The entire crypto community got affected not only the COVID-19 has affected it but also since its inception in 2009, this is the first time that it is showing such a sharp decline. In 2009 the only cryptocurrency that existed was the bitcoin and it literally reigned the crypto market unimaginably.
As soon as the pandemic COVID-19 became global the entire world seemed to have been affected by this and everyone tries to come out of it no matter what. But the entire economic system is interrelated in a manner that if one sector gets affected the entire global economic system breaks down.
Even then the experts still say that it is the last resort, for all financial assistance, one has to depend on bitcoins and you may find out the rest of the details by visiting bitcoinslifestyle.com. Here we would talk about the ideas and the implication of the cryptocurrencies after COVID-19.
Implications of Bitcoins in 2020
All the stock markets dropped down when the pandemic struck globally, hitting each of the countries. Bitcoins are always considered as safe haven and it has always been considered all equal to any gold or the Swiss Franc. But somehow the drop of the bitcoin prices did not surprise the bitcoin holders in fact they really liked it. According to them the scale of bitcoin, as it was growing up was at much of surprise and no one knew how exactly it could be tamed but this fall has possibly made it possible to be tamed easily.
The cryptocurrency seems to will have attained some ground after the major downfall of the bitcoins. But to be very honest that is not the case and one should not be happy about it. It is far more than this. Apparently, the crypto marketers had a somewhat similar reaction about the stock market which crashed several times withing this pandemic. In a day the bitcoin price dropped down to almost 52% at a time which means it reached up to 4k USD all at once right from the top of the market.
The established reason for the major fall of the bitcoins have not been found because many think that it is not just the mere result of the pandemic, it also includes certain aspects which make the value of gold and other assets fall down sharply. Hence they also expect that the value of the cryptocurrencies will rise with the rise in the price of other assets.
New studies show that the cryptocurrencies are becoming part of the assets, this will make a strong portfolio for the investors who wish to spend on the bitcoins. It can also be said that because the number of investors has increased in bitcoin hence the crypto market is no longer an independent market. As of now the highest number of investors are present in this market. Hence it is by some means being controlled and this is no longer as anonymous as it used to be.
But of course, we can’t say that bitcoin has failed because it has not failed at all. It might have dropped down for some time but it will surely rise up to give up the best of profit. With the rise of the cryptocurrency, the value of the traditional money will gradually fall down.
In a time of crisis like this printing more of traditional money could result in harmful results, so one must know how and when to invest in bitcoins. At this point in time investing on cryptocurrencies can’t be questioned because it is a need.