Post
Topic
Board Speculation
Re: bitcoin is supposed to go up of this corona! people are doing it wrong
by
Cnut237
on 09/03/2020, 14:05:18 UTC
cash will carry virus, so bitcoin is the way..
economy is falling down, stocks in red , bitcoin is the way.

Looks like they are both falling together. Like I've said before, a bullish global economy is good for BTC because it encourages speculation and risky investment. A global contraction would do the opposite.

Exactly. Bitcoin may in future be regarded as a safe haven and a ideal store of value, but that's certainly not the case at present. Bitcoin price is positively correlated to the mainstream markets, not negatively. Stocks go down, so does bitcoin. Stocks go up, so does bitcoin. We are absolutely not seeing huge new buy pressure on bitcoin in response to coronavirus.

Perhaps now is a good buying opportunity, as the price is dropping and we all expect it to increase in future - but that's a separate question.