Translated from the article On bitcoin and the coronavirus by Erik Voorhees.
It was 2 bloody days of the crypto market. Not only the crypto market, other traditional markets such as stocks are also falling sharply with a record level.
The whole front is engulfed in red, things are getting gloomy ..
The main goal of Bitcoin was created to be independent, free from third-party control.
Bitcoin exists instead. to show the world another way to make money and a market built from their value to operate.
So why has Bitcoin been so bloody these past two days?
Because people with money are panicking, they're selling everything they can to get cash.
And we can see this clearly in the current chaos.
Bitcoin players like to talk about the transition of global financial order to something new. Well, does anyone think that happens gradually, calmly and orderly?
No, of course wise, it happens when shocked and in crisis.
It happens when the world is shocked by an unexpected, unexpected problem. And that is happening to us right now ..
Coronavirus, how dangerous is it? How spread is it? When will it become a global pandemic? This week or next month?
I don't know but I'm sure it has been draining the world economy day by day.
The more physical effects of the outbreak are economic – a whole world reeling from financial uncertainty and chaos.
This chaos will continue, not because of the virus itself, but because the financial system has been built on lies and magic.
It was an illusion, and the illusion was painful when broken.
I don't mean to alleviate the pain and suffering that many people are going through and will have to experience because of the corona pandemic.
It was a devastating tragedy of man.
However, there is a more important historical story unfolding before us.
Most of us at this company are here because we have a passion for this technology and the social and economic change necessarily comes with it.
It is Bitcoin!
We believe that Bitcoin and the world of digital assets revolving around it is a really good way to make money.
Bitcoin will be even more useful in this day and age – when the world is in chaos because of the pandemic.
Bitcoin will become a safe haven for the moment and it will certainly do its job.
For over a decade, Bitcoin has overcome all obstacles and doubts of lawmakers.
During that time, it also experienced dozens of big price shocks. I saw one day it dropped by 20% to 30%, the volatility is completely normal for bitcoin.
The basic value of a borderless, political financial system is too great. And it is times like these – the global crisis – when we are the builders of this industry that need to be best prepared.
This is the time where we need to focus, while the rest of the world is writhing in confusion.
I'm here to help cryptocurrencies grow, not to help get rich overnight with cryptocurrencies.
When financial markets crash, and cryptocurrencies spin around frantically, remember why we are doing this.
Remember why cryptocurrency was created and how it exists.
I or we all can not predict the destructive level of corona virus.
But I believe cryptocurrencies can be us in this difficult time.
Erik Voorhees