BTCMEX sat down with the first Bitcoin adopter and the biggest crypto holder in China, Li Xiaolai, to ask his opinion on the effect of the virus on businesses, stocks, and cryptocurrencies.
COVID-19, the coronavirus disease originated in Wuhan, China, hit the world and was announced a pandemic in early 2020. Small retail businesses, entertainment, and hospitality suffered first, the major corporations and stock markets felt the devastating impact of the outbreak too. Did the world of digital become a safe haven for the investors?
Beginning at the end of January lockdowns and restrictions have been implemented within the entire Hubei province and the major cities in mainland China, including Beijing and Shanghai. The coronavirus has affected all levels of business in the country, as thousands of families, were locked at home. With the quarantine measures, Chinese digital life has flourished. The delivery bees hurry to process all the online orders, teachers and fitness instructors adjust their cameras to life-stream, and Weibo — twitter-like social platform has seen a huge blogging spike. The Internet is still running.
Li says that fighting the coronavirus should be the long run. It will have a pretty long-lasting negative impact on almost every business. The stock markets could go down for a long time as well, showing an end of ten-years-of-ever-surging, but will eventually recover. In these times of uncertainty, crypto might well a harbor for capital to shy away from risks.
The virus infects the economies worldwide. The Reserve Bank of Australia has announced an emergency rate cut. Interest rates in Australia are now at an all-time record low. The US Federal Reserve has also cut the rate to maintain the stability of the country’s economy. Meanwhile, The Supreme Court of India has removed the Reserve Bank of India’s controversial ban on cryptocurrency usage in the country.
Please, note, that the article is a part of BTCMEX Blog, the views and opinions expressed here are the contributing author’s only, and do not necessarily represent the views of the company.
Julia Bulakh for BTCMEX
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