Investor flee stocks amidst Coronavirus fears | Bitcoin’s time to shine?

The Coronavirus pandemic has not just taken lives. It has also crippled several economies worldwide. With investors rushing out of stock markets, Bitcoin could be looked at as a potential investment right now.

The whole world is grappling with the exponentially rising number of Coronavirus cases. As of the publication of this article, the number of cases worldwide has crossed 1.1 million people. The US tops the list with 290,692 cases. With no immediate cure in sight, this pandemic has devastated financial markets worldwide.

The Dow Jones recently recorded its worst decline in years. The story is the same with other stock markets around the world. The Indian BSE Sensex has reached 2017 levels. People are running away from stock markets and moving towards safer assets.

 

Lockdowns against COVID-19 seems to be the go-to move

Various Governments have resorted to nationwide lockdown to contain the spread of the pandemic. The virus is deemed to be highly contagious and is extremely difficult to contain once community spreading starts taking place. 

Various developed nations stand crippled against the pandemic. Some of the countries that imposed the lockdown a bit late suffered a lot.

These include:

  • Spain that has so far witnessed 124,736 cases and 11,744 deaths.
  • Italy has 119,827 cases that resulted in 14,681 deaths.
  • France has 82,165 cases and witnessed 6,507 casualties.

It is no surprise that manufacturing factories are completely shutdown. People are losing their jobs, and the daily wage earners are the hardest hit. 

 

Bitcoin could be a strong candidate for investments now

  • The best selling author of ‘Rich Dad, Poor Dad,’ Robert Kiyosaki has said that Bitcoin is people’s money, and it is to be saved, especially now.
  • Bitcoin was initially devised as a potential weapon for tough times.
  • BTCUSD has shown strong potential as it crossed the $7,200 mark this Thursday. This jump is very crucial because this huge jump came at a time when Financial MArkets worldwide are just falling apart.

Until unless a cure is developed to the pandemic, Social Distancing is the way forward. As US President Donald Trump puts it, the coming two weeks are indeed going to be one of the toughest. They could also play a significant part in humanity’s fight against the Coronavirus.

ADVERTISEMENT

Leave a reply

Please enter your comment!
Please enter your name here

Enable Notifications    Ok No thanks