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The Impact of Coronavirus Pandemic on Bitcoin: A Literary Overview

In: Cryptofinance A New Currency for a New Economy

Author

Listed:
  • Devinder Gandhi
  • Shaista Jaffer
  • Sahar Shabani

Abstract

Bitcoin has several features that set it aside from traditional currencies. Digital convenience ensures the safety and convenience of Bitcoin users, while decentralization also poses as a primary benefit. Not only does this specific type of cryptocurrency portray many advantages, it also positions several disadvantages as well. Extreme volatility and the impact of negative externalities on the value of Bitcoin contribute to the assessment of Bitcoin trends in the market. The recent outbreak of the coronavirus (COVID-19) has shown evidence of influencing Bitcoin prices as the virus is spread across continents, leaving the global financial environment in turmoil. The classification of Bitcoin as either a portfolio diversifier, a hedge or a safe haven is dependent on various factors, including the global economic uncertainty. Analyzing the literature on the influence of the crisis on the Bitcoin movement will provide an explanation as to why COVID-19 has had such a significant impact on the global financial markets, especially that of cryptocurrencies.

Suggested Citation

  • Devinder Gandhi & Shaista Jaffer & Sahar Shabani, 2021. "The Impact of Coronavirus Pandemic on Bitcoin: A Literary Overview," World Scientific Book Chapters, in: Stéphane Goutte & Khaled Guesmi & Samir Saadi (ed.), Cryptofinance A New Currency for a New Economy, chapter 2, pages 29-47, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811239670_0002
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    More about this item

    Keywords

    Cryptocurrencies; Digital Currencies; Bitcoin; Blockchain; Fintech; Tokenization; BitLicense; Crypto-Asset;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G1 - Financial Economics - - General Financial Markets

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