Quote from: samcrypto on April 11, 2020, 03:32:02 PM

Now we can slowly answer this question because we are on a market recession but the cryptomarket is not moving significantly and we are still retesting the support and resistance level. Many believes that bitcoin will be the best option during the market recession, this is gonna be the first time for bitcoin and hopefully to see a positive effect to bitcoin.

With every pandemic, comes a global recession. This is normal, as a result of fear among people in the mainstream world. Stocks, precious metals, and even crypto have experienced a massive decline in price across the market like never before. It's common for anyone to cash out their assets for Fiat in times of need. No matter how rare an asset is, if people are selling it more than what they're buying, prices will go down the drain. I'd expect crypto to be different though, since it's decentralized and free from the grasp of governments and central banks worldwide. It's a "safe-haven" asset in the sense, that your money is yours forever on crypto. That's not the case with Fiat, or even Gold. The latter can be easily confiscated by a government, or manipulated at will. In the case of crypto, it's almost impossible to take over the entire system depending on how strong its network is. Bitcoin is known to be the most secure cryptocurrency to-date, so it'll be very costly to disrupt the entire blockchain network anytime soon.

As governments worldwide continue to inflate their currencies, people will begin to lose trust in the world's banking system. It'll be a matter of time before people flock into crypto because of its decentralized and censorship-resistant properties. A global recession could be more beneficial than harmful for the adoption of crypto, as it's entirely independent from third-party manipulation. This gives crypto a neutral stance relative to other types of currencies and commodities, making it the top choice for conducting transactions when all else fails. But who knows? We're still in a period of certainty both in crypto land and in the mainstream world. Crypto could either experience a boost in adoption from everyday people or all the other way around. The best you could do is diversify into both Fiat and crypto to protect yourself against a massive downfall in the entire market. Just my opinion