Have you seen how governments responded to the corona virus?
Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.
I do think that the Coronavirus pandemic affected job employment and opportunities as a whole, which indirectly affected the fiat as a whole.
With this in mind, the economic has been stunted and any opportunities for job employment decreased. This resulted to a number of workers being unable to meet their monthly obligations given that most businesses have been closing their operations. Although the creation of the vaccine gives hope, this will not restore the damage it created initially, maybe not in the near future.