Coronavirus And Its Impact On Bitcoin

Coronavirus And Its Impact On Bitcoin

Coronavirus is sweeping the globe, with countries and their citizens at large affected adversely.

According to www.worldometers.info, on the 26th February 2020, the current death toll from Coronavirus stands at a shocking 2,764 people, with an existing 80,997 confirmed cases across 42 countries.

Coronavirus, as defined by the World Health Organization, is

“A large family of viruses which may cause illness in animals or humans. In humans, several coronaviruses are known to cause respiratory infections ranging from the common cold to more sever diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS).”

The disease is spread through bodily fluids, from someone who is infected with the disease. Usually by when that person coughs or sneezes, and the fluid lands on objects or surfaces.

How Is It Affecting Bitcoin?

As Corona continues to spread, people globally are panicking and are looking and turning to Bitcoin, surprisingly, as a safer alternative.

Since the disease has been brought to the public eye, the Chinese economy especially has suffered, and more and more people are looking to Bitcoin as a safe-haven asset.

After all, year-to-date, Bitcoin has risen by 35 percent and has recently hit a yearly high of above $10,000 USD.

At the same time Bitcoin has been holding strong, and rising, the Chinese Stock Indices have plummeted by 9 percent, with the Shanghai Composite Index too taking a massive hit, dropping by 8 percent.

China Is Quarantining Infected Cash – Bitcoin To The Rescue

China has decided to initiate prevention of the disease, and by doing so, the best option, they have decided, is to cleanse their cash.

China has begun disinfecting their banknotes through the use of ultraviolet light or high temperatures, according the recent press conference held by the Central Bank. This process involves quarantining bank notes for up to two weeks before being released back into circulation.

As a result of this, people are turning to Bitcoin as a safer alternative, which does not have to physically pass through hands.

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