Post
Topic
Board Altcoin Discussion
Re: COVID-19 Increased Bitcoin Adoption
by
Ashong Salonga
on 29/03/2020, 15:33:54 UTC
Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

Despite of the fact that Bitcoin becomes a bridge or a way for doing fast transactions like money remittance due to the reason that people are staying inside their homes because of lockdown, which increase Bitcoin adaptation, the reason that I can see why the price of Bitcoin is still down despite of the growing adaptation due to Coronavirus is that many people are starting to pull out their profit or investments for a while from Bitcoin to provide their necessities by converting their Bitcoin into fiat to buy goods and stocks to survive this crisis and to keep themselves from the threat of hunger specially now that there is a lockdown being implemented in almost all the affected countries around the world. In short, despite of growing Bitcoin adaptation, still people tend to focus more on providing necessities and not into trading nowadays, also the price still goes down because people are taking advantage of the event to buy Bitcoin at a lower price so even the volume of demand is still high, the price order for Bitcoin is low due to lower bids being set to buy and make the price of Bitcoin be more affordable. That is only my opinion and perception why despite of growing adaptation of Bitcoin, its price still remains low this days.