The spread of the Coronavirus has reportedly led to the cancellations or delays of multiple major cryptocurrency events across the globe, likely having a significant impact on the subsequent turnout and therefore industry influence of these events.
Most of the cancelled events are in Asia where the virus has wreaked the most havoc. Affected events include the Hong Kong Blockchain Week 2020, Token2049, and Binance Blockchain Week Vietnam, which are all incredibly popular events with a plethora of industry leaders slated to give informative presentations about the crypto world.
Erhan Korhaliller, the founder of Istanbul Blockchain Week, addressed the issue of the series of event cancellations in Asia, saying:
“The health & safety of delegates at any conference has to be of paramount importance, so I can understand the tough choice that the conferences in Asia have had to make.”
The cancellations and postponements of these events is an unfortunate result of the Coronavirus’s spread. Still, crypto enthusiasts who were planning to attend the now postponed Asia events can go to other alternatives, including Istanbul Blockchain Week.
The cancellations come as news emerges that the newly developed Algorand blockchain platform will be extensively used to provide real-time data of Coronavirus outbreak.
Coronavirus Uncertainty Creeps into Markets
Meanwhile, the Bitcoin price started pumping from the $8,300 area on January 26 – three days after the Chinese city of Wuhan, which is believed to be the epicentre of the new coronavirus epidemic, was put under quarantine.
In addition to BTC surging, other cryptocurrencies such as ETH, XRP have also seen significant price gains over the last couple of days.
Fears about the spread of the Coronavirus is a leading factor boosting BTC prices, but it isn’t the only factor helping to push BTC higher.
Shaun Djie, chief operating officer of digital token company Digix, told reporters that the current surge of BTC prices could be attributed to lingering worries about US-China trade relations, Brexit uncertainty and tension between Japan and the Republic of South Korea. That said, he believes that the Coronavirus is clearly the biggest catalyst as of late.
Will Bitcoin Prices Surge Even Further?
In essence, Bitcoin seems to have benefited from strong safe-haven demand triggered by coronavirus fears, and the price may well rise even further possibly to the $10,000 – $11,000 mark, as the crisis drags on.
Along with gold, BTC is seen as a store of value (debatable) that can protect investors from extreme turbulence in the global market.
This sentiment has been reiterated by several leading figures in the crypto world, with Nigel Green, CEO of deVere Group, telling CNBC that BTC’s recent price action has largely been driven by the coronavirus epidemic and its surging economic consequences.
Simon Peters from eToro also suggests that the price surges could be proof of cryptocurrency’s growing position as a possible safe-haven investment.
In a bold move, Jehan Chu, co-founder of blockchain-focused enterprise agency Kenetic Capital, recently claimed that BTC is now seen as an alternative investment option and that its price could shoot up to $15,000 “by mid-2020.
“The bitcoin halving in addition to the current surge fueled by pandemic fears and public market jitters is yet one more reminder that bitcoin is way much less dangerous and presents probably outsized returns.”
Tron’s Justin Sun Sends Medication to China
Last week, Tron CEO Justin Sun tweeted that his company is sending medical supplies to Wuhan to support the coronavirus victims.
Tron is the 2nd crypto enterprise to have openly announced plans to support those affected by the coronavirus outbreak.
Changpeng “CZ” Zhao, the CEO of the world’s largest crypto exchange Binance, revealed in a tweet last Sunday that his company has pledged “10m RMB (USD 1.5m) to help coronavirus victims.”
Many in the crypto world feel that Justin Sun used the Coronavirus to promote Tron and publicize the upcoming Flagship Nitron summit. That said, the event may well get cancelled as has been the case with many crypto conferences in Asia, especially if the virus is not mitigated in the near future.