Bitcoin steals attention from COVID-19 as price soars past $7k

Bitcoin steals attention from COVID-19 as price soars past $7k

  • Ali Raza
  • 7th April, 12:46
  • The recent Bitcoin price surge once again brought the coin to the center of media attention.
  • While the media focuses on Bitcoin scams, investors seem to have returned to the coin.
  • While the stock saw gains, causing many to insist on correlation with crypto, this is likely not the case.

While the coronavirus outbreak continues to rage around the world, something else is commanding media attention. Recent Bitcoin price surge once again dominates the headlines, as the world’s oldest crypto went past $7k mark – a huge win for bitcoin buyers.

Bitcoin scams in it he center of mainstream media’s attention

As many likely knows already, 2020 was and still is, supposed to be a big year for Bitcoin. This is a year when BTC will see its third halving, as well as the year when its new ATH might arrive. The rate of adoption seems to grow daily, and the coin continues to get more and more attention.

Of course, not all of these headlines mentioning BTC are positive. Many are tied to warnings of scams, written by skeptics alerted by BTC’s well-known volatility.

In fact, many headlines claim that BTC uses the current health crisis to lure investors. Some bad actors allegedly posed as WHO officials, in order to offer fake lists of people infected by the virus. Of course, they wanted BTC in return for the lists.

Investors are returning to BTC

It is undeniable that there are, in fact, BTC-related scams. But scams aside, other security threats also targeted people as the virus continued to spread. Most of these targeted people for their sensitive data, and they had no connection to the crypto sector.

While the media returns to spreading Bitcoin stories, some have also noticed that Google searches for Bitcoin started growing again. In fact, they seem to be reaching their former levels, as investors turn to cryptocurrencies once more. Many wish to diversify their portfolios, and they chose to invest in crypto.

That doesn’t mean that the stock market did not see a similar level of recovery during this period. Dow Jones Industrial Average, for example, closed yesterday with a 7% increase. The same is true for the S&P 500, and Nasdaq Composite exceeded this by growing 7.3%.

Bitcoin vs other assets

Of course, this once again brought claims that crypto and stock markets are back in correlation.

https://twitter.com/krugermacro/status/1247345106857922560

Others, however, decided to compare the losses and the gains of BTC vs other assets. These comparisons proved that BTC did, in fact, act as a safe haven — at least it displayed less volatility than some others.

https://twitter.com/woonomic/status/1247434537669234688

Meanwhile, Bitcoin bulls, such as Mike Novogratz, returned with new optimism, claiming that BTC will at least double its price in 2020. Novogratz believes that this will happen due to the excess of fiat that the governments printed, which will eventually devaluate it.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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