How Will COVID-19 Impact Bitcoin In The Long Term?

Expected to occur in the middle of May, the bitcoin halving is one of the most highly anticipated events in the crypto space to date. However, with the recent outbreak of coronavirus sending the world into a downward spiral economically, there are many people that believe bitcoin and the crypto space are done for. But an interesting article by Christopher Haruna Hamman suggests that COVID-19 is not against bitcoin.

With the global markets taking big hits on a daily basis, it seems that centralisation is on its last legs. The coronavirus only seems to be beginning as if it’s something out of a horror movie. Many people all across the world are working from home if they can and like other assets in the traditional market, many believe that the leading cryptocurrency is going to take big hits before this is all finished.

The price of bitcoin and other cryptos have been extremely volatile these past few weeks with the current price of the leading token being over $7000. Billions of dollars are being spent all across the world by many governments in order to revive the dying markets while a solution is being made to this current pandemic.

However, at the rate the virus is spreading and the odds of a cure being found sooner rather than later, the world could either experience an extreme recession or outright despondency. But when it comes to cryptocurrency, the prices of bitcoin could double…

One of the reasons is that many people are staying at home to keep safe in these trying times. A lot of these people will end up finding out about the world of crypto and even more people will be curious as to what all the fuss is about. These are the kind of people that will bring a new essence of life into the industry.

Next, we also have to look at the price of cryptocurrency. Bitcoin is above $7000, many of which didn’t expect to happen whilst this outbreak was going on. Many people believe that the pandemic is going to have a negative impact on the industry however, only time will tell.

It will be interesting to see how this situation plays out. For more news on this, the BTC Price and other cryptoupdates, keep it with CryptoDaily!