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How is bitcoin doing in this pandemic?

Overall, the value of Bitcoin has seen a drastic rise over the last few months.

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Image: Blockchain Global

The Coronavirus and the pandemic that subsequently followed have had a major impact on various sectors of life. Most people concur that they have never witnessed something so drastic in their life and neither did they think that they would. The extent of the impact of this situation is yet to be fully realized and many believe that we will still be facing its residual effects in the coming few years.

Despite almost immediately shaking the economy and various other operational sectors, UN spokespeople currently believe that we will still be facing its effects for a long time to come in the future. The way this wave impacted our ongoing daily activities was almost unbelievable. The stock markets and various other economies have plummeted and many businesses that can conjure up the strength to resume operations in some form are switching almost completely to gig economies in an attempt to keep the money flowing.

Despite these drastic effects, there have been certain areas that have benefited during these trying times. Some miracle assets have been performing better than ever this time out and sure enough, Bitcoin has come out on top of these assets.

A Look at Performing Assets 

When the pandemic began, the economy took a huge blow and it was predicted that we could be facing a recession unlike any other we’ve seen before. This meant that one had to embrace themselves and protect their assets to hold on to their wealth. In this time, Gold assets have heavily impressed the market as their value has doubled and gone up some more over the last few months. The one asset that has surprisingly done even better than gold during this pandemic is cryptocurrency. To know more visit https://www.bitcoinloophole.io/.

Due to Bitcoin’s massive leap over the last few months, many users and skepticists have come to realize the potential that Bitcoin has in today’s markets. Since the Pandemic, the value of Bitcoin has doubled and has been going up drastically. This has led many to perceive this asset as a form of digital gold.

Previously, Bitcoin was seen as more of an asset that serves speculative purposes. The inception of Bitcoin was the result of a response to the Financial crisis of 07-08. Today, there are only a finite number of tens of millions of Bitcoins that will ever be mined and possessed. This made Bitcoin a risky asset and many were driven away from it early on due to its volatility.

The infinite amount of bitcoin present and the fact that it needs to be mined has given rise to several parallels being drawn to real gold. This has become quite the metaphor as both gold and Bitcoin have been high performing assets now and are operating similarly. Similarly, Oil has also been a performing asset. Though it hasn’t been done as well as the former two, it still has a good value at the moment. Its value plummeted greatly right after the pandemic but now, it has been stable and rising right below the Bitcoin and the gold values.

Talking Numbers and Bitcoin this 2020 

At the beginning of the year, Bitcoin was being traded at the north of 6,000$ and was doing decently well in the market. The value of Bitcoin has always been volatile and though the numbers were good, the asset value was subject to fluctuations. As the pandemic began in march, the Bitcoin, along with the market itself took a huge blow and fell to about 4,000$.

During this time, gold, which was considered to be one of the best safe assets to have, was doing well as expected and no one expected any other asset to rise to the value of gold. Since then, after the initial stutter, the value of Bitcoin has been rising in the market exponentially and is competing for head to head with other safe assets today.

The value of Bitcoin recently surpassed that of gold which led to a lot of talk being generated about Bitcoin and its place in the modern-day economy. Such an important asset has suddenly popped up on people’s radar and people are genuinely considering investing in Bitcoin the way they would invest in gold. 

Overall, the value of Bitcoin has seen a drastic rise over the last few months. Since the upscale, the value of Bitcoin rose by about 300% as it overtook gold to become the best performing asset so far. Such a thing happening is unprecedented and it will now be interesting to see if the values of Bitcoin and gold stay synonymous in the future.

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