By Staff Writer
COVID-19 pandemic has definitely shaken the world. It has also effected the share markets in the US, India, China, and Europe, according to Economic Times. Although rare assets are mostly considered safe in all stock exchanges, there has been some concern regarding the value of precious metals in the past month.
As of May, 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. 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.
On the other hand, Bitcoin values have shown stability in the last couple of months. Peaking at $10,367.53 in mid-Feb and dropping to $4,994.70 in mid-March.
According to industry experts like Nate Martin, the sharp rise and fall of the value of Bitcoin have little to do with the pandemic and its effect on the share market. Unlike fiat currencies and assets, there are a fixed number of bitcoins to preserve their value. The blockchain system is so designed that there will always be a fixed number of coins to be mined and there is little chance that economic crises, like the one COVID19, is bringing on, will have any impact on the value of this crypto assets.