Coronavirus Could Eventually Turn Out “Good News” For Some Bitcoin Holders
Coronavirus is definitely no longer a negligible topic since it has already affected so many people all over the globe.
A couple of days ago, WHO declared a pandemic, and the US President Donald Trump also made sure to announce some really harsh decisions in order to try and contain the virus and keep the scale of this disaster as low as possible.
There are some researchers who have estimated that the new virus could grow to infect 60% of the world’s population. This could end up killing millions.
The markets all over the world are falling these days, and Bitcoin is now down by more than 26% amid a massive market pullback that’s triggered by the coronavirus global panic and other factors.
At the moment of writing this article, the most important coin is trading in the red, and BTC is priced at $5,434.15.
Predictions are quite dark these days, especially in the short term. Crypto Daily, on the other hand, seems to look at this whole disastrous event at a global scale a bit differently.
Coronavirus might be harmful to man, but good news for crypto-traders
CryptoDaily writes that Bitcoin could eventually get benefits.
It’s been already revealed that the US stock market is showing massive volatile performance, and it’s even more unstable compared to the crypto market.
The online publication also shows how the virus SARS affected the Hong Kong stock market.
Bitcoin plays a role as a hedge asset when wars and all kinds of disasters happen. The publication writes that we can expect more capital flooding in to gain profits to cover loss from the traditional investment.
And last but not least, they note that Bitcoin trading is tax-free in most cases.
“With Coinbase, unless your investment amount in a year exceeds 20 thousand dollars, you won’t be taxed. In many other outside-US crypto trading platforms, papers are not fully compliant. Cryptocurrency is another realistic investment option for USA citizens when the US stock market sees a historical big fall lately.”
They continue and teach their readers how to make coronavirus profitable. You should head over to the original article in order to check out more details.
On the other hand, we do believe that this is a hard time, especially for human health, and the economic sector will be probably hit worse than we can now imagine.
More analysts believe that the crypto market cannot escape this, and we’ll be witnessing more price falls, at least in the short term. Others think that there’s a chance to see a turnaround soon, in about two months.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.