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John Kiguru
Mar 24, 2020
by John Kiguru

Poll Shows Shut Down Of Free Markets Will Boost Bitcoin

Bitcoin
The free market plummets witnessed in the last couple of weeks has led some to suggest that the government close them. This means that investors will not be able to sell their stocks. If so, what does this mean for Bitcoin? A poll by popular analyst PlanB has shown that nearly half of the crypto community believes that this would lead to a price pump.

The fundamental question being asked is whether investors would turn to Bitcoin and realize its value and or use it as an investment option. It also dives into whether Bitcoin investors would sell Bitcoin to get more dollar liquidity.

The poll, conducted on Twitter has seen over 10,000 users participate making it fairly comprehensive. The poll gave participants the following options, BTC price rises, BTC price drops, BTC price unchanged, and IDK, show results. BTC is the clear winner with nearly half the participants voting for it.

In second place is the unknowns. Around 25% of the participants are in the dark and have no idea what would happen if the stock market was shut. Bitcoin price drops came at third with nearly 19%. Those who argue that Bitcoin price will drop believe that this will be caused by the need to add dollar liquidity.

As expected, Bitcoin's price not changing came dead last with just 8.5% of the votes. If such a key move such as the shut down of free markets took place, Bitcoin is bound to react. This is especially given the recent price correlation between it and the stock market.

Coronavirus Affecting Bitcoin Price

Back in February, a poll by Twitter user CryptoTorch showed that around 25% of the more than 10,000 participants thought that the Coronavirus would not affect Bitcoin/crypto prices.

It has been clear that the pandemic has disrupted nearly every industry including the crypto market. What does the previous vote prove?

For starters, the market is very irrational. Most predicted the pandemic to either not affect the market or lead to the price increase. On the contrary, we have seen a huge capitulation. Secondly, the market is extremely sensitive and any changes caused by the ongoing pandemic are leading to violent price changes.

Although unlikely, especially now that the government has announced infinite QE. If the free markets are closed, we can expect Bitcoin to react.

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    Poll Shows Shut Down Of Free Markets Will Boost Bitcoin
    John Kiguru
    John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

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