Bitcoin during pandemics

[princesspoppy]

The crash in economy and stock market due to the spread of covid 19 virus doesn't mean it is not related to the crash in the market. What is happening in the worl right now is now affecting the crypto market and that is for sure. People will do everything they can in order to survive, even if it means nothing will be saved for their future. People will convert their assets - gold orbcryptos in order to buy the things they need in order to survive. This will then somehow affect the crypto market.

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[sunsilk]

The panic selling caused the market to drop and with the other speculations that the miners are dumping as well so that they can pull the prices down because of the upcoming halving.

People are taking cash so that they can buy themselves some goods to survive with the affected areas of lockdown. Even to those who are not affected, they wanted to be safe that just in case, they can pull bucks in their pocket.

For the other viruses that were spread before, bitcoin wasn't totally affected because it wasn't recognized at all during those early years.

[FanatMonet]

It can be assumed that prices for cryptocurrencies fell due to the large amount of money that was withdrawn from them for various purchases of medicines, medical masks and various antiviral drugs. And the banal amount in cash does not hurt at such times.

[CarnagexD]

The bitcoin during the outbreak fall down immediately many people start having panic at the same time and use their cryptocurrency and immediately sell those into the market and convert into the fiat currency. Some of them use that money to buy all the things they need and all the stuff they need to use to survive into the outbreak happens to them right now. To the people does not being aware of the panic selling the instead they pull out their bitcoins still they hold it because they know they lose their money immediately. Also form the previous year of the market price of the bitcoin it falls too for over 3k dollars and it happens again to us and after than market price the bitcoin comes back into the halving and get a hugely profitable market income so they can now make a lot of profit and wait the halving is coming again.

[LEON331300]

This COVID-19 pandemic issue is the basic reason for the recent crash on the world leading stable coins; Bitcoin to be specific.  Further fall of the coin Is being predicted, since most of affected countries are on lock down may will definitely result to the fall of stock  and defiantly have a detrimental effect of the crypto market

[conected]

It can be assumed that prices for cryptocurrencies fell due to the large amount of money that was withdrawn from them for various purchases of medicines, medical masks and various antiviral drugs. And the banal amount in cash does not hurt at such times.

- This assumption does not seem too reasonable because if people need some money for shopping during a pandemic, the income from the job, the money they have accumulated, the support from the government, too many sources can solve this urgent problem. Bitcoin can receive influence only very low when it is the last place that people think of when there are no other options, the drop in a pandemic is just a temporary panic, when people become calm and seek extra income at home, bitcoin will be able to raise prices from that search

[Lizzylove1]

Covid-19 pandemic contributed to the loss in Cryptocurrency market and bitcoin is showing a great resistance to it. Since major market of the world are collapsing it's affecting investors other source of income which make them to sell part of crypto asset to  survive the impact of the pandemic. I don't think this will have a lasting effect on the bitcoin market as compared to crude oil and stock market.

[maydna]

Although when the pandemic occurs make bitcoin price drop to the lowest price level, right now, bitcoin price can increase. But unfortunately, the bitcoin price does not raise and hit more than $7,000, but it stays at $6,000. Perhaps, we will see $7,000 soon, but we never know when it will happen. But yes, this pandemic gives impact to all things we know and not just stock, but cryptocurrency also get the effect, but fortunately, crypto can survive in this pandemic. What we are waiting for now is everything can be healthy again so that crypto will be increased too, and we hope that after it ends, we will see the bull run for the cryptocurrency.

[Flickkk]

Covid-19 pandemic contributed to the loss in Cryptocurrency market and bitcoin is showing a great resistance to it. Since major market of the world are collapsing it's affecting investors other source of income which make them to sell part of crypto asset to  survive the impact of the pandemic. I don't think this will have a lasting effect on the bitcoin market as compared to crude oil and stock market.

You can't blame the pandemic about the fall of bitcoin .
Because when a holder die because of the pandemic. It has a big chance that bitcoin will be stable or pump because  there will be a  huge affect on the circulation of bitcoin.

[South Park]

The panic selling caused the market to drop and with the other speculations that the miners are dumping as well so that they can pull the prices down because of the upcoming halving.

People are taking cash so that they can buy themselves some goods to survive with the affected areas of lockdown. Even to those who are not affected, they wanted to be safe that just in case, they can pull bucks in their pocket.

For the other viruses that were spread before, bitcoin wasn't totally affected because it wasn't recognized at all during those early years.

It does not make a lot of sense for the miners to dump their coins now and make the price to go down when they want the opposite and the current price of bitcoin is so close to their mining costs, however I agree with the rest, right now people are afraid and they prefer to be in cash in the case they need to buy something they really need, and while bitcoin is a great investment at the current price many are thinking ahead and preparing themselves in the case things get even worse.

[maskforbitcoin]

Does the unlimited money printing of Fed will potential increase appeal of bitcoin? Fed & Gov are printing trillions of dollar now. Debt to GDP ratio increased by 10% overnight from that stimulus deal!

[camito]

Been seeing a lot of post about the COVID-19 and how it affects different markets like stock, oil and cryptocurrency
but I wonder if these things are just now or it happens every time there is a pandemic disease like this.

I tried to search for some charts that might help to analyze if there are really a direct effect on the bitcoin with https://cointelegraph.com/bitcoin-price-index

I'm not going to include the 2009 H1N1 pandemic virus since the bitcoin was created on that same year. I'ma start in 2012,
Middle East Respiratory Syndrome Coronavirus (MERS-COV)

DATED from Jan1 to June31 2012 (6months)
Discovery of MERS-COV was in April, Seems like there isn't much effect on the price not until in June when it starts to increase ( about 20%)


Ebola Virus
Although it was first discovered in 1976, there is an outbreak happened last 2014.

