State influence for cryptocurrency

[hatshepsut93]

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

Logically, crypto would go down, because now people have less money to invest. But we don't see this happening, because recession isn't fully global and truly deep. This is why the stock market and Bitcoin are both still growing. Also Bitcoin is not strongly tied to real world events, so it could easy ignore a recession or drop, but for some other unrelated reason.

[1715002497]

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[1715002497]

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[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.
~snip~

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

Sorry i'm not getting your idea

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.

right. in order to reduce the pace of the pandemic, many countries sacrifice their economies and end up in recession as well as fiat currency devaluation,
when fiat is devalued people want to avoid it and chose cryptocurrency investment as a safe place, thats why cryptocurrency continues to grow lately,

because i live in a country which not adopts bitcoin for daily transactions, I can't conclude the recession influence. but as far as I know cryptocurrencies are not directly related to a recession, because the cryptocurrency economy is not managed by the government.

[rizkyalhabsy]

Sorry i'm not getting your idea

What I meant is even some countries don't allow the use of cryptocurrencies directly for usage, but a lot of country allow the use of cryptocurrencies for investment. And that's what i meant about the investors of crypto. For example, my country allows the use of cryptocurrencies as an investment, and my country is in recession now. It is surely affecting the investor from my country, and a lot of them withdrawing their assets in crypto for their living.

[CASTIEL05]

Sorry i'm not getting your idea

What I meant is even some countries don't allow the use of cryptocurrencies directly for usage, but a lot of country allow the use of cryptocurrencies for investment. And that's what i meant about the investors of crypto. For example, my country allows the use of cryptocurrencies as an investment, and my country is in recession now. It is surely affecting the investor from my country, and a lot of them withdrawing their assets in crypto for their living.

Obviously speaking, the cryptocurrency investor either in legal or illegal countries located have difficulty in investing in cryptocurrency due to the pandemic. It will slow down our buying force because there are investor who will think the future phase of cryptocurrency. Maybe, the people who suffers a lot in pandemic may stop also their investment in cryptocurrency while others may continue their journey in crypto. Those who continue the journey incrypto are those who are businessman who had to shut down while in lockdown period. In order to have some passive income, they try to enter the crypto market again.But as a whole, the influence of pandemic in cryptocurrency can be consider as massive.

[Spaffin]

One way or another, today, in many countries, cryptocurrencies are outside legal jurisdiction, and thus any activity related to cryptocurrency may be subject to criminal prosecution. It is in this way that many countries are trying to influence the cryptocurrency market, but nevertheless, no government will be able to prohibit the circulation of cryptocurrency in their country, because if there is no legal market, then there will be a shadow turnover of the cryptocurrency, and this is somehow connected with a shortage of funds to the State Treasury. Thus, the only way out is to adapt the legislation to the new global trend, given the activity in the cryptocurrency market.

[ashmodeus]

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 just see 2 options about it.
1. positive view : investing in crypto since no one left on their country
2. negative view : instead to investing, government has blocked all way for something like that. Or another perpective, people have lost interest with any kind of investement, since its recession, of course daily expenses is the top priority, and of course if every country have a same think, disaster will be happened on crypto.

What I meant is even some countries don't allow the use of cryptocurrencies directly for usage, but a lot of country allow the use of cryptocurrencies for investment. And that's what i meant about the investors of crypto. For example, my country allows the use of cryptocurrencies as an investment, and my country is in recession now. It is surely affecting the investor from my country, and a lot of them withdrawing their assets in crypto for their living.

of course its not an investor, it is a market participant, investor is a person that allocates capital with the expectation of a future financial return or to gain an advantage, in the simple words, no matter happen, they will keep their investement, if u talking about their dialy expenses, they must be find the other way to get it, rather than get double rekt by this situation.

[huu78]

if crypto in your country or a country that has no impact on the economy of that country, then I guarantee it will not have an impact on the economy in that country either.
but if the country has legalized crypto and every transaction has a tax, of course it will have a 2-fold impact on the country's economy, which is caused by a pandemic then the decline in the crypto market which makes prices also drop.

[RealMalatesta]

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.

