By Solomon Odunayo
The financial system of the world is in a state of jeopardy. The spread of coronavirus has greatly affected every sector of the economy. Bitcoin (BTC) and other cryptocurrencies are not left out.
Many have started envisaging the possibility of Bitcoin (BTC) price dipping to zero, which describes the level of damage and fear coronavirus has initiated in the financial world.
However, the CEO of Binance, CZ (Changpeng Zhao), has reiterated that nothing of such will play out. He resolutely believes that the price of Bitcoin (BTC) won’t dip to zero.
CZ made this statement moments ago via his Twitter handle. The CEO assured the member of the crypto community that BTC price will never dip to zero as long as his investment is still in the digital asset.
CZ Binance shared this, “Still worried about BTC going to 0? Don’t! So long as I have a penny left, it won’t happen.”
Still worried about #btc going to 0?
Don't! So long as I have a penny left, it won't happen.
— CZ Binance (@cz_binance) March 17, 2020
Coronavirus’ Damage to Bitcoin (BTC) and Global Financial System
The spread of coronavirus has caused a lot of havoc in the financial world, which makes the past 2 weeks horrible for Bitcoin and cryptocurrency investors.
Bitcoin (BTC) was seemingly proving to be a safe haven when the stock market was dipping and the crypto market remained firmly stable, without any sign of correlating with the ugly situation in the conventional markets.
However, this hope of Bitcoin being a safe haven did not last long. In a very short interval, the price of BTC fell by almost 50% and other digital currencies followed suit.
In order to aid the economy from crashing, the United States Federal Reserve (FED) made an emergency interest rate cut. This also has little or no positive impact on the already battered economy.
A few hours ago, the President of the United States Donald Trump attracted tons of criticisms towards himself and his country after using the phrase “Chinese Virus” in one of his recent tweets.
“The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!” Donald Trump shared.
The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!
— Donald J. Trump (@realDonaldTrump) March 16, 2020
This indicates the level of difficulty of this moment. For this difficult time to disappear, COVID19 has to vanish, so that people can get back to work across the world.
Whether Bitcoin price will get better in the coming days is still uncertain. At the time of filing this report, BTC is trading at $5,190.20, with a 3.67% price upsurge in the last 24 hours.