The coronavirus disease (COVID-19) has already engulfed the whole world, and now there are cases from almost all the countries. It has negatively impacted the world economy. The industries are shut down across the world, which has consequences for the economy. A global recession is almost there. But how will it impact Bitcoin has interested many.
Bitcoin After COVID-19
There is an increased interest in digital assets after the slowdown of economies across the world because of coronavirus. Bitcoin has come into existence after the global crisis of 2008. And at that time, also it showed the strength to believe upon and was the reliable one. The Bitcoin Halving event is also scheduled in May 2020. According to BTC News, The Halving event in the history of Bitcoin has always resulted in an increase in its value. There is news doing the rounds, which shows that the Bitcoin will touch its new high during this crisis of coronavirus. It shows that Bitcoin was and now is a potential alternative to the central bank-controlled debt-based economy. The cryptocurrency experts believe that the Bitcoin is strong enough and will grow stronger after the Halving event.
How Will Bitcoin Remain Unaffected by the Coronavirus?
During the mid-March, there was a drop in the price of Bitcoin. The experts said that the price crash was not because of coronavirus but because of market cap. But soon after that, the price started recovering at a fast pace. There are a number of reasons to believe in the rise in the value of Bitcoin after the COVID-19.
The first fact that there is an increase in the number of Bitcoin addresses over the past few weeks. Since mid-March, there has been an increase in the number of users by 12%.
It shows the users have shown confidence again in the digital asset. And this confidence will go more in a positive direction after the Bitcoin Halving event that is scheduled in May.
According to the statistics revealed by GlassNode, the number of users who hold the 1BTC has also gone to it’s all-time high. The 7,97,073 wallets and still counting are stacking up in accumulation, which will lead to buying pressure, and hence the demand will go high. The high demand will result in an increase in the price of Bitcoin in the coming days. And more to this, the number of Bitcoin wallets is rising even during the crisis of coronavirus. It shows that people have shown their confidence and trust in this digital cryptocurrency.
The volatility of the conventional market during times of crisis will make the investors search for an alternative for their hard-earned money. One of the promising alternatives that have emerged stronger is BTC.
In the month of April, the Bitcoin has crossed the mark of $7719. It suggests that there is a lot of optimism, and Bitcoin will not lose its charm.
Conclusion-
History is proof that crises have always impacted the conventional and traditional economies across the globe. And this lockdown due to the pandemic coronavirus has almost closed the markets. There is a negligible amount of production of goods taking place around the world. This can be validated from the crash in prices of crude oil, which have gone even negative. There is pessimism all around regarding the future of the market. But the digital cryptocurrency market of Bitcoin has not got affected yet. The price of Bitcoin is still going up, and there is optimism in the digital currency market that it will go high after the Halving event that is scheduled to take place in May 2020. Bitcoin was almost immune from the shutdown of markets across the world and will surely attract more investment in it. The people who are searching for the alternative for the investment will surely find this place a more attractive and promising one. You must check out BTC Price Prediction by experts to get further more ideas on future prices of Bitcoin.
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