The corona virus is spreading and dominating the news situation. Let’s take a look at what it means for Bitcoin: the cryptocurrency is not yet a safe haven from an economic collapse. However, crypto companies themselves are hardly affected because they mostly operate in virtual space, while crypto conferences are badly affected.
Long term conflict
In the long term, the policy surrounding the corona virus points to a conflict between government and business, in which Bitcoin can still play an important role in the future.2020 could be the year of the disasters. After climate change felt like it was getting serious in 2019 – the heat was palpable – bushfires in Australia escalated in January, causing around 20 percent of the continent’s forests to burn down. Shortly afterwards, in February, the corona virus broke out.
Still no safe asset
The fear of the corona virus caused all markets to collapse. The Dax lost more than 10 percent, crypto markets fell nearly 20 percent, and even gold pulled a few percent.
The fear of the invisible danger can be clearly seen in the crypto scene: CoinGeek, which took place in London on February 20, published a guide on how to get safely through a world of the corona virus and recommended that participants refrain from shaking hands.