Bitcoin actually went as low as $3.6k or so at the bottom, of course that took only few hours and it bounced back up very very quickly, but it did reached that point. We have also peaked at over $12k as well during the summer as well, we had a very tiny drop since that moment but we are close to that once again so we can say recovery is better than anything else.

I disagree that bitcoin doesn't get affected, it does impact bitcoin price as well but since we are much better in recovery, the price might go down but it would go up as well that is why I think would happen again if states tried to do anything about bitcoin once again. Obviously nations will try to be against it at first but we are seeing a lot of them realizing they could tax it and make income so that would probably the future of bitcoin in every nation, legal and taxed.

[so98nn]

if crypto in your country or a country that has no impact on the economy of that country, then I guarantee it will not have an impact on the economy in that country either.
but if the country has legalized crypto and every transaction has a tax, of course it will have a 2-fold impact on the country's economy, which is caused by a pandemic then the decline in the crypto market which makes prices also drop.

That’s entirely based on few facts rather than just one. A crypto can not really impact in the intensity of 2-fold just because it is been used legally or being taxed in particular country. Well, mathematically distribution of bitcoin is not even and it’s not really huge so as to turn the economy upside for the countries. The market cap itself is so much less as compared to the money that’s being printed in the western continent itself. Lolz.
The pandemic will however affect the bitcoin economy but not the other way round guys. At least that’s what the logic says.

[tvplus006]

One way or another, today, in many countries, cryptocurrencies are outside legal jurisdiction, and thus any activity related to cryptocurrency may be subject to criminal prosecution. It is in this way that many countries are trying to influence the cryptocurrency market, but nevertheless, no government will be able to prohibit the circulation of cryptocurrency in their country, because if there is no legal market, then there will be a shadow turnover of the cryptocurrency, and this is somehow connected with a shortage of funds to the State Treasury. Thus, the only way out is to adapt the legislation to the new global trend, given the activity in the cryptocurrency market.

I see a more realistic development in the fact that the state will not legalize cryptocurrency for the most part. This will be done in order to fill this vacuum in the country with a national digital currency, which will be centralized and ensure state control over its citizens.

[Apes]

Sorry i'm not getting your idea

What I meant is even some countries don't allow the use of cryptocurrencies directly for usage, but a lot of country allow the use of cryptocurrencies for investment. And that's what i meant about the investors of crypto. For example, my country allows the use of cryptocurrencies as an investment, and my country is in recession now. It is surely affecting the investor from my country, and a lot of them withdrawing their assets in crypto for their living.

Ok, I got the points this time.  It is true that during an economic recession, many people will withdraw their investment.  However, the reality is quite the opposite, the price of cryptocurrencies is increasing and the market is growing People are start Glancing cryptocurrencies as one of the best investments besides gold.
Besides, I think people are also realizing that this recession lasts only a short time during the pandemic.  And it doesn't cause an economic depression so it's still safe to invest.  And right now, many people need fresh funds by selling or dump their crypto assets, so this is also the right time to buy If look at the current crypto market conditions.

[BuNga_cute]

There are not many options for the government to deal with the COVID-19 pandemic, the fastest way to restore the economy must be
printing money. That will definitely have bad long-term effects, and there will be inflation in the near future. But for cryptocurrency it will
not have been heavily affected so far, and also for Bitcoin it is proving to recover quickly. So this is what many people consider to start
investing in cryptocurrency in conditions like now. Because indeed investing in crypto, especially Bitcoin, can be a store of value.

[imstillthebest]

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

Logically, crypto would go down, because now people have less money to invest. But we don't see this happening, because recession isn't fully global and truly deep. This is why the stock market and Bitcoin are both still growing. Also Bitcoin is not strongly tied to real world events, so it could easy ignore a recession or drop,

we are lucky because recession happen one by one or by batch only and not all countries are included because if that happens the dump will be inevitable . recession can happen normally but if recession happens along with the pandemic , that is more brutal . crypto did feel that effect once but luckily crypto are now on its normal state . the question should not be specifically ask country by country because other country have banned cryptos and those that are not banned , crypto hodler of those country will still feel the same effect that other crypto hodler experience

[michellee]

There are not many options for the government to deal with the COVID-19 pandemic, the fastest way to restore the economy must be
printing money. That will definitely have bad long-term effects, and there will be inflation in the near future. But for cryptocurrency it will
not have been heavily affected so far, and also for Bitcoin it is proving to recover quickly. So this is what many people consider to start
investing in cryptocurrency in conditions like now. Because indeed investing in crypto, especially Bitcoin, can be a store of value.

