The effects of COVID-19 on cryptocurrencies: negative & positive

[MrSpasybo]

I have read quite a few topics regarding the impact of COVID-19 on the situation of the crypto market. I think we should take an objective and overarching view of this matter. This is what I refer to and relate to the situation of the cryptocurrency market in Vietnam.

1. Negative effects
-Economy is affected, many people tend to accumulate & limit spending. Of course they also won't be able to invest in crypto;
-Many activities in the crypto world such as seminars or conferences cannot be conducted. Teams are unable to advertise projects or reach potential investors;
- Teams members are difficult to work directly together, they have to work together online which reduces work efficiency. Each person is under psychological and economic pressure, they will not be able to maximize their capacity => progress is delayed.
-Economic pressure causes many people to blindly put money on crypto, and bad guys create scam projects to make money;

2. Positive effects
+ People have plenty of time at home to learn about Bitcoin and crypto;
+ The need for cashless payments makes crypto one of the options to be considered;
+ The economic downturn has made many people see the crypto market as a new object of investment;
+ Many people fear that fiat will devalue, crypto will become a store of assets and a means of transferring money abroad;
+ The need for blockchain-built platforms to share specialties in drug and vaccine research has helped crypto gain indirect attention.

The coin has two faces, and I think COVID-19 is the same. Our job is to stay optimistic, stay healthy and work through a pandemic together.

What is your opinion on this issue, do you want to add anything?

[Sentinel]

I think that is perfect. The existence of Covid-19 has indeed had both positive and negative impacts. and indeed this impact greatly affects the price and other aspects of crypto. And what I felt the most was the crypto price which had dropped dramatically when there was Covid-19.

[Jaguar]

Most likely the effects of covid-19 in Vietnam is the same globally. First stage just Wuhan China. Next spread into nearby places. Then from nearby to different continents and then the world. WHO urgently pronounced the world was in chaos need to anticipate the massive lose of lifes. Unfortunately, different countries had their own approach base on what they think effective. So severe effect happens until now some places are in battle to stop or discover vaccine. Good news humanity is on it.
Economic now is in position to recover again totally and back everything to normal. During lockdown and now crypto is open place to earn regardless of pandemic and natural calamities.

[trauchot]

Of course, I did not fully study all the pros and cons of the coronavirus on cryptocurrencies, but in 2020 a lot of people began not only to be interested in cryptocurrencies, but also a lot of people began to invest in cryptocurrencies, and big investors who have already long time invested in cryptocurrencies are investing even more in cryptocurrencies during the coronavirus.

[junkimichi]

I agree with your opinion. There are many effects during this pandemic and I see a lot more negativity from the stock market. There is less effect on the crypto market that you can see for yourself crypto is able to survive and more shows a stable price even increasing

[Mr_KRUSTY]

Of course, 2020 has attracted more people to cryptocurrency. People sit at home and try to occupy themselves and make money on this, and cryptocurrency is one of the ways to make money.

[Jaephoenix]

I think its more of a positive effect than negative. Why? Because most of the cryptocurrency related businesses, activities or transactions are conducted online, well away from any physical contact. And this pandemic has heightened the need for a cashless society

[Mexite]

COVID-19 affected world economy but this period has opened up people's eyes to investment opportunities in cryptocurrency. It is during this period that we experienced DeFi boom, BTC price uptrend as well as other altcoins.

I can say that overall, COVID-19 has produced more positive impacts on cryptocurrency than negative.

[Unbunplease]

The pandemic has forced people to pay close attention to online earnings.  Since various restrictions will continue for at least a year, the attention to cryptocurrencies will only increase.

[TomPluz]

Of course, I would have preferred that the Covid-19 pandemic did not happen, so we could have normal lives the way it was before. Nonetheless, with all the menace and the changes that this virus brought to the global scale, there are always silver linings on the horizon. I was not expecting that cryptocurrency can be able to make a good ride but eventually things are working well for the industry we are in. As part of the online industries, people are on the move towards adopting Bitcoin and the rest of the gang. At the end, 2020 can be a defining year for cryptocurrency, and we are here laying the groundwork that can be setting the direction for many years to come.

[lepbagong]

The pandemic has forced people to pay close attention to online earnings.  Since various restrictions will continue for at least a year, the attention to cryptocurrencies will only increase.

It is true that online work must be done during a pandemic because there is no alternative, that is the only way to reduce the ongoing transmission, and we want this pandemic to end soon.

every country already has digital money so crypto doesn't seem to have much of an impact on online purchases during the pandemic. Crypto is only connected if indeed sales have crossed national borders and there are no trading tools that can be used, crypto is needed for that.

so that during the pandemic it looks like crypto is running as usual and nothing changes that are too significant. even though people stay at home, only those who have funds and understand crypto can do it

[naitik01]

COVID-19 has affected all the business of the world. No sector has remained untouched by this, it has also seen a partial impact on cryptocurrency, but in spite of this, the crypto market is continuously growing and people's interest is increasing day by day.

[H2O]

Market Corona virus has suffered some damage.  How can an investor enter the market and invest in a time when people are going through an economic downturn?  To my knowledge 2018 and 2019 were coronavirus free all the time but still why there was a big scam in the market.  2020 is completely infected with the corona virus, but the market is good.

[KKH84]

Market Corona virus has suffered some damage.  How can an investor enter the market and invest in a time when people are going through an economic downturn?  To my knowledge 2018 and 2019 were coronavirus free all the time but still why there was a big scam in the market.  2020 is completely infected with the corona virus, but the market is good.

I think this is influenced by a large number of new investors, who are not very familiar with the world of crypto yet.  Their boredom because they have to stay at home makes them look for additional income, so that in 2020 the price of crypto starts to slowly increase but has not yet fully risen, some have stopped because of their losses in investing in crypto without prior research.  Sorry this is my personal opinion, so many possibilities are not like the real situation.

[comer]

the effect of corona virus in the world economy is brutal. Not only financial aspect but only life loss. I would rather chose to have bearish market for the rest of 2020 than having covid-19 havocing the entire world population. crypto would gradually rise even without the positive effect of covid-19. Now, the world needs to heal the wounds to recover the tormoil brought by this
pandemic. humanity should move forward find the cure and live life normally again.