Cryptocurrency

Can the Coronavirus drive the price of Bitcoin?

This question has kept some investors, analysts and other stakeholders interested in Bitcoin awake. And is that many of them are uncomfortable with the effects of Coronavirus on the opening of the market values of China, as well as across the economic spectrum. What might make people prefer to buy Bitcoin? Possible, but debatable. The Coronavirus has presented a challenge not only for the doctors of China and the rest of the world. The virus also puts a shadow on the economy. Even, it is feared that the spread of the Coronavirus affecting the production of China in the coming months, as firms in manufacturing, materials and consumer goods are among the most affected.

How could it affect Bitcoin?

Before attempting to answer this question we must remember that Bitcoin, meanwhile, climbed up to the highest of 9.620 dollars in 2020. For some, this is an indication that you can be an active slip value, the more secure, yet despite its volatility. Even from the beginning of the year, the price has gone up by around 30%. Before was driven by fears of geopolitical surrounding the escalation of tensions between the U.S. and Iran, the expectation of the halving and now some estimate that the Coronavirus can also affect you. In parallel to this, the composite index of Shanghai dropped by almost 9% at the opening before recovering slightly, despite the fact that China’s central bank announced new measures to mitigate the impact of the outbreak. Why Bitcoin could be involved in any way in this event. In the short term, some analysts have said that the fear of economic could make many investors choose to insure their assets in Bitcoin or digital assets.

What if it spreads even more?

However, if the virus were to spread, it is more likely that market actors are more concerned by this fact than by speculating with Bitcoin. Consequently, the effects would be negative. One of them was Tone Vays, and on second thought, your posture is not all that far-fetched. However, we want to hear from you. Do you think that the Coronavirus could benefit or affect the price of Bitcoin given the current conditions? Leave your opinion in the comments. The following two tabs change content below. A degree in Liberal Studies from the Metropolitan University. Lover of innovation and a believer of the technology for the future.

Did you like the content? Share it