Most people thought that after the virus outbreak, money would go into Bitcoins and other cryptocurrencies as Bitcoin is considered to be the only ‘’safe-haven’’ asset at the time of crisis. But Bitcoin collapsed by 15% after the virus outbreak, thereby defying people’s expectations.
However, it is to be remembered that the value of Bitcoin is driven by demand and not on factors like interest rates and GDP than other fiat currencies depend on.
That was actually the believe that bitcoin will be the saving heaven but it has been on the contrary. On the contrary in the sense that it has not shown a significant prove of that in growth at the moment. But demand has shown to be a key factor to growth both for stocks and bitcoin. People are not looking at investment but how to stay alive this time.
However, we should expect very volatile growth when all settles down because investment will continue.