State influence for cryptocurrency

[naikturun]

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.

So will the country that gets the most bitcoin stock (high volume of bitcoin in their country) be favored over the lower country?
I think the crypto market is not just bitcoin, because the dominance of Bitcoin is now only less than 60%.
as you said logic would say so.

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[uray]

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

If the recession is stemmed from the policy blunders and the pandemic then i am not sure how cryptocurrency will aide in helping you overcome the situation but if you are holding a portion of your asset in bitcoin then it can overcome inflation and can help in retaining the valuation and then if the market keeps on rising it would help you greatly.

[shoreno]

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

If the recession is stemmed from the policy blunders and the pandemic then i am not sure how cryptocurrency will aide in helping you overcome the situation but if you are holding a portion of your asset in bitcoin then it can overcome inflation and can help in retaining the valuation and then if the market keeps on rising it would help you greatly.

i think his asking if what it will be the effect in crypto , not what can crypto help to the people or to the economy in times of recesion . if questions were changed to what you think , your answer will still be correct .

cryptos can really help people but those who are already using a crypto . people didnt realize this , that crypto is not just a payment method  or for investment but it can also help other problems that a country can  faced .

[Ridwan Fauzi]

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

Gratefully before the pandemic came I was trying to learn about crypto trading, yeah for the first intention at that time was for side income because I had a job in my real life so I can trade when I have free time. But when the pandemic came, almost all companies in my country did a major recast for their employee, just a few people they kept and the rest were laid off. Including me, but I have no worry at that time because I can make money and became a full-time trader. As for the impact of this situation against crypto currency, I think there will be many people who will be aware that crypto currency especially bitcoin can be made as an alternative to store their fund besides gold.

[AakZaki]

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.

in times of world recession like today, maintaining value and getting more return from investment is needed. Indeed, several large companies rely on bitcoin to be a profitable investment because the bitcoin market continues despite the ongoing recession. Bitcoin is a popular asset today and many people invest in it. Other large companies make bitcoin as a financial reserve for their company and many more companies are starting to adopt bitcoin on a small or large scale.

[jrrsparkles]

Recession is not going to get affect the cryptocurrency much if the country doesn't play big role in the world's economy but if a well developed country where people uses cryptos more will be affected because they will sell their assets to tackle the recession period which will bring the prices down.

[palle11]

Recession is not going to get affect the cryptocurrency much if the country doesn't play big role in the world's economy but if a well developed country where people uses cryptos more will be affected because they will sell their assets to tackle the recession period which will bring the prices down.

I think you are quite in the line because if the government is playing a role to support it that will make enabling ground for investors but if government isn't giving policies to help the growth, investors will be scared out of the cryptocurrency.

[Gibreil]

Recession is not going to get affect the cryptocurrency much if the country doesn't play big role in the world's economy but if a well developed country where people uses cryptos more will be affected because they will sell their assets to tackle the recession period which will bring the prices down.

Yes, there is not much an effect to the whole economy specially when cryptocurrency is not yet the mainstream. Cryptocurrency only affect the developed country that use cryptocurrency. However, we don`t it feel specially when the bull approached the market last few months. The crypto market is still doing good even we are all at recession. So I think it is not correlated to cryptocurrency when the economy is in recession. If it has effect, I think to the individual person.

[proTECH77]

Covid-19 has really caused so much damage to the economy of the country. Many people find it difficult to make more profit as usual since this pandemic came to the country.
Many countries are still experiencing this economy recession which is causing them a lot of challenges in their living while some countries are out frome economy recessions because they were  well prepared before covid-19 came to the country which many of the citizens where engaged their self with cryptocurrency to assist their business and other things.
Many use crypto to sustain during the pandemic that make them to see crypto as good currency someone or country can use to invest and make a good profit.

[Yatsan]

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

People who are losing their job will find other way to earn money and they might look for opportunity in cryptocurrency which can affect the demand for this one, or if the hodlers need the money and they hold bitcoin, the possible scenario is for them to cash out bitcoin so they can use it to help them. Every country is suffering big right now, some are still doing good despite of the pandemic but most of the country enters into a new recession, cryptocurrency can be the safe haven for us, we hope so.

Certainly, this would likely to happen. Due to the economic recession that many countries across the world is experiencing all due because if the covid-19 pandemic which have brought and make cause for people to loose their job, people are now seeking for other possible ways on how they can survive the pandemic by finding ways where they can shift or transfer their funds specially if those came from stock market that is directly being hit by the negative impact, people will more likely to get into crypto and treat it as a safe haven for their funds because even crypto is affected at first, still it manages to recover and that is a great point people have seen making people from countries where recession is present get into crypto which is good because there will be a rise on demand and usage of crypto. But still that will be dependent for maybe people would just go use their remaining money for necessities. But all in all, the one stated above will more likely to happen.

