COVID-19 Increased Bitcoin Adoption

[ajaymukund]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

That's just your point, and because of these thoughts, sharks get bigger and bigger. The financial market is not only bitcoin, there are many traders participating in the forex market and world stock market. For the crypto market, the market capitalization of more than VND 200 billion is too small compared to other financial markets.
Besides, to explain your question, ask yourself a question, when the disease comes, are people afraid of starvation or fear of running out of money? most of them were afraid of starvation so they sold off financial assets and bought goods.

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[inoes]

How high do you want the price?
due to the corona virus, some people have to sell their assets to make ends meet, in addition to this epidemic many countries experience difficult situations, their impact on the economy is getting worse.

[pakhitheboss]

I think the opposite has happened. Covid19 has reduced Bitcoin adoption.

In crisis situation like this people tend to keep and store fiat rather than invest and adopt. This is one of the main reason why Bitcoin price got dump before the halving and it is still struggling.

[ashraf100786]

I think The price of bitcoin came down due to Corona virus It will take time for the price of bitcoin to go up. Because of the Corona virus, there are lockdowns and fears and anxiety around the world. They have with held their investment. When the world overcomes this pestilence And many people will enter into bitcoin and crypto currency And I hope this time will come soon

[Sithara007]

How high do you want the price?
due to the corona virus, some people have to sell their assets to make ends meet, in addition to this epidemic many countries experience difficult situations, their impact on the economy is getting worse.

Well.. this is true. I had to sell a small part of my cryptocurrency holdings to take care of unforeseen expenses. If the situation continues for another 2-3 months, then it is going to get really difficult. And to add insult to injury, the Bitcoin prices are going down as well. With just two months to go for the block reward halving, the mood seems to be overwhelmingly skeptical.

[Twinkledoe]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?

That's just your point, and because of these thoughts, sharks get bigger and bigger. The financial market is not only bitcoin, there are many traders participating in the forex market and world stock market. For the crypto market, the market capitalization of more than VND 200 billion is too small compared to other financial markets.
Besides, to explain your question, ask yourself a question, when the disease comes, are people afraid of starvation or fear of running out of money? most of them were afraid of starvation so they sold off financial assets and bought goods.

We can't tell exactly if this pandemic increased bitcoin adoption as there is no stats that we can refer to. However, owed to the fact that fiat money is not safe as virus lingers on paper money, people are looking for other options that they can use to replace fiat. But then again, it doesn't mean that they are already converted to crypto users. Maybe they are just looking and studying at crypto right now, because if you are a newbie, sometimes it is too complicated to understand things. And with the price volatility, they will be hesitant to really go into crypto. But this is a good time for them to research, read and study alternative options for fiat as payment method.

[Republikcoin.com]

I think the opposite has happened. Covid19 has reduced Bitcoin adoption.

In crisis situation like this people tend to keep and store fiat rather than invest and adopt. This is one of the main reason why Bitcoin price got dump before the halving and it is still struggling.

I've heard some people sell their assets because they need money. now it's natural if we need cash. We don't know how long this pandemic ends, so instead of increasing adoption, it can reduce adoption. it is caused by the lack of income that we can get outside. Yeah, but I hope they realize the potential of bitcoin to generate income from home.

[BlackFor3st]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

The bitcoin price still down because many bitcoin holders were forced to sell their assets in order to survive from this pandemic as many countries are imposing lockdown to lessen the number of affected persons. We are also in lockdown so I understand how difficult the situation is when you have no income while your expenses are keep on coming.

Yes, there maybe many who became interested with bitcoin because of the covid 19 but it doesn't mean that they are all investors as most of them are likely looking for a way to earn an income using the bitcoin or crypto currencies

[jessyj48]

Data shows that whales are acquiring more Bitcoin better than past adoption rate of 2017-2018 and that is a good sign but COV-19 only makes many dump for new investors, I have few friends who buy Bitcoin simply because it drop in price, they never saw it coming

[Sterbens]

How high do you want the price?
due to the corona virus, some people have to sell their assets to make ends meet, in addition to this epidemic many countries experience difficult situations, their impact on the economy is getting worse.

It seems difficult in a situation like this, this pandemic is experiencing the same thing, especially in the economy, therefore some people will sell assets for those needs, it is true, but on the other hand there are still people who stand against crypto and they still believe in the crypto market in situations like this. .
Approaching halving, of course the price will increase slightly from before.

[miklesm]

I think global virus made obvious cash is not safe, so it might increase the adoption of cryptocurrencies. At the same time, governments may just switch their bank systems to electronic money.

[nikki4]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

I don't think this price up for people are getting lockdown. Coming halving time then supply will be down, this is the main reason to adoption Bitcoin. For this virus, economic crisis in every market and several country is taking different steps to protect this crisis than why people will buy Bitcoin to transfer money in this crisis.

[Harlot]

Why the price of Bitcoin is still down?

The price of Bitcoin is still down because it was cause by FUD together with all the traditional markets out there. Even if there is physical evidence that adoption had increased because of promoting contactless payments to the affected countries it is still not enough to push the price up back to its normal range since new demand or an increase in it couldn't make it recover to what is currently happening to us now. Also don't believe in the crypto news websites you are seeing about Bitcoin being the main option for these countries as their contactless payments. Countries like Iran are using credit cards and debit cards when they say contactless payments and Bitcoin wasn't even one of the ideal options for them.

