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

[Pluto25]

Of course coronavirus has a negative impact on cryptocurrencies market because many investors and holders already affected by coronavirus and also died. Their reserved cryptocurrencies has no deep of used .

[masterrex]

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?

I think you nailed it mate, great observation but we should need to work beside in this condition, I'm still positive that the vaccine will be available in 2021 and it will give way to brings us back together in face to face setups no more facemask/Faceshield, etc. and the Cryptocurrency and Blockchain summits will be done in the best venue's and we can hug our relatives, friends and love ones, and we can go travel anywhere. It will be nice to stay positive as always.

[KryptoBull]

The outbreak of COVID-19 left many Vietnamese in a difficult situation. They lose their jobs or a part of salaries, and many people look to crypto projects to gain additional income, although crypto in Vietnam is not completely legal.
Some scam projects have appeared, such as Bithera, MyAladdinz, cryptostake... to take advantage of this and scam a lot of money from inexperienced investors, most of them are farmers or the old, who have little chance of contact with information and technology.
Unfortunately, we, the people of the Vietnamese crypto community, are still unable to protect those investors.

[Renampun]

I see that Covid 19 actually give a positive effect on cryptocurrencies...
Many people are afraid to use physical money for fear of contracting it, thus increasing digital payments. covid 19 makes digital currency even more popular.

[Paglamon]

The epidemic lasted all over the world. No one involved in the cryptocurrency market was harmed by the epidemic. But the deaths of people were tragic. The cryptocurrency market has improved a lot. The cryptocurrency market is in a good position. The price of many coins has risen during the epidemic.

[Lukamaxin]

The covid-19 pandemic situation two different story have been occurred .Firstly people think that I have done everything if I live after the pandemic and secondly people think that if don't take any food death will be happened so need to money get for food . Indeed people suffer for food not affride to corona virus and death .one the other hand many people try to find income source in lockdown and then online bussiness like Ali baba , Daraz . When people give and take products without cash, pay with online banking then people need to virtual money or exchange something to another things . Finally people generally use to trading and blockchain or cryptocurrency .so if we summarize all the story in single sentence in pandemic covid-19 positive effect has been seen in cryptocurrency .

[carcas]

I see more of the positive things because if people always look at the negative things there will be no change because everyone experiences the same thing. If there is a positive thing I usually spend more time during lock down reading crypto news or occasionally analyzing crypto prices

[sampoerna]

You are right. Everypandemic or even big situation right now actually;y will always offer the negative and positive sides. And it also depends ds on how a person will take the action and also decision about it. So it is better to not to be too careless or fear of the pandemic

[Prime]

You are right at all. Evry condition will give positive and negative impacts. The im[acts will depend on how we take the strategy then. Additionally, it also fee that but to be more careful when choosing certain crypto to hold or evet trading in this situation,

[highnayem34]

Lots off positive investment offers. There is a negativity in crypto market during corona. But last 3 months at the end of this year got a huge positive impact when corona ending. That's a good news.

[babu10]

Very good writings here i personally think nCOVID comes for crypto market with huge benefits because many men invested their money during nCOVID season from home as a result market day by day going up and 2nd wave will also make reflect again in market. So stay continue this market.

thanks.

[Cinno3]

I just want to talk about cryptocurrency anymore. I was present at the cryptocurrency market during the epidemic. Then I saw that the cryptocurrencies were about to be destroyed. But cryptocurrency has improved a lot.

[Nestle]

I once thought that there would be a lot of negativity in crypto during a pandemic. When oil stocks and several other stocks plummet, I am a little pessimistic that crypto can survive when the pandemic begins. But crypto is more likely to survive and have been able to grow and will soon surpass its previous high price or new ATH

[MRM]

The level of investment in the cryptocurrency market has multiplied during the global epidemic. Many people around the world have been able to invest from home during the global epidemic. There have been many changes in the cryptocurrency market. Although human death is a tragic event. At that moment, people were looking for different ways of earning income at home, then users found the cryptocurrency market as a source of income.

[Galaxy]

Many countries have suffered economically during the global epidemic. The epidemic has hit the economies of many countries. However, the situation in the cryptocurrency market has improved. The cryptocurrency market did not have a major impact.