With the ongoing crisis of COVID-19 taking over the world at an alarming rate, many people in the crypto industry are asking the question of how it will affect bitcoin in the long run. The coronavirus has already played a major role in the stock market crash of 2020 with the bailout bill for saving the world economy coming in at $7 trillion, the future is uncertain.
One well-known crypto bull, Tim Draper has commented on the pandemic at hand and believes that this event could be the tipping point that sees innovations such as bitcoin to either flourish or crash…
In an interview Draper took part in earlier this week on the 6th of April, he said that he was skeptical about the infinite money being printed by the government in its bailout plan and said that it would take years before that money permeates the international economy.
He said the following:
“They are gonna be printing all this money to try to get the economy back after they've basically tanked it. They are going to flood it with a bunch of money, and that money is going to be worth less, and less, and less.”
The global venture capital investor thinks that people will start looking to bitcoin as it has a fixed supply compared to the Fiat currency that is being printed in mass sums by central banks. He further said:
“This is going to be a really interesting time where people say ‘well, why don’t I just use Bitcoin?’ I know there are only 21 million of them and we don’t have to worry about whether a government is diluting their currency by printing tons of it, we can instead just use a currency we all agree on and it’s all a part of the economy and it’s already frictionless and open and transparent and global.”