I guess what partly prompted the recent massive selling of Bitcoin are the people who need cash more than just an asset they can hardly spend. As a matter of fact, there was one thread here who shared his/her circumstances to let go of his precious Bitcoin because he/she had no other source of cash. For me, it is not anymore about HODLing; it is about where to spend one's Bitcoin for as basic a necessity as food or toilet paper. If Bitcoin was not as widely accepted as a payment option prior to this pandemic, how much more today when shops are already closing?
But the real economy is fine. Shops and bars will open again. As long as people have money to spend, others will keep their jobs.
With all due respect, I beg to disagree. The economy is far from fine. It is about to crumble down. The current problem is not just about people having no money to spend. It has also become a problem where to spend them. Shops, restaurants, shopping centers, bars, and so on are closing.
And not just these kinds of businesses. Even factories and manufacturing centers, hotels and resorts, airlines, casinos, and many more are also closing down. People are not earning anymore.