It may be coincidence that they recovered the crypto markets just as the news about the outbreak of Coronavirus in China were getting worse and worse. But to claim that it was actually a good long-term for Bitcoin, to say the least, absurd. But that’s exactly what a “respected” Mainstream media company writes.
Since the weekend, more than 20 billion dollars are invested in the markets for crypto-Assets back. Bitcoin has recovered again, and about $ 9,000 achieved, even Gold has this week received a boost.
The Mainstream media are increasingly click “baitig” when it comes to “news” about the crypto-currency sector, or Bitcoin. The Financial Times, which is usually regarded as “better than the Rest of the tabloid media”, has gone yesterday with the Heading “Coronavirus is good for Bitcoin” on this level.
The FT opened with a vitriol of barrage on Bitcoin and its brothers:
“Do not let that moral Fears about the death of possibly Thousands of people an opportunity to apply some crypto and drive the price of Bitcoin in the height.”
The article, which reads more like a personal rant, then a couple of Tweets from obscure XRP-out followers, according to which “dirty Fiat” the Virus could spread.
The fact is that Bitcoin is impossible to benefit from negative news, or a virus outbreak because it is a decentralized, Autonomous network, not a Conscience.
“Castle Island venture”Partner, Nic Carter added:
“These Lunatics have given Craig Wright to an audience, so deep your pathological hatred to Bitcoin, you collect the the worst scammers in the industry. Insane“
Bitcoin does what Bitcoin always. As the Analyst and industry observer @Josh_Rager emphasized:
“The Coronavirus is almost to the click-bait for the Creator of the crypto-content. The short answer – $BTC has made during the recent panic waves no abnormal price changes, although the shares have suffered in China in a significant impact.“
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Bitcoin’s correlation with Gold
Also striking is the correlation of Bitcoin with Gold. This correlation has been demonstrated to 2020 twice, in two separate incidents.
The tensions in the Middle East triggered at the same time, a rally for BTC and Gold, and both assets have gained during the Coronavirus outbreak in the long term to importance.
To say this is “good for Bitcoin”, is however, completely absurd. It shows, however, that the asset has fixed value under the traditional investment instruments and the “Safe haven”Thesis is becoming increasingly important.