Bitcoin's Image Is Getting Stronger by the Minute

[roadrunnerjaiv2025]

The dollar continues to plummet as the U.S. struggles to reopen due to the pandemic (and the fact that the U.S. has the biggest number of COVID-19 confirmed cases, which gives its economy a very little wiggle room). This situation is expected to worsen--even down to 2008 level--as euro outperforms it thanks to the European Union’s 750 billion euro recovery fund/stimulus package.

Being the world’s reserve currency, however, the dollar is expected to maintain its strength and recover from the downturn as soon as things get back to normal. But how does this dollar downtrend affect bitcoin (apart from an increase in value)? We all know that dollar downtrend normally coincides with bitcoin uptrend, although some say bitcoin's value didn't really increase and instead it's dollar's value that deceased.

More and more people are starting to perceive bitcoin as a store of value (an asset that maintains its value without depreciating), and now that it's rising while other currencies and asset forms are falling, perhaps the most important impact this global crisis is bound to make is help strengthen the image of BTC for the long term. It offers gravity assist that slingshots bitcoin toward the ultimate goal of decentralizing the financial system. But I wonder how bitcoin will perform when the pandemic is over.

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[pooya87]

Being the world’s reserve currency, however, the dollar is expected to maintain its strength and recover from the downturn as soon as things get back to normal.

who expects this?
i'm no expert but i've been reading a lot of experts talking about how there is going to be a crash soon thanks to the extreme amount of dollars that Fed has printed over the past decade specially the gigantic jump in printing dollar over the past couple of months.

We all know that dollar downtrend normally coincides with bitcoin uptrend,

we haven't had enough dollar downtrend to coincide with bitcoin uptrends while we had lots and lots of uptrends in bitcoin over the past 11 years.

although some say bitcoin's value didn't really increase and instead it's dollar's value that deceased.

over the past month bitcoin price has gone up about 36% but dollar value hasn't yet tanked that much.
so bitcoin value did rise but it has nothing to do with dollar value dumping. not yet anyways.

[so98nn]

Being the world’s reserve currency, however, the dollar is expected to maintain its strength and recover from the downturn as soon as things get back to normal.

who expects this?
i'm no expert but i've been reading a lot of experts talking about how there is going to be a crash soon thanks to the extreme amount of dollars that Fed has printed over the past decade specially the gigantic jump in printing dollar over the past couple of months.

But I isn't printing the dollars is inflation in the market? I mean it won't help the economy if businesses are not running and cash flow isnt circulating in the first place. If they keep printing the money, give out stimulus packages (more to the current one) then it's like people are getting fed on government money and in return government is not getting taxes and thus they will ruin the economic balances. This is will cause more chaos in long run for the government.

We all know that dollar downtrend normally coincides with bitcoin uptrend,

we haven't had enough dollar downtrend to coincide with bitcoin uptrends while we had lots and lots of uptrends in bitcoin over the past 11 years.

Corelation between bitcoin and dollar might be limited to stock markets, lets call it as an indirect relationship. Over the time it is truly seen how share market news floods the crypto exchanges as well where people refere something like this: "XYZ stocks to be listed, and company is involved in crypto investment", or "ABC company is to buy stocks and give out crypto platform to their shareholders". etc. That is just my point of view.

although some say bitcoin's value didn't really increase and instead it's dollar's value that deceased.

over the past month bitcoin price has gone up about 36% but dollar value hasn't yet tanked that much.
so bitcoin value did rise but it has nothing to do with dollar value dumping. not yet anyways.

Yeah the same thing as above. No concrete proof.

[smyslov]

But I wonder how bitcoin will perform when the pandemic is over.

Bitcoin so far is doing great at this point in time, when this pandemic is over it will be even, better people comes to realized and many are now doing it that Bitcoin is a haven for their investment and assets, Cryptocurrency is performing better than all the other assets in the world and one of the first to recover, took only two months to fully recovers, I expect many countries to change their bad perception on Cryptocurrency.

[Karartma1]

Bitcoin was by far the best technological achievement after the Internet. Alongside the web, Bitcoin has been seen in many different ways by the people. Now, the role of Bitcoin as the new leader of the financial world is inevitable.
Personally I feel like BTC will be my personal insurance policy for the future and I don't care about its image anymore.
On your thoughts regarding the USD I wouldn't be sure about the dollar keeping its role as a global reserve currency. Things are escalating quickly.

[xen1oph]

I expect many countries to change their bad perception on Cryptocurrency.

