours on inanimate objects can be transmitted quickly, making it difficult to deal with it, therefore wHO supports digital transactions to avoid direct contact with someone, like cryptocurrency, at least reduce the spread of the virus widely

I think that the danger of Fiat for the spread of coronavirus is exaggerated. Now more turnover is accounted for non-cash payments using a credit card. As for the calculation of cryptocurrency , it may not be so quickly accepted by the governments. Now the first task is to defeat the coronavirus.

[FanEagle]

Yeah gold is the key here, if we go to route of gold we will actually be pretty decent as well in price and for investors but not that much for the shopping spree with bitcoin payments and all that life. If we go to fiat route tho we will be digital fiat, even fiat is digital these days so it wouldn't be really all that different. Bitcoin has to decide on what it wants to be first, we are acting like we are both a commodity and a currency and they have been long different from each other, we do not pay people with gold coins anymore, haven't done that in decades, probably centuries.

So, we should at least pick what we want to be and move from that route. I wouldn't mind neither because both of them would at least improve us a bit but undecided hurts us.

[tbterryboy]

Bitcoin wasn’t able to hold that position for long. Though I’m suspecting that Coronavirus is not the only reason why the price of Bitcoin decreased as of recent. A lot of things have happened and they must have all affected Bitcoin price.

After my research it seems like experts have not come to know what exactly caused the decrease in price. Some of them have said that Coronavirus is the reason since every other market were affected , so why not?. Then others are blaming it on miners for not selling out much of their mined coins to the market. And then we have the PlusToken scam. They have not really arrived at any conclusion, these are not even the only things that might have caused.