Coronavirus has made us stay home for months now, Bitcoin's price rised while most stocks crashed. Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people. My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?
I totally agree with you.Due to pandemic, bitcoin got the attentions of the people who are terrified to go outside and just want to use online transaction to buy their needs. Bitcoin is very easy to use and hassle free, that is why bitcoin is the most used digital crypto all over the world.Well, on the positive side COVID 19 help other people to appreciate Bitcoin because of our situation right now BITCOIN really helps us to survive this pandemic just by staying home and help not spread the virus. KEEP SAFE EVERYONE.
There are many payment methods for online transactions, bitcoin is only a small part of them. Even in some countries like China and Vietnam, payments in bitcoin or another cryptocurrency are prohibited. So I do not think that bitcoin is going up due to people participating in many online transactions. Perhaps during the epidemic many companies' stocks plunged
so many investors turned to invest in bitcoin and that caused bitcoin to rise in price.I have had different opinions regarding what causes BTC to rise or fall, but eventually have come to this one: Bitcoin fluctuates independently from what's happening in non-crypto world, and after the rise or fall occurs, people start linking it to this or that event. We had seen steeper rises with no pandemic around, and there was a drop from $10k down to $5.2k during the current pandemic. In short, I think there's little to no correlation between Bitcoin price and COVID-19.
I had always the thing in mind that I don't really correlate cryptocurrency and traditional markets or events that happened outside on crypto sphere but you cant really stop people on not to make speculations about it where sometimes you can really connect them up specially if prices do really move in the same manner.
About Covid 19 and bitcoin then we have seen on how economies is heavily affected by this pandemic and theres no doubt that there might be some effects but not really that much.
Taking for example on making out comparisons that the current economic state which is still on reds while crypto is slowly recovering.