As soon as they figure out how to regulate and control this, they will definitely change their minds. Those countries that haven't yet come up with it ban BTC on their territory.

[dothebeats]

Bitcoin performing well amid the crisis and the USD doing bad doesn’t mean that they’re completely related to each other. Bitcoin saw more than 30% increase all while this pandemic is ravaging countries, and the USD, despite  being printed so hard to give cash aids to the citizens of US, hasn’t moved that much down. I personally don’t think USD is the main reason why people are buying bitcoin all of a sudden but rather their failing stocks during the first half of 2020 and the continuous bad performance of assets that people are commonly invested in.

I mean, would you stay in an asset that is giving you nightmares everyday than taking one that has a history of giving in more greens than reds during the entirety of its existence?

[Upgrade00]

But I wonder how bitcoin will perform when the pandemic is over.

If anything, the pandemic has slowed the growth of Bitcoin. Large economies as well as EMDEs are in crisis, with a high unemployment rate in most countries; this means people have less money to spare and hence, less money to invest in assets like Bitcoin. The pandemic ending (through a vaccine or herd immunity) will restore normalcy and this would be positive news for Bitcoin.
Over the past few months we have seen major players like micro strategy and fidelity get into Bitcoin, so it's safe to say; the point has been made and many people are already seeing the value that it offers.

[hatshepsut93]

More and more people are starting to perceive bitcoin as a store of value (an asset that maintains its value without depreciating), and now that it's rising while other currencies and asset forms are falling, perhaps the most important impact this global crisis is bound to make is help strengthen the image of BTC for the long term. It offers gravity assist that slingshots bitcoin toward the ultimate goal of decentralizing the financial system. But I wonder how bitcoin will perform when the pandemic is over.

I doubt that a lot of people view Bitcoin as some sort of reserve asset, for that you'd need to have be skeptical of the US dollar and fiat system in general, which overwhelming percentage of the population isn't, and pandemic isn't changing it. If inflation is going from 2% to 2.5%, people would barely notice it. You'd need a swift currency devaluation by 30-50% to make people start looking towards BTC, but even then it's not guaranteed. A lot of countries in the world experienced big drops in their currency since Bitcoin was created, and their population didn't choose Bitcoin as a method to counter it, they choose US dollar. If US dollar will start falling, gold is the next thing to choose.

[AniviaBtc]

But I wonder how bitcoin will perform when the pandemic is over.

Bitcoin so far is doing great at this point in time, when this pandemic is over it will be even, better people comes to realized and many are now doing it that Bitcoin is a haven for their investment and assets, Cryptocurrency is performing better than all the other assets in the world and one of the first to recover, took only two months to fully recovers, I expect many countries to change their bad perception on Cryptocurrency.

In mid August, bitcoin reached $12k and people are thinking that this is the sign for an another ATH this year. We are being optimistic and waiting for more increase but it didn't went that far because it suddenly go back to $11k. I'm still hoping that ATH will occur this year or in 2021 after this Covid-19 was eliminated and done.

Some people right now are really investing in bitcoin because of its ability to become a good asset when we experienced financial reset. Hopefully, more and more countries will open for cryptocurrency adoption so that bitcoin  community will grow even if we are experiencing this crisis.

[taufik123]

-snip-
In mid August, bitcoin reached $12k and people are thinking that this is the sign for an another ATH this year. We are being optimistic and waiting for more increase but it didn't went that far because it suddenly go back to $11k. I'm still hoping that ATH will occur this year or in 2021 after this Covid-19 was eliminated and done.

Some people right now are really investing in bitcoin because of its ability to become a good asset when we experienced financial reset. Hopefully, more and more countries will open for cryptocurrency adoption so that bitcoin  community will grow even if we are experiencing this crisis.

The drop in Bitcoin price to the $ 11k area is still very reasonable, as the market is making a correction. We are all optimistic that ATH will only be achieved this year. Many predict 2021 to be a good year for bitcoin.
Good news about bitcoin is starting to emerge. Many people are investing in bitcoin during this time of the pandemic. For cryptocurrency adoption, several developed countries provide regulations on digital currency as a commodity asset, including in my country. in other countries, such as Korea, Bitcoin has even been legalized.

After this pandemic is over I believe Bitcoin will continue to grow and become more desirable. Other adoptions will begin to emerge.

