Amidst the debacle, there are chances that the cause may drive up the price of Bitcoin. This destruction radiated from China has transmitted worldwide and rattled global supply chains, hitting the tech sector particularly hard. Consequently, so-called “mining farms” – which are typically giant warehouses filled with computers running on electricity 24/7 solving blockchain-related math puzzles – may face supply shortages.
The entire world is under lockdown. Governments made it compulsory for their citizens to self-quarantine to assuage Covid-19 contagion. However, delayed orders and congested ports mean miners may not get access to hardware they require to keep verifying transactions and producing more Bitcoin. BTC scarcity linked to the virus and to halving could thus constrict supply and drive prices higher.
The value of Gold in the US market peaked at $1700 and then began to slide off. On the other hand, silver and platinum prices were seeing an increase. According to several share market and investment experts, investors should sell gold and begin investing in silver in the long run.
However, there is much doubt about how long silver can keep up its bullish run with the market prices dropping fast, and the value of INR falling fast against the USD shows that there is little safety in investing one’s hard-earned money in the traditional assets.