DATED FROM Jan1 to June31 2014 (6months)
The price increased relatively.
Price dump in Feb but recovers in March where the first case of Ebola was recorded.



COVID-19
Discovered in late 2019 (Pandemic outbreak; Recent)


The price seems great in mid-feb and reached $10K but then it starts declining when things are getting worse with COVID-19.

The bitcoin seems unaffected by the first two pandemic at those time, while now the COVID-19 looks so impactful but why?
The relative increasing of price might be the root why such pandemic disease happen so rattling the crypto space.But then again we cannot assure these things.

I'll update this thread if necessary.

We know that probably the reason for the decline here is the panic among Bitcoin users. They relate Bitcoin's stability with the decline of fiat currency that's why they are on panic selling. If we take a look at it, if most Bitcoin users would still behave and critically analyze the situation, we would see an average graph at most rather than a declining slope. That's the only relationship established between the two.

[johnyj]

I'm thinking about an extreme case, where the pandemics keep going on for a year or two, and there are almost no one here have USD, all go broke, all they have is cryptocurrency, is it possible to start to use cryptocurrency to make some economy activities without caring about fiat money anymore?

It seems that no matter how much fiat money they print, it still don't reach the people that most need them

[lepbagong]

Covid-19 pandemic contributed to the loss in Cryptocurrency market and bitcoin is showing a great resistance to it. Since major market of the world are collapsing it's affecting investors other source of income which make them to sell part of crypto asset to  survive the impact of the pandemic. I don't think this will have a lasting effect on the bitcoin market as compared to crude oil and stock market.

You can't blame the pandemic about the fall of bitcoin .
Because when a holder die because of the pandemic. It has a big chance that bitcoin will be stable or pump because  there will be a  huge affect on the circulation of bitcoin.

obviously the corona epedemic must have an impact on the world economy and it is certain that it will also affect bitcoin even though it is not directly and may not be large. but many bitcoin holders and investors are also bothered by the corona epedemic because many also want to participate so that this epedemic soon passes with the help they provide. hope that this epedemic soon passes and crypto runs uninterruptedly with the corona epedemic.

[squatter]

Does the unlimited money printing of Fed will potential increase appeal of bitcoin? Fed & Gov are printing trillions of dollar now. Debt to GDP ratio increased by 10% overnight from that stimulus deal!

The immediate recession and steep drop in oil prices represent strong deflationary pressures, so the eventual inflationary effects won't be felt for quite a while. In the longer term, I'd say yes, it increases Bitcoin's appeal a great deal. The pandemic crisis and immediate economic concerns will take center stage for now, though.

[LogitechMouse]

it is not COVID-19 that has affected bitcoin price, it has never been because there simply is no relationship between the two. it is literary every other market that has been dumping and the fear that the weak hands had thinking there should be a dump in bitcoin too so they jumped the ship. with whale manipulation accumulation on top, we've got ourselves a big crash

There is no relationship between the two I believe but the virus made an impact with the global market and the crypto market as well.

It isn't the virus that is the main reason why the markets went down but it has been the catalyst of it. Because of the virus, it created a massive paranoia and that forces the weak hands to sell their assets that they're holding and crypto is one of them. On the other side, if you have a spare cash at the time of the crash and you are a pro then I believe that you bought some cryptos and some stocks at a cheaper price already.

[shoreno]

it is not COVID-19 that has affected bitcoin price, it has never been because there simply is no relationship between the two. it is literary every other market that has been dumping and the fear that the weak hands had thinking there should be a dump in bitcoin too so they jumped the ship. with whale manipulation accumulation on top, we've got ourselves a big crash

There is no relationship between the two I believe but the virus made an impact with the global market and the crypto market as well.

It isn't the virus that is the main reason why the markets went down but it has been the catalyst of it. Because of the virus, it created a massive paranoia and that forces the weak hands to sell their assets that they're holding and crypto is one of them. On the other side, if you have a spare cash at the time of the crash and you are a pro then I believe that you bought some cryptos and some stocks at a cheaper price already.

yeah when people have a spare cash they will not end up selling too but i believe mostly have it because people are always known to be prepared when in times of there is an upcoming crisis , this is why i also believe that panic sellers isnt the cause of the dip and not the virus either but for me i think its pure manipulation as i know that manipulation already takes place before and they only timed it or they only initiate it when there are popular events .

[Kurokonobasuke]

As we can see in the graph the pandemic corona virus has a large impact in the market price, because this virus is easily transfer from human to human by just coughing and touching the infected objects. The coronavirus also effects all the currencies because many people are just stable in their houses so that the price of every currency are going down. I hope that this crisis will end soon and everything will get back to normal.

[OcTradism]

The pandemic and many types of paranoid around it that occur almost everywhere around the world are very perfect environment for a proof of bitcoin strength in serious crises. Bitcoin was born, back in 2009, in a global financial crises and now in 2020, we have been in another worse global crisis, that will create another bigger financial crisis in months later.

In Bitcoin, I believe that it will take that pandemic as an advantage for faster acceptance, globally.

[Yatsan]

As we can see in the graph the pandemic corona virus has a large impact in the market price, because this virus is easily transfer from human to human by just coughing and touching the infected objects. The coronavirus also effects all the currencies because many people are just stable in their houses so that the price of every currency are going down. I hope that this crisis will end soon and everything will get back to normal.

That is happening cause people are starting to panic buying means, lot of people now are pulling out their investment and spend it for their own safety as you can see, crytocurrency is not alone, stock market is literally crashing right now and a lot of other markets too are suffering. This is a world crisis and many country will suffer from economic lost because of this. If this pandemic is going to stay for a long period of time lot of people are going to suffer not just with virus but in poverty too.