[Saisher]

Yes it is the pandemic by far is it's biggest test and it's hurdling the test successfully, we can see not only a big rebound but potential of a new all time high, now and the weeks and months to come is important because we will see if the halving and the investors shifting to Cryptocurrency will really have an impact in the market.

[Fundamentals Of]

The pandemic could be the one thing that makes people notice Bitcoin. That could be enough for them to appreciate the features of Bitcoin. This might be the necessary starting point that really convinces people that there is indeed a currency which is far better than the one they are currently using.

With this, I guess it won't matter anymore to them whether there is a pandemic, a crisis, a recession, or even if everything is pretty normal. Once they knew Bitcoin they would appreciate it. This somehow tells me that post-covid is still better days for Bitcoin. Not to mention that post-covid does not mean full recovery of the economy. It might take years before the economy fully recovers.

[thesmallgod]

By now it should be very clear that no matter when and how the pandemic will be over, it does not in any way bring a negative impact to the rise of the bitcoin. Forget about the stimulus package which many people have been saying it contribute to the current growth of bitcoin. Not everyone who has received this stimulus package spends it on bitcoin. people are losing a job, unemployment is getting high, the cost of living is increasing. Many people will consider spending this money on foods and social needs than on bitcoin. Bitcoin will continue to be stronger even after this pandemic

[fiulpro]

Few things I would like to say here:

1. We do know that US is a powerful country but we are not sure of the face that the dollar will maintain its value.

2. Bitcoin's uptrend does not coincide with the downtrend of dollars or something like that , its not 100% line to line.
( see even right now if you compare day to day basis of the price of Bitcoins and the price of dollars both are comparatively up ☝ )

3. The Media coverage is strongly against general public making an investment in cryptocurrencies

4. Due to failing economy Bitcoins have emerged as a powerful option for the people who were involved in the stock markets and such.

5. The main thing is acceptance and flexibility of the economy , how bitcoins are able to integrate themselves would actually determine the future and that does depend of the government since they would have to provide certain flexibility either way.

"As for the the bitcoins is the only thing helping my family during COVID since government is unable to provide job and work from home is easiest and much better when done in context to Cryptocurrencies like Bitcoins, pandemic have made me appreciate this invention"

[pakhitheboss]

Why so much fanfare we all know how Bitcoin has affected us and what it means for all of us?

Bitcoin is the reason why we are here and feel financially independent. Of course, there are negative aspect of everything and what we hear on mainstream media as well as government blackmailing is one reason.

There are more but who cares when you believe in Bitcoin.

[buwaytress]

Heh, yeah. When you've got Kiyosaki waxing lyrical about Bitcoin, and an SEC commissioner who thinks the world of it, and a Visa exec who says there is no better time to exit fiat and enter Bitcoin, then you really got to say Bitcoin's image couldn't be better now.

Fiat's doing itself no favours either. Every central bank in the world is printing, and the Fed has virtually said it doesn't care about inflation.

[Eugenar]

I expect many countries to change their bad perception on Cryptocurrency.

As soon as they figure out how to regulate and control this, they will definitely change their minds. Those countries that haven't yet come up with it ban BTC on their territory.

Well those countries have their own reason why they are not adapting the previleges or convenience cryptos. It might be because of their market value and market volatility. People do benefit from the advantages of cryptos regarding the convenience cryptos are giving to its users.

Now that hype is getting stronger, and Bitcoin is getting more popular, people are having more confident to invezy in cryptos in particular with Bitcoin. More communities R
are supporting the hype of this trend.

[pixie85]

I'm not as positive about the situation as OP but there definitely is an improvement in Bitcoin's image.

I don't agree that people are starting to see it as a store of value. There was no real estate crash yet and land is still a much more popular investment than Bitcoin.

Bitcoin is still a speculative asset and an alternative to traditional stocks. It may be an alternative to gold as well but real estate is still the end goal for most people and Bitcoin only the money making machine that they can later invest into something more stable.

[Velkro]

The dollar continues to plummet as the U.S. struggles to reopen due to the pandemic
Being the world’s reserve currency, however, the dollar is expected to maintain its strength and recover from the downturn as soon as things get back to normal.
More and more people are starting to perceive bitcoin as a store of value

All of that is true, but its not that easy to world’s reserve currency maintain its strenght/value while printing like MAD.
This is real problem, everyone but USA mostly printing like mad lads. Value of currency beign printed this way plummeting, other resources price going up (gold, BTC etc.)
Dollar wont recover from that easily. I dont think its even possible, especially now while crippled economy from covid.