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?
That's just your point, and because of these thoughts, sharks get bigger and bigger. The financial market is not only bitcoin, there are many traders participating in the forex market and world stock market. For the crypto market, the market capitalization of more than VND 200 billion is too small compared to other financial markets.
Besides, to explain your question, ask yourself a question, when the disease comes, are people afraid of starvation or fear of running out of money? most of them were afraid of starvation so they sold off financial assets and bought goods.
We can't tell exactly if this pandemic increased bitcoin adoption as there is no stats that we can refer to. However, owed to the fact that fiat money is not safe as virus lingers on paper money, people are looking for other options that they can use to replace fiat. But then again, it doesn't mean that they are already converted to crypto users. Maybe they are just looking and studying at crypto right now, because if you are a newbie, sometimes it is too complicated to understand things. And with the price volatility, they will be hesitant to really go into crypto. But this is a good time for them to research, read and study alternative options for fiat as payment method.