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Is the Coronavirus Causing the Value of Bitcoin to go up?

As soon as the news about the COVID-19 pandemic spread around the world, stocks, forex, and cryptocurrencies saw a huge fall in their prices. However, Bitcoin has come out of the worst many times in the past, and that’s exactly what happened this time. The value of Bitcoin is going up and this could well be because of people finding more time to understand this cryptocurrency during isolation. According to the Independent’s article on Coronavirus and Bitcoin price, the digital coin went up by 20% within a day.

Quoting statistics from the local websites of China, Forbes stated an increase of more than 180% searches for the term “Bitcoin” on Baidu, the most famous search engine in the country. The article on Forbes also went on to say that Bitcoin might be on the verge of toppling gold as the safest investment for people in the hardest of times.

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But what exactly is it that’s causing people’s interest to rise so much in buying Bitcoin? There can be many reasons. First, cryptocurrencies like Bitcoin allow people to get away with tangible money and the need to go to banks for any type of monetary transactions. Secondly, the mandatory self-isolation to stop the spread of COVID-19 has caused people to engage themselves in different types of entertainment.

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A good way to pass time and make money while in isolation is through online casinos. Over the past few years, several states in the USA have legalized online casino gambling. Using cryptocurrencies for online gambling has its benefits, such as low transaction fees, convenience, and anonymous transactions. Because the transactions are anonymous, it’s illegal to use in any of the online casinos licensed by the NJDGE to operate in NJ, since the government needs to be able to verify transactions for tax purposes.

It’s Important to mention that anyone who is interested in betting online must do proper research and only pick legal online casino sites that are secure to play on. Any unknown emails that look suspicious should be deleted immediately. There have been reports of a rise in scamming emails during COVID-19 pandemic. These scammers are usually after Bitcoin and other cryptocurrencies in exchange for their “threats.”

Despite the gloomy situation that has engulfed the world in a matter of three months, one must think positively. With the growing value of Bitcoin, people investing into it are going in the right direction. Once the pandemic is over, and if the surge in Bitcoin’s price continues, a lot of people will see life-changing turns.

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Adeline Gibbs

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stay up-to-date with latest happenings in crypto world.

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