State influence for cryptocurrency

[plvbob0070]

When there's a recession, the major effect is on the traditional market and I think there's only a little to no effect on crypto depending on how popular crypto is on a certain country being affected. I mean most of the people are still dependent on the central authorities even with this kind of problem since only a few knew about crypto. Unless the recession is getting out of hand and is already causing a big problem, then people will find a solution or an escape, and crypto can be one of that. However, crypto should not always be seen as the solution to every problem the economy faces.

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[rizkyalhabsy]

When an economic downturn occurs, cash flow is stopped circulating in the market and related manufacturing and services industries are affected depending on specific circumstances.
Cryptocurrencies in a pandemic are a solution for people to limit their cash, helping to prevent a pandemic.
Cryptocurrencies are just a payment solution and they cannot help rebuild the economy. We can only track money movements more easily and gauge movements through cryptocurrencies.

If a country collapsed, then cryptocurrency would be a good solution for the people of that country. A concrete example is that Venezuelans use Bitcoin better than Bolivars.

If the example that you say like Venezuela uses bitcoin better than their own currency will not cause it to worsen like inflation in their country.
if that didn't happen then their country was extraordinary

[Febo]

What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country

Reduced economic activity cant have positive influence on any commodity or asset. But the way governments will fight recession, so with printing money. That will have positive influence on Bitcoin. Overall we might see that Bitcoin purchase power will not increase much, but fiat currency purchase power will. So that way Bitcoin price in fiat will increase, but in reality will stay stable.

[rizkyalhabsy]

What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country

Reduced economic activity cant have positive influence on any commodity or asset. But the way governments will fight recession, so with printing money. That will have positive influence on Bitcoin. Overall we might see that Bitcoin purchase power will not increase much, but fiat currency purchase power will. So that way Bitcoin price in fiat will increase, but in reality will stay stable.

in your opinion, it could affect bitcoin to be stable and even soaring like that?
This means that it all depends on the government how to respond in case of a recession in their country

[naikturun]

because the cryptocurrency in my country is not used for payment, so there is no special effect on crypto even though the economy is declining due to this pandemic, but in fact trading on my country's local exchange is still the same, there is no drastic decline.

[Maroons]

because the cryptocurrency in my country is not used for payment, so there is no special effect on crypto even though the economy is declining due to this pandemic, but in fact trading on my country's local exchange is still the same, there is no drastic decline.

Well for countries who don't have a good acceptance of cryptocurrency there will be almost no changes at all because it is not well entertained by many people in their so the changes will not even be visible enough to see but for countries who do have high acceptance and usage of cryptocurrency, the buying of crypto might be reduce due to the recession happening and many people might cashout their assets and turn it back to fiat because some people will lose their jobs because demand in the country will be greatly reduced, depending on the usage of the country, the more a country is active in cryptocurrency the more it will have an effect to cryptocurrency and its market.

[MCobian]

he COVID-19 pandemic that has been running for several months, has left many countries experiencing an economic crisis.
Therefore, the government took a policy by printing money to make the economy recover immediately, but its impact makes
the country increase the amount of its debt. And if government continue to print money, it will reduce the fiat value due to inflation.
This makes investors avoid investing in the traditional market which is bound to be affected by this situation. So it is likely that
investors will start investing in cryptocurrency. Because cryptocurrency is decentralized so it should not be affected by current
economic conditions, so many investors nowadays consider cryptocurrency as a safe haven.

[Salauddin1994]

Cryptocurrency has no effect on the state many countries have been affected by the epidemic and many countries are adopting crypto to revive their economies in the current digitally evolving era in the state cryptocurrencies and blockchain technology are simultaneously disrupting businesses and changing a paradigm in the way transactions are conducted and managed. With each passing day they are gaining momentum and the craze is on the rise due to which the man of inflation is declining and the economy is starting to rise.

[CryptopreneurBrainboss]

However, crypto should not always be seen as the solution to every problem the economy faces.

But that isn't the information been passed out to the general public. The industry is been praised as a solution to every problem out there. From the high returns of investment to been a safe heaven and best bet against the fiat. We're forgetting bitcoin is also another currreny and aren't no magic problem solver. Its time we start treating bitcoin as a currency and maybe the volatility rate will reduced to so extent.

While as the recession of your country economy would not have an impact on bitcoin price directly, that doesn't mean the economy state of other important countries wouldn't, like the US or Chinese. Just imagine these countries economy getting into recession, all market would dump massively. When there's recession the value of the country's currency suffering this economy meltdown get devalued, it'll have an immediate impact as the price of bitcoin trends to surge in those countries like we saw in venezuela etc. Meaning recession in a country could affect the price of bitcoin locally.

[verita1]

The rulers of the countries are drawing up economic plans to prevent the recession from affecting the economies of their countries. As we know, the pandemic was declared on March 11. In that same month, we saw the price of Bitcoin fall to $ 5,389.40, which fortunately has achieved a great recovery to date due to the trust placed by investors who believe in Bitcoin to protect their funds. If we want to know how the local crypto community is behaving, we can take a look at Binance on P2P and we can see that the price of Bitcoin remains with a good index despite the current crisis. So I think there will be no impact of Bitcoin and crypto in this recession.

[Oasisman]

The pandemic and economic recession has no effect on cryptocurrency. Some people think the pandemic has good effects on Bitcoin because of it's consistent good price run from the start of the pandemic up until now, but the reality is, there has no effect.
Even without the pandemic, Bitcoin are still capable of such good price run because of the post halving hype.

