As the world struggles to contain the spread of Coronavirus, the world economy is suffering a severe blow. Numerous governments have ordered the lockdown of their countries to prevent further spread of the disease within borders.
Commercial flights have been canceled. Schools and numerous other institutions have been closed and people have been urged to work from home. Many companies are laying off workers and struggling to stay afloat, unfortunately suffering serious economic losses. In general, it is a very difficult time for the global economy, which is facing a sharply downward trajectory.
But governments, such as that of the United States, have decided to try to keep the economy afloat by injecting loads on loads of newly printed free money. Looking at the current situation, one cannot fail to note that the cryptocurrency market could be the only sector that has not been hit hard.
The stock market has also lost enormously. Indeed, most jurisdictions have been forced to freeze stock markets. After all, could Bitcoin be the biggest beneficiary of this global crisis?
The best place to put money
According to Ronnie Moas, a market expert and Bitcoin fan, Coronavirus could prove to be a good occasion for Bitcoin, in particular the reaction of governments, which have decided to print more money. Moas expressed this opinion in a Twitter post.
Fluctuations in traditional currencies and printing new money create an atmosphere of uncertainty fueled by the fear of inflation. It has already happened in China during the US-China trade war that saw many rich people try to recover their money by forcing the regular circulation of money.
Bitcoin and cryptocurrencies in general have proven very effective in this situation, and in this case there may be a new viable way, especially when the whole world is interested in understanding what happens and how to move.
Shares are dwindling and other markets also don't look attractive or promising. On the other hand, the fact that Bitcoin managed to initiate a rapid recovery process when the rest of the world's economic markets are under severe pressure is a clear sign that it is an investment choice to be trusted.
Will the BTC price hit $ 28.000?
Continuing in his post, Ronnie predicts that current events could bring Bitcoin's price to one quotation about $ 28.000 in the near future. This projection is not as far-fetched as some might judge at first.
If more money flows into the market, the demand increases along with the price. On top of that, Bitcoin halving is fast approaching and is expected to cause a price hike with a good margin. In any case, Bitcoin still seems to be in the right position to continue growing.
