Willy Woo: The crisis caused by the new crown virus is the first big test of the status of Bitcoin haven, and its performance is relatively good

Crypto currency analyst Willy Woo compares bitcoin, SP 500 and gold related data logarithmically. Unlike stock market investors, those who bought BTC in 2015 hardly felt the burn from the biggest recession since the Great Depression. On March 12, BTC fell nearly 40 times in just one day. However, its rebound in early 2020 can cushion the impact of long-term investors. According to previous reports, despite the sharp price drop, BTC fell only 10% in the first quarter. At the same time, the Dow Jones index fell 23%, which is its largest Q1 drop to date. On March 23, the Dow Jones Index erased all the gains since Trump was elected, and then experienced a rescue rebound. In contrast, BTC has risen nearly 700% since November 8, 2016. Although BTC was the largest investment project in the 1920s, after a difficult start in the new decade, its future remains uncertain. Woo said the crisis caused by the new crown virus was the "first big test" of its haven status. According to VanEck's research, Bitcoin has recently synchronized with other macro asset trends, but it is still an irrelevant asset. BlockTowerCapital Chief Technology Officer Ari Paul believes that Bitcoin may reflect the trend of gold during the Great Recession, with a delayed rebound.