[Kelvinid]

Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?

I don't think so...many countries allow their people to use blockchain technology but the question is, are they using it now? May be (only a few of them) because not all knows about crypto and not even acceptable in the market pushing them to still use fiat. I don't think that the pandemic will increase the adoption and people will look into crypto. They still have other options in buying stuff in a cashless payment system and that is the use of credit or debit cards.

[milewilda]

Why the price of Bitcoin is still down?

The price of Bitcoin is still down because it was cause by FUD together with all the traditional markets out there. Even if there is physical evidence that adoption had increased because of promoting contactless payments to the affected countries it is still not enough to push the price up back to its normal range since new demand or an increase in it couldn't make it recover to what is currently happening to us now. Also don't believe in the crypto news websites you are seeing about Bitcoin being the main option for these countries as their contactless payments. Countries like Iran are using credit cards and debit cards when they say contactless payments and Bitcoin wasn't even one of the ideal options for them.

Dont know why there are people who do generalize that crypto had become the option when it comes to e-payments which they havent considered or to
rethink that we've been using traditional credit/debit cards.It isnt bad to be that optimistic but we should at least try to look around on whats totally happening
and not just fixing out our mind on what we do believe.

Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?

I don't think so...many countries allow their people to use blockchain technology but the question is, are they using it now? May be (only a few of them) because not all knows about crypto and not even acceptable in the market pushing them to still use fiat. I don't think that the pandemic will increase the adoption and people will look into crypto. They still have other options in buying stuff in a cashless payment system and that is the use of credit or debit cards.

This is true..Its too early to take consideration or to mind that crypto would became mainstream just because of this current condition.

[Raflesia]

Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?

I don't think so...many countries allow their people to use blockchain technology but the question is, are they using it now? May be (only a few of them) because not all knows about crypto and not even acceptable in the market pushing them to still use fiat. I don't think that the pandemic will increase the adoption and people will look into crypto. They still have other options in buying stuff in a cashless payment system and that is the use of credit or debit cards.

There are still many speculations about the adoption of the blockchain at the time of this epidemic because indeed it was only used in part maybe maybe 30% of the remainder only using credit and debit cards as you said it.
Many people now do not contact anymore because to prevent being infected, people are still using debit cards to do whatever they need, blockchain adoption has not been fully permitted by the government, so many doubts about it.
Indeed, for the decline, I don't think this is the effect of the current pandemic from yesterday, but has also fallen further.

[Hippocrypto]

Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?

I don't think so...many countries allow their people to use blockchain technology but the question is, are they using it now? May be (only a few of them) because not all knows about crypto and not even acceptable in the market pushing them to still use fiat. I don't think that the pandemic will increase the adoption and people will look into crypto. They still have other options in buying stuff in a cashless payment system and that is the use of credit or debit cards.

There are still many speculations about the adoption of the blockchain at the time of this epidemic because indeed it was only used in part maybe maybe 30% of the remainder only using credit and debit cards as you said it.
Many people now do not contact anymore because to prevent being infected, people are still using debit cards to do whatever they need, blockchain adoption has not been fully permitted by the government, so many doubts about it.
Indeed, for the decline, I don't think this is the effect of the current pandemic from yesterday, but has also fallen further.

Maybe it's the basic necessities of the people that has caused the recent fall down of bitcoin value. They indeed sell bitcoin for personal purposes, more importantly their spending needs specially those countries which is totally affected by the lockdown. Economy was totally devastated, yet closing more jobs so we can't expect circulation of money runs smoothly. Most currencies nowadays undergo several problems, but will soon recovers if the global pandemic ends successfully.

[btc78]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

increase the adoption but the market stays low so who adopted afterall?

Not because people are entering the forum and the accounts are growing meaning adoption is happening because look at the volume.

The Covid-19 has really created awareness to many people coming to know about bitcoin as the #Stay@home is causing the rise in people sourcing for alternative source of income and sending money. I think if the pandemic last a while which we don't pray for, Bitcoin will surely be given that global attention

Well if people are entering here just to make profit then we are in the wrong way because they must learn what is this first before investing,this is the reason why the market can be dumped by the whales easier because those whoa re investing here are only seeking profit and when the value falls they are withdrawing faster added to make the market downfall starts.

[VanityWallets2015]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

I won't say that bitcoin adaption is increasing, rather the use of digital modes of payment are going to keep on increasing in this time of crisis and also after it too. People have many other payment options available for digital media like credit or debit cards, PayPal and Bank transfers they have very less need of bitcoin for sending money as it is time consuming for the transaction to get confirmed, but they are likely to recommend bitcoin for the purposes of investment as currently the prices of bitcoin are pretty less as compared to a few months back.

[Harlot]

~snips~

Dont know why there are people who do generalize that crypto had become the option when it comes to e-payments which they havent considered or to
rethink that we've been using traditional credit/debit cards.It isnt bad to be that optimistic but we should at least try to look around on whats totally happening
and not just fixing out our mind on what we do believe.

Well the only fault they have is they are too gullible when it comes to readings news especially the ones from crypto news websites which specialized clickbaity headlines and incomplete reports. These crypto news websites always feed them either wrong information or try to make everything related to crypto that's why a lot of people in the crypto industry also create assumptions aligned to the news they have read from these kinds of websites. When will this stop? I don't think it will as long as there are people who really just believe on what they can see they can also be part of the ones spreading false news and assumptions in the market.