I've seen how mainstream events like the coronavirus "COVID-19" and the downfall of the stock market, has negatively impacted Bitcoin's price across the crypto market. For a cryptocurrency that's been hailed as a safe-haven against traditional Fiat, it's been doing otherwise. Gold has been performing better than Bitcoin and other cryptocurrencies combined. It's odd to see something like this happening today since Bitcoin is a decentralized cryptocurrency. This should make it "immune" from real-world events whatsoever. Bitcoin's latest decline in price has shown us that the cryptocurrency is still linked to mainstream events. It's probably because Bitcoin is often traded on centralized exchanges than decentralized ones. As long as it stays that way, Bitcoin will never be able to become a "safe-haven" asset in times of turmoil. Or am I wrong?
What are your thoughts?
The current situation is different from the classical one, in which Bitcoin should prove to be a reliable refuge from inflation. To prepare for protection against the spread of coronavirus, people urgently needed money, and bitcoin and other cryptocurrencies are not yet ready for direct use as a means of payment. Therefore, cryptocurrency was sold through exchanges and its price fell. This is evidenced by the current empty shelves in many stores.What are your thoughts?
If a global economic crisis sets in, the situation will be different. Production, the global economy and prices for ordinary currencies will fall. In this case, it will be logical if people fleeing inflation will invest in cryptocurrency. Stable coins will not help here, because even without falling in price, they will automatically lose value due to inflation of the usual currencies that they are provided with. In this situation, investing in cryptocurrency is a good way out and it will grow in value.