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AMA Recap: A revisit to crypto market amid COVID-19 outbreak with Crypto Joker
On May 8, we were beyond excited to have Crypto Joker for an Ask-Me-Anything (AMA) discussion on the intricate relationship between crypto market and the prevailing coronavirus outbreak.
With more than 140,000 subscribers on youtube, Crypto Joker reviews cryptocurrency-related subjects, ranging from ICOs/STOs to interviewing crypto companies to let you have a sneak peek into their operations. Crypto Joker has been active in crypto space since 2015 and is related to the review of over 100 crypto projects.
This AMA is divided into two parts, where Crypto Joker was asked to share his opinion on current crypto market, followed by a passionate live Q&A in our group.
Q1. [email protected]: Now, let’s begin with the question related to the recent hot topic that many concern about. What do you think about the crypto market moving with world stock markets this period?
Crypto Joker: So when it comes to crypto market following the stock market this time, I found that traditional asset class such as S&P 500 and Dow Jones got impacted by the COVID-19 much seriously compare to crypto market. If you holding BTC compared to someone holding index, funds or anything that relating to the stock market, the loss facing by the holder of stock space would be a lot more. It’s kind of funny as the stock to be considered safe against BTC, but when COVID-19 pandemic comes and you saw everything is down in stock space. In fact, BTC stuck a while but now it’s even going up compared to the previous price level before COVID-19. I think the BTC is a safe investment during everything is going down.
Q2. [email protected]: Alright, the second question picked from the Twitter is: The COVID-19 outbreak did not have a hurtful effect on the crypto markets, considering the damage it caused to the world markets and countries. What do you think is the reason for this?
Crypto Joker: Yes, exactly. If you remember back to year 2016 or before year 2015, people consider BTC as safe heaven asset which means when economy and everything is going down and crypto is your safe investment. After that, the correlation between crypto and economy has somehow changed and we couldn’t say that when economy is down will be making crypto going up. But, I found that the COVID-19 happening really helps crypto in getting the reputation back and makes the people think that crypto is a safe heaven asset like gold as a hedge investment against stock market and economy. People now are thinking crypto is safe asset to have even the economy is going down while crypto still going up or at least staying flat thus crypto investor neither earn a lot of money nor losing money compared to some investors that losing whole life in stock market. As example, a lot of big companies especially some of the airline stock value decreased about 70% during COVID-19 pandemic and many invested their entire saving on that.
Q3. [email protected]: Yes. Undoubtedly the COVID-19 pandemic bringing reputation to the crypto market when the fiat is printing from the thin air. As we know, the circle breaker of stock market has been triggered several times in March affected by the COVID-19 pandemic. The question 3 is: In the current situation of Coronavirus disease, the global economy is very volatile, so what do you think about the prospects of the cryptocurrency market in the future?
Crypto Joker: I see the prospects of cryptocurrency being very bright in the near future. If you look at where we are now the entire world is moving towards a blockchain technology. I believe this is just a start to the bull run as covid 19 really showed how reliable crypto is in a time where the economy is falling apart. I believe the mix of crypto getting the reputation as a safe haven asset alongside us moving towards a blockchain technology shows a bright future.
Q4. [email protected]: Yes, the blockchain technology has been adopted by many great companies nowadays. Here comes the question 4: As COVID 19 becomes a global issues, some investors who intend investing on cryptocurrency projects are already having issues with meeting owners of project for a one on one discussions and plans, is Video calling enough to do this trick? and if not what measures can be taken to ensure everything can go as planned and not being affected by this pandemic?
Crypto Joker: Guys, I’ve said this once and I’ll say it again. Transparency in this space is EVERYTHING. if the project owners are not showing their face , if they are not willing to get on a video call do NOT INVEST. the #1 thing that you can do as in investor is due deligence. Check the facts of everything the project owner is saying and always do your own research in what you are being told. Even during a time of pandemic with today’s technology it is very easy to be transparent zoom, Google hangouts etc. A real CEO and Founder will always be in touch with all of the investors every step of the way, instead of getting your funds and leaving, this also goes for my space, the youtube space. For those of you that are familiar with crypto Youtubers, the biggest in the space right now are up next crypto. The reason for that is they offer FULL transparency. Always showing their face and keeping in touch with their fans on a day to day basis. (Sent link: https://www.youtube.com/channel/UC3d5XyOZR2-HQOL8O5uS7Hg )Transparency is EVERYTHING.
