How will all the chaos in the world impact the price of Bitcoin? This is the question pondering the minds of all digital currency investors. Today that the Coronavirus is planting fear in the hearts of many and leading to thousands of deaths around the world, many are worried about how this will impact the price of Bitcoin. We live in a world of news and numbers. Also, the narrative that’s being woven by current news and numbers is important to share. Many across the world have been feeling the effects of the Coronavirus on their financial transactions.
Chances are very high that you are familiar with the Coronavirus situation and its broader impact to the global economy. As of the time of writing, the impacts from the Coronavirus are just beginning to be felt and will likely be long-lasting. Together, we must flatten the curve of infection so as to ensure stability of our medical system. It is without doubt that the world’s economy is in for a bumpy ride through the remainder of 2020.
Returning to our main subject matter, how will all the chaos in the world impact the price of Bitcoin? The truth is that no one knows. Chances are high that anyone who claims differently is selling you a bag of good. Bitcoin falls in the asset class that is still experimental and thus entirely speculative. Despite being labelled as a safe haven asset immune from the whims of global economy, Bitcoin did not fully exist during the 2008 economic crisis. Rather, you’ll be surprise to learn that it was formed out of the ashes of that spectacle and has been existing solely in a risk-on global financial turmoil. Hence, we can say without doubt that there are zero data points to extrapolate from. Of recent, the price of Bitcoin was hovering around $8,000 and in the following 24 hours, it had fallen more than 25% to $6,000. In simple terms, global markets are scared and behaving as if investors are running for the exits on almost everything.