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. Therefore, the prices of Bitcoin though showing volatility is most of the time, still remain steady when other markets fall.
I totally agree with you and lots of people have misconceptions about cryptocurrency, I think it's time we all accept the reality behind cryptocurrency and not what's written on the papers. Bitcoin is not a safe-Haven and as such cannot flourish at the expense of global crisis. Cryptocurrency sector is just a digitized financial institution that ought to provide a decentralized digital currency to give people the ultimate control to manage their financial activities without much interference of a third party and just like every investment options, the price of every cryptocurrency is determined by the force of demand and supply and these two economic theories depend majorly on global situation and as such bitcoin can only flourish when the global economy is thriving