The novel coronavirus might not be the world’s first pandemic or even the deadliest. But the virus has set the stage for a truly unprecedented time of global harmony.
For the first time in history, the nations of the world are cooperating to issue a joint response to a global crisis. While millions huddle indoors with their Tiger King, yoga videos, and killer recipes, governments across the globe have ceased preparing for military interventions and trade wars.
Today we all face a common enemy: a deadly virus that threatens us all, no matter our race, religion, sex, or nationality. As the world bands together to prevent the spread of the virus, it must also grapple with the impending economic disaster COVID-19 brings with it.
The event called into question bitcoin’s ability to serve as a hedge against inflation, as well as its reputation as an asset ungoverned and uncorrelated with the broader markets of the world. It was bitcoin’s first great crisis, and while many declared the digital currency dead immediately after the March crash, others see a financial market in ruin, ripe for the cryptocurrency’s taking.
Since the so-called Black Thursday, named after the 1929 stock-market plunge that set off the Great Depression, markets have rebounded, as have cryptocurrencies.
Why? Some attribute the rally to a general upward trend in global markets. Those who follow cryptocurrencies understand that it’s much deeper than that.
Bitcoin fundamentals dictate that the cryptocurrency is recession-proof—not crash-proof. When a global pandemic puts millions out of work, shuttering the global economy, and quite literally quarantining entire populations, it’s understandable and expected that peoples’ first instinct will be to sell off their assets for cold, hard cash.
All this is taking place right now, just weeks before the third bitcoin halving event, which cuts the reward of mining the coin in half every four years.
Based on bitcoin’s short history, the event is expected to cut supply in half, meaning that even if demand remains…