What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country
Ultimately recessions are never good for any market. People tend to tighten up with their excess money. It might have a slight uptick but longterm recession will turn a crypto market bear just like other markets.
Yes of course! I think every country in the world had already suffered from this pandemic that it resulted to weak economies. Weak economies means lesser opportunities for people to strengthen their financial capability which also means they will most likely prioritize spending their hard earned money of the most basic necessities rather than allocating some of it to invest in cryptocurrencies per se.
I think this COVID-19 pandemic will more likely hurt the crypto industry than contribute on its its growth. Imho.