The coronavirus hasn’t been all that beneficial to Bitcoin and other cryptocurrencies as of yet. After triggering an initial crash, returning to values prior to that event has proven to be virtually impossible.
All financial markets have suffered due to the global coronavirus crisis.
Will the Coronavirus Boost Bitcoin?
Stocks have crashed hard and are still trying to recover at this time.
Savings account interest rates remain at an alarming low, and will soon enter negative territory globally.
Even Bitcoin, the world’s leading cryptocurrency, lost over 50% of its value in very quick succession.
Although that market has recovered somewhat, there is a lot of work to be done.
Some experts expect the coronavirus to make a positive impact on Bitcoin in the coming weeks and months.
Ryze, the crypto-investment startup, issued a new report on what the future may hold.
The firm claims that the crumbling fiat system will force more people to explore alternative investments.
Hyperinflation is a matter of time due to the stimulus packages announced during the coronavirus crisis.
At the same time, it is crucial to not get overly excited.
A sharp dip can still occur when the traditional markets come under increasing pressure, as that momentum will affect Bitcoin as well.