Cryptocurrency Suffers Amidst CoronaVirus

Cryptocurrency has been one of the stocks at the receiving end of the ongoing worldwide CoronaVirus outbreak. For the first time this year, we saw Bitcoin go below four thousand dollars. A lot of people got scared because Bitcoin was seen as a safe haven in cases like this.

Recall that aI made a post last year where Thomas lee said that Bitcoin was a safe Haven. “Thomas Lee, who is the co-founder of Fundstrat Global Advisors, has called Bitcoin (BTC) a “safe haven” for investors. He also went ahead to predicts a new all-time high (ATH) for bitcoin during an interview with Fox Business on August 15.

During the interview, Thomas Lee was asked if Bitcoin is a real safe haven. The former Wall Street strategist responded with an affirmative and robust Yes. Below is His exact words:

“Yes. You can see it in the markets. Where there is unrest, the local bitcoin prices rise and trade at a premium, because people try to find ways to protect their money. So yes.”

He had also predicted that Bitcoin will go higher. His exact words:
“I think the Bitcoin (BTC) price will be much higher by the end of the year, and possibly reach a new high. If you want to assign a 1% or 2% to bitcoin as a cover against all kinds of things that can go wrong, it’s a smart bet.” ”


Apart from the Price issues that Cryptocurrencies are currently facing, there is a wide cancellation of cryptocurrencies events due to the coronavirus outbreak.
The latest to join the cancellation list is the Consensus 2020. However, the event will now be held virtually and participants around the globe will be able to be part of the event at no cost.
The good news is that more donations to the fight of the Coronavirus are coming through Cryptocurrency. This goes a long way to show the world how concerned the crypto world is concerned about this. In a statement from the Italian Red Cross, it was announced that more donations are coming in via Bitcoin and other Cryptocurrencies.

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