This is the sort of question that appears when every time Bitcoin price surges and drops significantly and apparently out of nowhere some analysts, experts directly associate such questions with anything like the US-Iran tension, Hong Kong protest, and so on. Now, again some are trying to insert the coronavirus in BTC price growth. Will CoronaVirus Impact the Bitcoin Price? Let’s take a look at it.
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Bitcoin Price and the coronavirus
Well, the reality is Bitcoin price can grow and its price rise with or without disasters, accidents, and violence. Also, it is too early to tell anything at this stage. Primary research states that this could be a bigger problem. But, China understands it and has already started working on stopping it from spreading more.
Coronavirus can’t influence the bitcoin price action but the confusion and chaos it is creating, people will try their best to save any wealth they have especially those in the most affected area of the said virus and that’s where the role of bitcoin comes in. Bitcoin is one of the biggest methods to save money because it’s very accessible to anyone and simple to use. If you closely observe this theory then BTC price will have a high demand and will result in growth. That is how this kind of perplexity is somewhat associated with bitcoin price.
This world disease has nothing to do with the Bitcoin price. Most people who lack fundamental knowledge are a fan of exaggerated news correlating almost everything with BTC price. What we perceive is simply a normal price change since Bitcoin was pumping recently and it’s just natural to notice a dump after that because there are traders.
Bitcoin is a safe asset
The Bitcoin price crash has caused a pump. Some people know how to spread panic and some people are buying in. The fact is people expect miracles and this is not a good sign.
The crash has indeed shocked everybody but that’s how life runs unexpectedly. Bitcoin isn’t dependent on that news simply. Yes, this year has seen a good start for the Bitcoin and altcoin market but that doesn’t mean the market crash is due to this virus outbreak. Price can be volatile and this isn’t alone the more serious event that hits it.