State influence for cryptocurrency

[Latviand]

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.

Recession is never a good thing in the market especially in crypto market.

This pandemic really bring a lot of bad things in our life, economy, and everything. Although it made bitcoin much more popular than before due to digital development and adoption, recession are still there and ruining the market. We are unlucky because businesses are closed and we are not having any positive movement or progress when it comes to economy and market.

[Silberman]

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.

And it is precisely because of this that we have seen the price of bitcoin to increase in such a dramatic fashion, people in my country are slowly realizing there is something wrong with the economy despite the claims of the government, however the masses are for the most part unable to do anything about it, they do not know how to protect themselves from inflation, they do not know about bitcoin or gold and as such they keep most of their money in fiat which is subject to inflation and losses its value every single day without them noticing it.

[lixer]

We have seen china banning bitcoin a million times now, they have also banned stuff like ICO and STO and so forth, they have tried everything in their hand to promote other coins while saying bitcoin is horrible, not like they are a totally anti-crypto nation neither because they literally publish list of good coins on their official government branches which means they do like crypto as a whole, they just hate bitcoin I suppose.

However that doesn't change anything for the rest of us, if china leaves the crypto market as a whole, not a single person from china ever goes into any crypto at all, that would hurt us at first because they would sell and crash the price but then we will recover and go on like nothing happened. States do not have the power they have in fiat world for  us in crypto hence we do not care about them too much.

[Fortify]

I get the feeling the governments will increasingly try to put measures in place to track users of cryptocurrencies and make sure they are paying the appropriate levels of tax. Bitcoin is ripe for tax evasion and you can already see the largest crypto exchanges are handing information over to regulators whenever it is requested - they don't want to lose a long term business for the sake of a few money grabbing clients and failure to comply could potentially mean they get blocked in certain countries.

[sukmo]

For now I have not found a clear impact for cryptocurrencies. Because in my country is not 100% of the public or the government who understand this.
But for myself cryptocurrency has helped my economy in the current pandemic.

[Shasha80]

Despite the controversy, cryptocurrency continues to experience innovative developments and massive fan growth, even amid this pandemic,
due to its fluctuating value. So crypto continues to show positive performance.
For many countries that are currently experiencing economic recession, because it severely disrupts productivity in various fields due to the effects
of social distancing, so many investors are turning to crypto investments to help increase their income, one of which is cryptocurrencies.
Because they judge that investment in other commodities is now experiencing obstacles due to covid.
They can successfully optimize income in crypto investments, so they can increase the monthly turnover of companies or individuals.
For that in this economic recession, it can still help them.