By ForexNewsNow

It’s now been over 2 months since Coronavirus was officially announced to the global public, and since then it has been absolute chaos all around the world. Over 92,000 cases have been confirmed worldwide as of this writing, with at least 3,200 deaths. The bulk of the infected is in China, where the virus originated from, with Iran being the second.

Panic and fear have overtaken everyone’s minds, resulting in irrationality and division among people. Some of the countries have completely shut down government services like schools, universities, and kindergartens. In China, where the virus originated from, a greater part of the economy is effectively put on a halt.

Needless to say, this all will have – and already has – major effects on the global economy. Experts estimate that global economic growth will suffer by at least 0.3%; possibly way more.  China’s economy accounts for around 17% of the global GDP today, so this is to be expected. At the end of February, Dow Jones dropped by almost 1200 points, the largest single drop in history.

Companies are also feeling very apprehensive due to the virus. On their earnings calls the previous month, Coronavirus was mentioned dozens of times, pointing at the level of seriousness that these companies attribute to the matter. Giant global companies like Under Armour, Tesla and Starbucks have all reported significant drops in projected earnings, and are estimating continued drops for the foreseeable future.

Similar cases have been mentioned in the crypto industry as well. Due to everybody expecting COVID-19 to cause a serious rise in Bitcoin’s valuation due to the distrust of the traditional stock market, thousands of traders started to hodl all of their assets. However, there were some very weird cases of traders starting to sell off their portfolio in anticipation of a big drop due to the virus which was considered quite foreign. However, according to Bitcoin Revolution, an AI trading robot company, their customer base for some reason started to immediately deactivate their accounts in order to prevent anymore scalping. Needless to say, those traders were right as BTC plummeted all the way down to $3,400. However, now that the coin is down, it’s like the crypto industry is reviving itself once again, thousands of traders have contacted Bitcoin Revolution in order to get started now as information was spread about the decision beforehand.

This “revival” has also shown us some strange anomalies with crypto as well.

Economic Anomalies from Coronavirus

With such a hectic turn of events all around the world, it didn’t take too long for some extraordinary and bizarre economic events to take place. One such example is Coronacoin – a cryptocurrency that was recently developed by programmers from the 4Chan community. It tracks and monitors all the cases and deaths from COVID-19 over the globe and adjusts its value accordingly. According to the coin’s website, the currency’s supply is based on the total population of the world, and a token is burned once every 48 hours, based on the infections + fatalities.

As the fatalities increase from the virus, the coin’s amount decreases, thus increasing in value. The situation is quite extraordinary, to the point of seeming like a satire. Some members of the community have made some bizarre posts titled “bet on the coronavirus pandemic by investing in this coin. The further it spreads, the more valuable it becomes”.

The company behind the coin proudly boasts that it’s the first crypto that is backed by proof of death. The developers of the currency claim that it offers an interesting and unique way to track and monitor the spread of the virus.

The endeavor was met with a mixed bag of reactions. Naturally, some of the people have opposed it vehemently, stating that the team should be ashamed for “playing on people’s lives”, while others are thankful for any opportunity to bring awareness to the virus. The virus is spreading fast, and some argue that the media is not doing enough to bring as much awareness to it as needed, and this can be of help.

Whatever the people may be thinking, according to Sunny Kemp, one of the developers behind this, the project is, at least to some extent, altruistic; as the parts of the earnings will be going towards charity. To be exact, 20 percent of the total amount of the coin will be donated towards the Red Cross. According to Kemp, their goal is to increase awareness of the virus and help fight it. Kemp added, that they’re in talks with a biochemist who’s currently working on a cure of the virus.

By ForexNewsNow