Ave read quite a few topics regarding the impact of COVID-19 on the situation of the crypto market. I think we should take an objective and overarching view of this matter. This is what I refer to and relate to the situation of the cryptocurrency market in Vietnam.
Negative effects
Economy is affected, many people tend to accumulate & limit spending. Of course they also won't be able to invest in crypto.
Many activities in the crypto world such as seminars or conferences cannot be conducted. Teams are unable to advertise projects or reach potential investors.
Teams members are difficult to work directly together, they have to work together online which reduces work efficiency. Each person is under psychological and economic pressure, they will not be able to maximize their capacity => progress is delayed.
Economic pressure causes many people to blindly put money on crypto, and bad guys create scam projects to make money.
Positive effects
People have plenty of time at home to learn about Bitcoin and crypto.
The need for cashless payments makes crypto one of the options to be considered.
The economic downturn has made many people see the crypto market as a new object of investment.
Many people fear that fiat will devalue, crypto will become a store of assets and a means of transferring money abroad.
The need for blockchain-built platforms to share specialties in drug and vaccine research has helped crypto gain indirect attention.
The coin has two faces, and I think COVID-19 is the same. Our job is to stay optimistic, stay healthy and work through a pandemic together.
What is your opinion on this issue, do you want to add anything?