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
People who are losing their job will find other way to earn money and they might look for opportunity in cryptocurrency which can affect the demand for this one, or if the hodlers need the money and they hold bitcoin, the possible scenario is for them to cash out bitcoin so they can use it to help them. Every country is suffering big right now, some are still doing good despite of the pandemic but most of the country enters into a new recession, cryptocurrency can be the safe haven for us, we hope so.
Certainly, this would likely to happen. Due to the economic recession that many countries across the world is experiencing all due because if the covid-19 pandemic which have brought and make cause for people to loose their job, people are now seeking for other possible ways on how they can survive the pandemic by finding ways where they can shift or transfer their funds specially if those came from stock market that is directly being hit by the negative impact, people will more likely to get into crypto and treat it as a safe haven for their funds because even crypto is affected at first, still it manages to recover and that is a great point people have seen making people from countries where recession is present get into crypto which is good because there will be a rise on demand and usage of crypto. But still that will be dependent for maybe people would just go use their remaining money for necessities. But all in all, the one stated above will more likely to happen.