[Apes]

because not many countries allow the use of cryptocurrencies directly to the public, economic recession has no effect on cryptocurrency.
however, when the economies of some countries end in recession, cryptocurrencies actually thrive.
The success of cryptocurrencies in this pandemic is the impact of people perspective who do not trust fiat and prefer to invest in cryptocurrencies
to secure their assets during a pandemic or be cautious of a recession.

[naikturun]

because the cryptocurrency in my country is not used for payment, so there is no special effect on crypto even though the economy is declining due to this pandemic, but in fact trading on my country's local exchange is still the same, there is no drastic decline.

Well for countries who don't have a good acceptance of cryptocurrency there will be almost no changes at all because it is not well entertained by many people in their so the changes will not even be visible enough to see but for countries who do have high acceptance and usage of cryptocurrency, the buying of crypto might be reduce due to the recession happening and many people might cashout their assets and turn it back to fiat because some people will lose their jobs because demand in the country will be greatly reduced, depending on the usage of the country, the more a country is active in cryptocurrency the more it will have an effect to cryptocurrency and its market.

but from some of the people who commented here, I saw that they answered that there was no serious impact or impact caused by the recession on crypto in their country. in the sense that crypto currencies may have different cash flows from others.

[rizkyalhabsy]

because not many countries allow the use of cryptocurrencies directly to the public, economic recession has no effect on cryptocurrency.
however, when the economies of some countries end in recession, cryptocurrencies actually thrive.
The success of cryptocurrencies in this pandemic is the impact of people perspective who do not trust fiat and prefer to invest in cryptocurrencies
to secure their assets during a pandemic or be cautious of a recession.

wow like that, but what about those who invest in cryptocurrency?
more and more who invest in the world of cryptocurrency, there must be an influence in cryptocurrency itself?
I think this crypto market has been greatly influenced by investors

[Alobo Realer]

What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country

Well, I will say it will be a good time for cryptocurency if recession hit my country. The crypto market has gone so viral and getting high demand. Many people have seen it to be a quick money making investment, and fortunately it works fine for few, as such people will turn to it for source of income

[bittraffic]

because not many countries allow the use of cryptocurrencies directly to the public, economic recession has no effect on cryptocurrency.
however, when the economies of some countries end in recession, cryptocurrencies actually thrive.
The success of cryptocurrencies in this pandemic is the impact of people perspective who do not trust fiat and prefer to invest in cryptocurrencies
to secure their assets during a pandemic or be cautious of a recession.

wow like that, but what about those who invest in cryptocurrency?
more and more who invest in the world of cryptocurrency, there must be an influence in cryptocurrency itself?
I think this crypto market has been greatly influenced by investors

The pandemic has yet to be contained but the crypto market still flourished. And while more people are losing trust to the fiat currency due to the ir savings being stolen due to it beng devalued.

For countries adopting Bitcoin and cryptocurrency, I guess the crypto has the more influence. It almost become hopeless to see breaking resistances when we see price was dumped below 8K months ago but now its always going ot try the $12k again.

[Oceat]

The pandemic and economic recession has no effect on cryptocurrency. Some people think the pandemic has good effects on Bitcoin because of it's consistent good price run from the start of the pandemic up until now, but the reality is, there has no effect.
Even without the pandemic, Bitcoin are still capable of such good price run because of the post halving hype.

Somehow the only thing that I noticed about the connection between stocks and crypto currency is when Trump got COVID-19 but after a several days the market suddenly rose then breaking the $11k resistance. This pandemic sure does made a lot of damage in terms of health and economy but the crypto market aren't affected that much. That's why lots of people might be relying crypto transaction now rather than fiat which is somehow a little inconvenient to most people due to the pandemic.

[carter34]

All fields will be affected, cryptocurrency is no exception. because if you want to have crypto we have to buy with fiat first, the current economic recession is probably the first time in my life personally and hopefully we can all get through this well, use money as needed and not as desired.

Right to some point because fiat get affected by recession. In recession, it means that the economy has collapsed and all aspect of it including fiat that will be used to purchase cryptocurrency will be affected and the number of cryptocurrency that it can buy will reduce at the same time.

[michellee]

All fields will be affected, cryptocurrency is no exception. because if you want to have crypto we have to buy with fiat first, the current economic recession is probably the first time in my life personally and hopefully we can all get through this well, use money as needed and not as desired.

Right to some point because fiat get affected by recession. In recession, it means that the economy has collapsed and all aspect of it including fiat that will be used to purchase cryptocurrency will be affected and the number of cryptocurrency that it can buy will reduce at the same time.

And that can affect cryptocurrency as the crypto is not already yet used for the economy globally. People work to get money, and some buy crypto with fiat, but not many companies are willing to pay their employees using crypto. It could make the crypto is growth. But after the economy can back to the situations before, even better, the crypto will grow again. But even the pandemic is with us, the crypto can still grow, and the price of crypto is still trying to grow now.

[Kasabus]

All fields will be affected, cryptocurrency is no exception. because if you want to have crypto we have to buy with fiat first, the current economic recession is probably the first time in my life personally and hopefully we can all get through this well, use money as needed and not as desired.

Right to some point because fiat get affected by recession. In recession, it means that the economy has collapsed and all aspect of it including fiat that will be used to purchase cryptocurrency will be affected and the number of cryptocurrency that it can buy will reduce at the same time.

I think fiat and crypto will definitely be affected when a country is facing a recession. We might say that this pandemic has made crypto more popular and has made a significant price urge in the market but if this pandemic will still lasts longer, crypto will still be down in the end just like fiat.