Printing money is not the only solution, and I am sure that the government still figure out what method will work with their situations. The Covid-19 still be with us. I heard that the scientist is almost found in the vaccine. We can hope the vaccine can be found and distributed to each hospital in every country before the end of this year. We hope that inflation does not have a bad effect on every country because people still suffer from the conditions now. Bitcoin can recover so far, and hopefully, everything will change in the next year.

[jostorres]

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

Cryptocurrency is not a centralized market, and if it was, I would have said that it’s going to be affected by that particular country where it’s based, but this is a different case. Maybe in some ways it’s going to have an effect when people starts selling their coins because they are in need and are lacking the finance to sort out their needs.

But if there are still growing investments in cryptocurrency, then the market will keep booming despite that there is recession in some countries. And right now I think that’s what is happening, because I have been seeing institutions that are lots of money in cryptocurrency, especially Bitcoin. And as time goes on the number keeps going up.

[iamsheikhadil]

I think in recession, everything gets impacted in a negative way, even crypto. We might see more investors investing money into crypto during recession but that doesn't mean crypto prices will not be impacted. No matter the demand vs supply, during recession, the psychology of common masses impacts the economy greatly as well and that's why we see prices going down of everything!

[proTECH77]

Some countries are not experiencing this recession everybody is experiencing all over the country,that is making some citizens guess is covid-19 that caused the recession in the country.
Many countries ignore when this recession economy was coming up before we now started to they experience pandemic that make many things wost, that is making all the state to started experiencing hardship.
Government try to print more money to end the hardship in the country. But many people advise the government to create institution of cryptocurrencies to all the state so that all the state will be impact with cryptocurrency to support them to end this hardship in the country. I think if the government can create more rooms for the state to learn more about crypto and how to use it to invest and get good profit.

[beerlover]

It is not about being centralized or decentralized, it is about not belonging to any nation for specific. Now you may think that just because it is not something that belongs to one nation it means decentralized but that is not the issue. Ripple is highly centralized for example but it doesn't belong to any nation at all, so it could be both centralized but not belong to any nation at the same time.

This means during a pandemic recession it could not be impacted at all because it doesn't belong to any nation, but not because it is decentralized. It gains value because it is decentralized though, that is the main reason why bitcoin is not dropping like everything else, because people do trust it, since it is not anyone's, we could trust it a lot without worrying about any mismanagement.

[rizkyalhabsy]

There are not many options for the government to deal with the COVID-19 pandemic, the fastest way to restore the economy must be
printing money. That will definitely have bad long-term effects, and there will be inflation in the near future. But for cryptocurrency it will
not have been heavily affected so far, and also for Bitcoin it is proving to recover quickly. So this is what many people consider to start
investing in cryptocurrency in conditions like now. Because indeed investing in crypto, especially Bitcoin, can be a store of value.

Printing money is not the only solution, and I am sure that the government still figure out what method will work with their situations. The Covid-19 still be with us. I heard that the scientist is almost found in the vaccine. We can hope the vaccine can be found and distributed to each hospital in every country before the end of this year. We hope that inflation does not have a bad effect on every country because people still suffer from the conditions now. Bitcoin can recover so far, and hopefully, everything will change in the next year.

This is what I really salute cryptocurrency, especially Bitcoin is still recovering so far, your prayers are included in my prayers too because there are so many friends, relatives and family who have been exposed to Covid19. healthy greetings for our earth

[perfect999]

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

Recession can be positive for Bitcoin. Right now there are many countries in recession after coming out from lockdown, and Bitcoin has been positive, except previous negative it experienced around February – March. During recession, most people, especially investors, will be on the lookout for an asset that will help them to retain the value for their money, and as you can see, there are many people buying Bitcoin now. It’s not just people, companies too.

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.

No doubt there, but let’s not forget that when the economy stands and maybe by then Bitcoin reached another peak, it’s going to start falling again and investors will sell their holdings to be able to save their money from reducing. That’s just how it works.