The opinion may defer from reality but that does not make it indefinite. bitcoin has been very unpredictable in recent time changing in big percentages since Covid19 became an alarming issue. As of whether it going to be a Bitcoin drop or rise everyone has an opinion about it.
As serious as Covid19 is, most people seem to be more worried about the financial effect of the virus rather than the real deal; health effects.
The financial crisis is getting more and more real every day. However, it would not be the first time a global crisis has happened. Most recently, in 2008, the financial crisis that saw people lose their assets to financial institutions left people with nothing. People had to start from scratch again and now just like in 2008, their worst nightmare is knocking again.
Last year did not have such a good ending for bitcoin and all the cryptocurrencies in general. This year the prices have been fluctuating very unevenly since the beginning. Just when stability seemed to be possible coronavirus hit so hard. This left many to wonder, is Bitcoin really a safe haven or just another high volatile asset?
Tweeps Opinion on Bitcoin Drop or Rise
In a survey done by PlanB, account on twitter, 10,516 people expressed their opinions out of the four choices given. The big question was if the stock trading was closed how would the bitcoin price respond to it?
Furthermore, close to half that number think the price would definitely go up. In the comment section, someone compared bitcoin functions to that of gold in 2008. Just like how gold price dropped at first and then raised, bitcoin could do the same in such a crisis.
The four options put up for a vote: I don’t know(IDK), #BTC price rise, #BTC price drops and, #BTC price unchanged. People who didn’t know what would happen took a good percentage of 24.7%. The #BTC price rise took the lead from the start and ended up with 48% support of the over 10k people who voted. Additionally, #BTC price drops and #BTC price unchanged options. They took the remaining portion was shared the remaining with 18.7% and 8.5% respectively.
Analysts think the bulls had something to do with the recent skyrocketing as a way to get nickels from it. Crisis threat looks more real every day and the fact both bitcoin rise and drop is happening the best thing to do is hope you make the right decision.
Crypto analyst and Author