[Fortify]

As Bitcoin takes off again, we'll start to see a lot more governments wanting to track and regulate cryptocurrencies. In the end they'll put more pressure on to the exchanges that hold large amounts of Bitcoin in order to release tax payer information. Hopefully a good method of information sharing becomes available to most countries, it will be beneficial to bitcoin in the long run as it can be treated more like a legitimate currency if politicians have less reason to be hostile towards it. For the good of the poorest in the world, we don't need another mechanism for the super rich to hide large chunks of money.

[Argoo]

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

Unprecedented measures to combat the coronavirus pandemic are leading to a drop in gross domestic income, an increase in unemployment and an increase in poverty in almost all countries.  All this causes an increase in inflationary processes.  We have been saying for a long time that this could trigger a very severe global economic crisis.  Government spending on the fight against coronavirus continues to increase.  It would be logical if people, fleeing inflation and poverty, would invest in cryptocurrency.  Therefore, the coronavirus pandemic, while increasing the poverty of the population, on the other hand, should positively affect the growth of cryptocurrency liquidity.

[Gyfts]

Prices are fluctuating by thousands over the period of a few days. Don't understand why there is so much instability right now. Perhaps a mini bubble, perhaps the U.S. election threw some uncertainty into the mix, but fees/confirmation times feels like it's been a bitch lately.

[sayaya17]

The development of bitcoin in my country is very rapid, I see this from the growing crypto investors towards bitcoin. In times of recession due to this pandemic,
there are many people using crypto, because so far, cryptocurrency investment has many advantages over other investments.
Especially when the country is amid an economic recession due to covid, then bitcoin becomes a safe investment asset, because of its limited supply,
it becomes anti-inflation. Fiat, meanwhile, is currently experiencing inflation in some countries.

[Natalim]

Prices are fluctuating by thousands over the period of a few days. Don't understand why there is so much instability right now. Perhaps a mini bubble, perhaps the U.S. election threw some uncertainty into the mix, but fees/confirmation times feels like it's been a bitch lately.

That's what we don't like because if we are using bitcoin as a payment method, we will be affected by the network congestion and high fees, however, if we are here to play the speculation game, we will love the movement of bitcoin. Honestly I believe that the state can influence bitcoin, people seems to react easily on the bad news and good news, and everytime that happens, price move significantly.

[thesmallgod]

Like you have pointed out that many countries have gone into recession as indicated by their current GDP. However, since we are nearing the post covid19 period as a result of some vaccines that have been approved for use. The economy will start to gear up again because businesses that have been dead will start working again. Thanks to government that might provide soft loans to SME. Also industries will start to manufacture again and with time a lot of money will be pumped into the economy including cryptocurrencies too which mean there will be positive influence of the wake up in economy on cryptocurrency. Just has you have seen about current trends about paypal and visa giving crypto more edge. More businesses will consider crypto as well.

[Sterbens]

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

In the midst of the COVID-19 pandemic which is not yet known for sure ending, many countries are entering the abyss of economic recession in 2020. But I think the impact is not too big on cryprocurrency.
to be precise, this has an impact on people's finances which are increasingly depleted because the fulfillment of needs during the Covid 19 pandemic is higher than before the pandemic.
Although uncontrolled inflation can lead to a recession, deflation can get worse. Too much deflation from time to time can cause the wage level to decline, which in turn depresses the prices of goods and services. this needs to be watched out for.

[posi]

Prices are fluctuating by thousands over the period of a few days. Don't understand why there is so much instability right now. Perhaps a mini bubble, perhaps the U.S. election threw some uncertainty into the mix, but fees/confirmation times feels like it's been a bitch lately.

Despite the pandemic showcase Bitcoin potentials to the world which the IMF and people like Kiyosaki also confirmed Bitcoin and others meaningful cryptocurrency to be the best solution to inflation and economic meltdown, the price fluctuations with no genuine reason are the impacts of the pandemic cause people sees cryptocurrency the way to escape recession and whats investors are doing is selling once some certain profit is achieved.

[poodle63]

Many countries have imminent economic recession coming after them right now and it's hardly affect crypto market like at all. People are too concerned saving themselves that maybe crypto is out of their mind or atleast considered as an alternative safe haven for their wealth that's about to get eaten up by the inflation but overall I don't think cryptocurrency market is gonna be significantly influenced.

[iv4n]

Freelancers and all other people who earn on internet will start to pay taxes! The Country lost a lot of money, nothing is working, so they can't relay on money from that, so they figure it out to tax above mentioned retroactively, for the last 5 years! Tax can go up to 60% of what you earned! So can you imagine how much money is that for some people?
So maybe this law wouldn't come so fast and in that way to hurt many people (money is spent, invested...), but this covid situation and lack of money in government treasury speeded up that!
This is probably a negative influence (for some people) of covid situation on crypto (internet) users from my country! Well like always we will find a way to deal with new problems and to try to not lose a lot of money and nerves in that process!