The coronavirus pandemic has caused the financial markets all over the world to plunge. Even the leading cryptocurrency bitcoin slumped down to historic lows. However, billionaire venture capitalist Tim Draper believes once the world returns to normal, bitcoin will save the day and not banks and governments. Several companies have allowed employees to work from home amid the coronavirus outbreak.
Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day. https://t.co/ChEQ70CcKL
— Tim Draper (@TimDraper) March 16, 2020
Coronavirus outbreak dampens the economy.
As shops, businesses, and factories shut down all over the world, a global recession is no longer a looming threat. It’s here. So far, over 182,000 people have been tested positive for the novel coronavirus, and over 5,000 people have died. As it turned out, even bitcoin is not immune to the coronavirus outbreak as it witnessed one of the worst days since 2013.
“Many people will die from the crashing economy than the virus itself.”
On 14th March, Tim Draper tweeted, saying that the fear is far worse than the virus itself, and many people will die from the crashing economy than the coronavirus itself. He also said that businesses should stay open for businesses. But the venture capitalist later apologized for the tweet and said that the 3-week lockdown is a good idea to flatten the virus curve. After that, let’s all get back to work to get the economy back on track, he added.
Apparently, my previous post timing was not good. My apologies. I do believe that this 2-week lockdown is a good idea to flatten the virus curve. After that, let's all get back to work to get the economy back on track.
— Tim Draper (@TimDraper) March 17, 2020