State influence for cryptocurrency

[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

[1714773468]

1714773468

[1714773468]

1714773468

[1714773468]

1714773468

[jacafbiz]

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

The actions of Central governments all over the world means they want to spend their way out of recession and this is good for Crypto because some of these money will find their way into Crypto. Just look at US and the way the Airdrop money has helped Crypto. Crypto is not recession proof but what would determine its performance in recession depends on the policies of these respective government

[wheelz1200]

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

Ultimately recessions are never good for any market.  People tend to tighten up with their excess money.  It might have a slight uptick but longterm recession will turn a crypto market bear just like other markets.

[pankowri]

Recession isn't a good sign for a country. This a bad thing that the world is still facing the same problem which is running almost a year long. So there has something to say that things will not change over the night. Gradually we need to support our country to pass this successfully. Covid-19 is a thing which we are not expected but we have to cope up with it. So the revolution will be there soon, just need a few more patience to overcome. The Crypto market can be affected but nothing to do actually. If there has any recession happened then every sector will be affected.

[Darker45]

In particular, the COVID-19 pandemic pushes the governments' central banks to print more and more money to support the rising cost of the war against the virus and to counter its very costly effect on the economy. Needless to say, the overflowing money printed was essentially debt and has no real economic backing. This is, of course, a recipe for inflation due to money losing much of its value as the circulating supply is ballooning. This might nudge investors to stay away from cash and the traditional market, and probably make them consider crypto.

[samcrypto]

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.

[bitsurfer2014]

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

Ultimately recessions are never good for any market.  People tend to tighten up with their excess money.  It might have a slight uptick but longterm recession will turn a crypto market bear just like other markets.

Yes of course! I think every country in the world had already suffered from this pandemic that it resulted to weak economies. Weak economies means lesser opportunities for people to strengthen their financial capability which also means they will most likely prioritize spending their hard earned money on the most basic necessities and essential needs rather than allocating some of it to invest in cryptocurrencies per se.

I think this COVID-19 pandemic will more likely hurt the crypto industry rather than contribute to its growth. Imho.

[mersal]

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

Cryptos are borderless so it won't have much effect due to the recession from a country but 2020 is the economic crash year of the world and surely it affected the cryptos growth by hindering it to certain range but it already crossed the stabilizing phase now in the process of bullish trend gradually.

More to add, countries printed more money to tackle the pandemic which will cause inflation in the longer term means the price of bitcoin in terms of fiat will increase in the coming years more than we expected.

[Lorence.xD]

As far as I know, I do not think cryptocurrency is affected by recession in my country. I can tell because my country is a shithole full of corrupt government officials and I always check the prices of bitcoin in my country. To be fair, the value of our currency is stable and the only thing that a state can have influence on cryptocurrency is that when it intervenes which is by far not happening in my country yet. And I am happy that they haven't intervened yet.

[adzino]

As far as I know, I do not think cryptocurrency is affected by recession in my country. I can tell because my country is a shithole full of corrupt government officials and I always check the prices of bitcoin in my country. To be fair, the value of our currency is stable and the only thing that a state can have influence on cryptocurrency is that when it intervenes which is by far not happening in my country yet. And I am happy that they haven't intervened yet.

I don't think just one single government from a single country intervening such as banning bitcoin won't have much of an impact in a country. If it did have, it is going to be a short term impact, after which the prices should recover. Remember, bitcoin is decentralized. No single government controls it. Lets say a country that has somewhat a little influence in bitcoin, bans the usage of it. We will see people from other countries are now panic selling because they are thinking that their government might ban it too. This is turn will cause a small price drop. But once everything goes back to normal and people realize that they are safe, the price will recover.

[BIT-BENDER]

My country has been eating recession like small chops and courtesy-of and thanks-too the government, no blames on covid-19 for the recession, it has been happening before for the virus lockdown, everything is false in my government, even false covid-19 reports,

I have learnt/familiarized-to differentiate bitcoin from crypto-coin, and if covid-19 caused any recession then Bitcoin did not feel it, there is one un-mistakable reason recession don't affect Bitcoin and crypto-coin even OP should have known. Read replies.

[Wind_FURY]

OP, no impact. You cannot, SHOULD NOT, expect Bitcoin to be "the savior". BUT, it's always better to save some of your monthly salary by HODLing Bitcoin in case your country's government loses control of the monetary system.

[dothebeats]

Not much since most people aren't really dependent on cryptocurrencies from the get-go, and some nations are just recognizing the possible help of bitcoin just now. Most people who are riddled by recession and other ill-effects on the economy caused by the pandemic would likely not meddle with other investment assets, and would focus their money on keeping necessities and other important items in check instead. Only a handful of citizens in this trying times would have the luxury to buy crypto and ride it as their hedge against inflation, and those lucky people are the ones that are directly influenced by cryptocurrencies and nothing more.

[rizkyalhabsy]

OP, no impact. You cannot, SHOULD NOT, expect Bitcoin to be "the savior". BUT, it's always better to save some of your monthly salary by HODLing Bitcoin in case your country's government loses control of the monetary system.

I don't call bitcoin a savior when there is a recession in a country, I just want to know for sure that every country that is plunged into a recession must have a different impact for cryptocurrency at this time

[rizkyalhabsy]

The actions of Central governments all over the world means they want to spend their way out of recession and this is good for Crypto because some of these money will find their way into Crypto. Just look at US and the way the Airdrop money has helped Crypto. Crypto is not recession proof but what would determine its performance in recession depends on the policies of these respective government
[/quote]

thanks for the answer you gave, it means that there is a recession in developed countries, for example, what you say like the US will not change their legality of cryptocurrency right. this is so amazing

[avikz]

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 that case, the value and adoption of cryptocurrency, both will increase! A country is getting into recession means, their economy and current, both are de-valued! So their citizens might hover over cryptocurrency and precious metals like Gold or Silver to safe guard the value of their monetary asets.

We are already seeing such trend among the few corporates where they are keping bitcoin as a percentage of their cash reserve. The same route can be adopted by the commoners!

[Harlot]

There has been a lot of news stating that people are moving their money to crypto assets or assets in general as some kind of safe haven away from their fiat currency which is vulnerable to inflation. But the thing is only a few people can do this, what I mean about that is only a few people who are able to afford it can do that kind of thing since if a recession is affecting them most people are looking to liquidate their assets right now as they need the money more. So when it comes to a recession you the most obvious affect it will do is the markets will go down as people starts to liquidate them for money.

[carter34]

It might have a slight uptick but longterm recession will turn a crypto market bear just like other markets.

Cryptocurrency don't present like other market from the pumps and dumps I have seen with no adequate reason. Maybe in the time of recession or longterm recession, investors might run into bitcoin because they see it is safe and decentralized. It might be the case of bull than bear at such time.

[int03h]

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.

[20kevin20]

The last noticeable recession was the 2008-2009 one (the consequences were felt until up to 2012 here in Europe). The data about Bitcoin from that period of time is extremely untrustworthy because it was a new tech almost nobody heard about, so any little growth at the time could actually be the effect of new people joining the Bitcoin market.

In my view, in case of a recession Bitcoin will have a lot of volatility. People wouldn't know if it's a credible investment or not.. The market still barely handles news that are not even that important to its future; a financial collapse could trigger volatility similar to the one we had in 2012-2015.