The novel coronavirus outbreak continues to create a fair bit of havoc. Some people seem to believe that this pandemic will be beneficial to Bitcoin’s value in the long run.
Many people remain fearful over the novel coronavirus outbreak, for obvious reasons.
Will the Coronavirus Help the Bitcoin Price?
It remains a global pandemic with an incredibly high mortality rate.
Despite most of the world seemingly grinding to a halt, the cryptocurrency industry trucks along.
Some industry CEOs are even confident of how the coronavirus crisis will benefit Bitcoin in the future.
It is a bit of an odd statement to make during these trying times.
Fundstrat’s David Grider and eToro’s Simon Peters expect things to improve for Bitcoin in the price department.
In fact, Simon went as far as claiming how the crisis has weeded out the final few weak hands who will sell during the slightest hint of volatility.
As cash payments are not virtually prohibited in most countries, consumers will flock to alternative solutions.
In terms of payments, Bitcoin and altcoins still have plenty of work to be done, however.
Merchant acceptance is virtually non-existent in the physical world.
That said, it may prove to be an interesting investment option for those flocking to new assets.
No one should consider BTC to be a hedge during volatility, however, as it clearly can’t maintain its value.