Quote from: Argoo on Today at 06:10:36 AM

Quote from: rizkyalhabsy on October 13, 2020, 06:24:19 PM

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

Unprecedented measures to combat the coronavirus pandemic are leading to a drop in gross domestic income, an increase in unemployment and an increase in poverty in almost all countries. All this causes an increase in inflationary processes. We have been saying for a long time that this could trigger a very severe global economic crisis. Government spending on the fight against coronavirus continues to increase. It would be logical if people, fleeing inflation and poverty, would invest in cryptocurrency. Therefore, the coronavirus pandemic, while increasing the poverty of the population, on the other hand, should positively affect the growth of cryptocurrency liquidity.

And it is precisely because of this that we have seen the price of bitcoin to increase in such a dramatic fashion, people in my country are slowly realizing there is something wrong with the economy despite the claims of the government, however the masses are for the most part unable to do anything about it, they do not know how to protect themselves from inflation, they do not know about bitcoin or gold and as such they keep most of their money in fiat which is subject to inflation and lose value every single day without them noticing it.