The novel coronavirus, that spread from the Wuhan region of China, has already infected more than 390.000 people and killed more than 17,000 around the world. The virus has affected many different fields of economy, and some say that the damage caused by the coronavirus will be very hard to overcome after the virus is gone.
But there are no signs yet that the virus will stop spreading anytime soon. Many fields were hit by the virus, including the crypto market. While BTC was thought to be created for situations like this, its safe-haven status stands under a great question.
However, there still are many people who believe that BTC can overcome the challenges ahead and will continue its world domination. But, at this point, it is very hard to say what the future will bring.
It is a well-known fact that bitcoin was designed so that it could work in situations like this. Without any interference of the banks, governments, and other currencies, bitcoin is designed to work on a standalone basis.
Many experts have said that the coronavirus can be the biggest opportunity for bitcoin. If the currency manages to prove that it can survive in such a climate, more people will appreciate the field. Many are seeing this as the biggest challenge that bitcoin could have had and if it manages to survive it without massive loss, it will prove itself as the top and most trustworthy currency on the market.
However, bitcoin had its part of the damage from the novel coronavirus. The whole world is fighting this virus, which has resulted in catastrophic economical events, and the things are nowhere the end yet.
Some people, who have long been negative about the crypto, are saying that the coronavirus will be the end of the bitcoin. However, compared to the other fields of the global economy, bitcoin seems to be having the least to worry about.
Bitcoin has been one of the most popular cryptocurrencies in the world for some time now. The boom of its price happened in 2017 when its price was more than $20,000. This has resulted in many people being interested in the field. Some countries started to make the currency even more popular by adopting friendly regulations. These countries include Australia, Switzerland, and many others.
Who uses crypto?
In recent years, the usage of crypto has become very popular. It is used in many different fields very actively since it offers something that not many other currencies can offer, and it is the privacy and safety.
Because of its privacy, the gambling industry started to use bitcoin very actively. There are hundreds of different casinos that have created special games and promotions for those who use crypto.
Bitcoin users can use the currency for gambling in many different countries around the world. Many platforms have shown interest in crypto because of the privacy that it offers. Many gamblers are using bitcoin for online gambling and the number of them is rising every day. Special games that have been created for crypto users are becoming more and more popular every day.
Brand new Canadian casino sites are actively using bitcoin technology by developing games, promotions and different types of benefits for those who use crypto. The great thing about the usage of crypto in the gambling industry is that it is exposed to a whole new and larger audience, which can have a great outcome.
Forex brokers are also using crypto very actively. Trading with crypto has become very popular every day, and there are many brokers who offer their clients to take advantage of many different bonuses when they trade with crypto.
However, the current ongoing crisis can have a huge effect on those who use crypto in these fields. Many people are going back and transferring to using the more traditional methods of payments, and this all could lead to very bad consequences.
Can bitcoin survive this crisis?
The only thing that is important in this kind of situation is the steps that are being taken by crypto enthusiasts. Crypto has a great chance of surviving this crisis, it can even become more successful if the right steps are taken, but nobody knows yet what the future will bring.
Bitcoin can use coronavirus to prove to everyone that it can be a trustworthy and successful currency for the world.
The novel coronavirus started spreading in late December of 2019 and it has affected many different fields of economy. Bitcoin, being one of them, has seen a lot of damage in the last few weeks. However, the last few days have shown that bitcoin has the ability to survive this pandemic.
The stock markets, the oil and gas industry, the tourism sector, airlines, and many others have seen their parts of the damage from the virus that has already spread all over the world. The number of people infected by the coronavirus is rising every day, and experts are saying that the financial crisis brought by the coronavirus could be even worse than the 2008 crisis.
How and when the coronavirus pandemic end is almost impossible to say. There are many people who are saying that as summer approaches, the virus will become less active, but for now, it seems to be unlikely.