Coronavirus Won’t Destroy Bitcoin And Crypto: Analyst

In times when literally all of the markets are bleeding, one analyst claims that the coronavirus and COVID-19 disease won’t destroy Bitcoin (BTC) and cryptocurrency. The declared global pandemic is making its moves now and one of the most bullish Bitcoin supporters is in the cryptonews, advising his followers to express his optimism and confidence on the power of distribution.

We are talking about the analyst @BTC_Macro who has not been shy to share his opinions. Bullish on the distributive and decentralizing power of blockchain, the technology that powers Bitcoin ando ther leading crypto digital assets won’t fall according to the analyst.

As he tweeted praising Bitcoin in an ongoing coronavirus pandemic:

“Don’t worry. Coronavirus won’t destroy crypto. Your $150 worth of $BTC are safe.”

Don’t worry.

Coronavirus won’t destroy crypto.

Your $150 worth of $BTC are safe.

— Bitcoin Macro (@BTC_Macro) March 28, 2020

Albeit a bit ironic, his tweet showcases that the Bitcoin news are showing gains and that the cryptocurrency is safe at the moment. In the news, we can see that BTC is trading at $6,200 and is down from its weekly high of around $6,700. However, there are solid reasons to be bullish on crypto and specifically Bitcoin during the coronavirus pandemic.

First of them is the fact that the number of Bitcoin addresses has increased over the last week. Reports reveal that based on the 3-day moving average of new addresses over the last two weeks following the fall of March 12, the number of users is up by 12%.

This is a decent figure that can definitely hint to market confidence – especially because of the halving that could push the prices higher. However, there is more – the number of users holding over 1 BTC in their wallets is also at its all-time high according to stats from GlassNode – even 797,073 wallets and counting are stacking up in accumulation which could build buy pressure and drive the prices higher in the coming days.

📈 #Bitcoin $BTC Number of Addresses holding 1+ coins just reached an ATH of 797,123.000

Previous ATH of 797,073.000 was observed on 25 March 2020

View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/jXYUf0bNvi

— glassnode alerts (@glassnodealerts) March 27, 2020

Additionally, the number of Bitcoin wallets during a coronavirus crisis is on the rise – showing confidence and growth of the network despite the strong headwinds as the price falls.

BITCOIN WALLETS OVER TIME

We found it interesting that starting from 2017 there were created around 11-12 million new addresses per year. What do you think, will 2020 break this pattern and be a year of greater adoption? pic.twitter.com/KnRlovUcpP

— BitPetro (@diamanterus) March 24, 2020

All in all, the expected hyperinflation because of free money could only force retailers who are currently in a lockdown – to search for alternatives. One of them is BTC and the new price close to $6,300 suggests that there is a lot of optimism on the markets.