The coronavirus pandemic changed the world we’ve known before and nothing will be the same after doctors and researchers develop a vaccine that will stop the spreading. Until December 2019, the world had never seen anything like the new SARS-CoV-19, even though there is more than one type of coronavirus. But the new one was spreading too fast and people were dying after a few days.
A few months later, in March 2020, the World Health Organization announced that the world is in a state of the pandemic, fighting against the dangerous virus that is causing so many people to get sick or die due to complications.
After they recommended staying at home, remotely working, or closing some stores and offices, the economy was suffering a lot of damages. Many companies cut down the salaries or fired half of their employees and a lot of people were forced to leave their jobs so they can take care of their kids and relatives with chronic diseases.
At the first moment, no one thought the crisis will affect the cryptocurrencies. The miners confirm that the prices dropped in March this year, and that can be a result of the less mining operations because the demand is not high as before. But, that doesn’t mean that the crypto market is dying. Investors and miners just wait for better times to trade their e-wallet savings or exchange them for cash. As of May 15, 2020, by the time this article was written, Bitcoin is worth $9,361, which is a lot more compared to April 15, 2020, when it’s worth was $6,642 for one coin.
Experienced investors and traders think that Bitcoin’s price is still unstable, but soon the interested enthusiasts will be able to invest trade, and exchange crypto money using the most trusted trading platforms like bitcointalkshow.com. The only thing that is critical right now is that no one can predict how the prices will change in the following months.
What will happen after the coronavirus crisis ends?
Sadly, we can’t be sure when will this crisis end, because the number of infected people in the world is still growing and some countries are more affected than others. The economy and financial sectors are still trying to stay strong. Cryptocurrencies are not an exception. But, according to the previous experience, in a theoretically coronavirus-free world, we can expect that the Bitcoin’s rate will increase up to $3,000 in the first month. As a pretty popular cryptocurrency, it’s expected that it will stay stable, with a little change over time.
But, no one can guarantee that the prices won’t drop until the next smaller crisis.
Those who decide to invest in the coronavirus aftermath need to observe the changes carefully, so they can decide when is the right time to “dig deeper” or give up and withdraw the money and eventually forget about the crypto market for a couple of months. Also, we can’t expect that something magical will happen right after the last infected person is fully recovered. This world will need months or years to recover from the crisis, especially the global economy.
Some people believed that this crisis will bring a chance to the Bitcoins to shine and make people more confident to use them as payment and exchanging method. But the crisis is bigger than we could imagine earlier, causing the most trusted assets to fall in value, including the gold for the real money and Bitcoins in the crypto industry. The good thing is that both of them are recovering, but the whole situation is so unclear, that no one can exactly predict what will happen during the summer or until the end of the year.
Will Bitcoin fail during the crisis?
We can’t say that Bitcoin is failing during the pandemic. It is less shiny than before, but it’s still here, around us, present in cyberspace, waiting for better times for miners and investors. Now, people may have lost their confidence in cryptocurrencies, but they also are not that confident with fiat money too.
Strict restrictions and protection recommendations caused a lot of businesses to fail, because they couldn’t earn enough money to release the salaries, fired some employees, or let them go to an unpaid vacation. One thing is sure, the virus caused so much mess in almost every professional sector in the world, including education, media, medicine, and tourism.
The situation is bad for a lot of people, but that was the only way to save our lives, so we can be healthy and capable (and most importantly, alive) to help with the recovery of the economy after the crisis.
That gives us a big hope that investors will be able to help the Bitcoin and every other cryptocurrency in the world to recover in the corona aftermath. It’s important to notice that the other crypto money also dropped, but Bitcoin is the most valuable between them, and that is why the crypto world is spinning around it.
Will the people recover soon?
This crisis showed us how important is life, the time we spend with our families, with friends, with the nature around us. Sadly, too many families already lost their loved ones. Coronavirus is mostly affecting the people above 60 and those with chronic diseases, making their fight harder or hopeless. A lot of people will continue living with serious lung damage because the COVID-19 is taking over the body rapidly.
The world is now preparing for the new beginnings. People will be back to work soon, children can go back to school after the summer, and we need to adopt “the new normal” as soon as possible. That means we will need to take so many protection actions so we can weaken the virus and make the society more immune to it. We need to wash our hands more often, wear masks, respect the distance rule, and avoid going out in big groups.
Only if we stay healthy and alive, we will be able to help the global economy to recover soon after the crisis, including the crypto finances.