Since the emergence of the Corona virus, the entire global economy has been affected in less than two months.

Where the stock market fell and the cryptocurrency market witnessed a significant decline as well.

Looking at the price of Bitcoin, we find that it lost more than 50% of its value in a matter of hours, a few days ago.

There are conflicting opinions and analyzes about Bitcoin, its direction, and what affected it to such a degree.

Binance founder and CEO Changpeng Zhao had an opinion on the matter and made his comment indicating that the Corona virus was not the cause of the crash in the price of Bitcoin.

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Zhao explained further that the Corona virus was only a spark and that the current economic collapse has a different cause.

“Zhao” made these allegations in statement For a blog published on the day before yesterday, March 20, he told that the global economy is very weak, and that the outbreak of the Corona virus has proven it.

He also commented on the current situation and compared it to the financial crisis in 2008, noting that there was no pandemic that stopped the entire global economy in 2008.

So the pandemic is just a catalyst, and the economy won’t crash easily if it’s as strong as it should have been.

Bitcoin will return:

While Bitcoin appears to have crashed shortly after the stock market, the coin appears to be once again detaching from the fate of traditional markets.

In the past few days, Bitcoin has started to make a recovery.

At some point, the coin managed to recover 90% of its previous price, before a correction brought it back lower.

Despite bitcoin’s volatility, Zhao claims that bitcoin is not “broken,” unlike the old system.

Read:Binance launches “Innovation Zone” to allow users to trade new DeFi coins

He expects investors will stop hoarding at some point, and portfolios will start expanding again.

According to Zhao, one of the destinations for hoarded money is bitcoin.

He admits that it may take a while for this to happen, but he firmly believes that he will and that it is worth the wait.

Meanwhile, the current situation appears to be deteriorating just as Andreas Antonopoulos predicted several months ago.

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He stated that Bitcoin is likely to crash hard once the next financial crisis hits, as investors get out of troubled stocks.

However, Antonopoulos also predicted that Bitcoin would recover after a certain period, seeming to agree with Zhao.

Zhao himself still believes that Bitcoin will become a safe haven in the future if its supply is fixed to make it safe from tampering.

It is still too early to take on this role, but many would agree that this is the future of the currency.

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