The COVID-19 pandemic is spreading like wildfire across the globe. It has led to shutdowns in many parts of the world with most of the industries crashing down. The clutches of this respiratory virus have spared none ranging from airlines, tourism, e-commerce, automobiles, and the list is never-ending.
The majority of you must have invested in several cryptocurrencies and would be anxious to know how the blockchain industry has been affected. However, it is too early to say if coronavirus has a positive or negative impact on digital currencies.
With the economy crashing down, it is no wonder that the price of BTC is going down but also such drops are not new for bitcoin and can or cannot be linked to COVID-19. It can be predicted that the effect will be lesser on these digital assets as compared to the money in cash.
According to Riots Blockchain, the pandemic can pose to be a serious threat to crypto mining farms with most of the companies shutting down due to lock-down in various parts of the globe especially in China with instructions to be Quarantined. Many reported on how it has become difficult to operate farms due to lack of staff and experts. The work-from-home culture has taken over how employees used to work, contributing to the functioning of some businesses.
To conclude, nearly every business and industry is facing threats, tiny or big due to the deadly virus and only time will tell if the threat strengthens or seriously affects those who are part of the world of blockchain.
