The great economic crisis that has been expected for years is taking hold.
Everyone is panicking. The coronavirus has acted as a catalyst in accelerating the fall of the financial markets.
The panic that has set in means that everyone is trying to recover as much liquidity as possible.
So all liquid markets have been heavily impacted since March 12, 2020.
Gold has even lost more than 10%.
So Bitcoin is not escaping the purge.
Its price lost 50% in a few hours on March 12, 2020 before finally bouncing back to around $9.7 K today on May 19, 2020.
The coming days will still be chaotic but all this does not change the fundamentals of Bitcoin which are excellent.
I explain in detail the reasons for my optimism: “Bitcoin Price Has Changed, but Its Fundamentals Have Not Changed.
But here are some of the fundamentals:
An unparalleled scarcity for something created by man with only 21 million units going into circulation.
An inflation of supply that reduces over time to reach zero in the end.
A monetary creation policy known to all that is programmatic and predictable.
A totally decentralized system that gives power back to the users.
A highly secure system thanks to the computing power of its users which has never been defaulted in 11 years of existence.
No leader to jeopardize the future of Bitcoin.
No possibility to censor your payments on the Bitcoin network.
A pseudonymous network that constantly seeks to evolve to better protect the privacy of its users.
The price may fall further, but in the long term, I remain very optimistic.
Bitcoin is doing well in term of price and may rise well above $10,000. However, certain flaws need to be rectified soonest to achieve that mark.