Q5. [email protected]: Yes. It’s an important reminder from our guest which is DYOR= Do Your Own Research before invested on something. The question #5 is about the current concern of the crypto market: Covid-19 outbreak has a significant impact on the financial situation, do you think this is a barrier for new capital into the crypto market?
Crypto Joker: Of course. It can be looked at both ways. on one hand many people have been layed off because of the covid 19 outbreak. Based on what country you are living in you might be getting government compensation but for most countries you are not. So in that hand alot of people have less money to invest. But on the other hand instead of having the money you already have sit there and do nothing for you. You can help your own situation by investing in the crypto market and earning yourself a passive income to really help you out in a time of need.
Q6. [email protected]: Yes we believe the passive income is important for majority when the unemployed rate is increasing due to the COVID-19 pandemic. I am sure everyone here especially newbie in the group would be interested about the question #6: As a famous crypto Youtuber, what experiences and experiences can you share with newcomers in the crypto market?
Crypto Joker: This kind a goes back to the do your own research. Being in this space for a very long time and seeing thousands of projects come and go I have noticed many newcomers rush to get in the crypto market instead of taking it slow, learning about the concept of btc and blockchain technology, doing their own research on the project, evaluating transparency, and then investing. Remember guys investing should be your last step, not your first.
Q7. [email protected]: Alright, in the question #7, the user asked “For $OKex traders like myself, what are some reasons you believe I should trade on $OKEx instead of the other exchanges that also will be list of any launching token”
Crypto Joker: Speaking for myself, I have used many exchanges over time and OKEX is definitely my favourite. Firstly is the size of OKEx, the fact that they are one of the largest exchanges just shows how great their reputation and reliability is. No exchange can get to this side without being the best at what they do. They have a full range of products supporting spot and derivative trading, on chain wallets etc. The also have one of the best security technology which to me is very important.
Q8. [email protected]: We feel glad to hear that from you. The following question is the question towards an amazing crypto influencer like you. Question #8: “What are your plans to educate and raise awareness among the Crypto community to make more people understand use the cryptocurrency platform, its technology, and adoption?”
Crypto Joker: keep making videos. Currently I am only doing review videos on different projects and I try to educate my subscribers that way but in the near future I plan to do full educational courses on youtube on different topics in crypto instead of just linking them to a project. Be ready for that!! 🙂
Q9. [email protected]: Wow! that’s a great news from you! We looking forward to know more about it soon. Then, the question # 9- “How the market of cryptocurency when the pandemic is coming?”
Crypto Joker: It is doing amazing!! of course some of it has to do with the halving of btc but the rest has to do with it being a safe haven asset. If you compare the cryptocurrency market right now to ANY other market (real estate, stocks etc) it has been doing the best throughout to pandemic. This shows how strong and reliable btc is and can’t wait for it to go to the moon!!!
Q10. [email protected]: Yes, the crypto market is doing amazing compared to major of the asset types. And finally, the last question from a Twitter user. “Yes Many people are anxious about the current situation when the pandemic COVID-19 many people lose job due to mass layoffs by the government. Some people choose to invest Long-Term in the world of crypto because they think in this situation all market exchange and coins experience their drastic decline. Start saving for the future by buying crypto at low prices when the current situation. How do you think is enough to give a solution? How about crypto prices in the future? Because we just don’t know when the end of Pandemic COVID-19. Is investing Long in crypto enough effective and worth it for the low society and people who have more assets they bet and invest shares in crypto?”
Crypto Joker: 10000%. Especially for people in low society. This pandemic showed that investing in crypto is safe, so that gives you even more of a reason. Of course there will be short term fluctuations, so if you are somebody who needs money in the short term you should not put your whole life in this.. because if you need money in the short term you don’t know what the price of btc will be , so if you are in that category only invest what you can afford to lose. Although if you are more of a long term investor it is a perfect time to buy in and watch your assets grow
Q#1: I am a new investor in the crypto world, what should I do?
Crypto Joker: Before you do anything, Really educate yourself on BTC and the underlying technology behind blockchain. Once you do that and you see the PURPOSE in it , instead of the just wanting to get in to make profits, Then at that point see what you field in crypto your interests are the heaviest in and get to investing. You can use my channel to learn about different projects (sent link: https://www.youtube.com/channel/UCKQHUlMFSAyeAItF5auC04w )
Q#2: Let’s say COVID-19 persists a year longer, do you see this as a threat to crypto?
Crypto Joker: I Think this will be good for crypto. If covid 19 lasts a year longer other asset classes will get absolutely destroyed making investors pull their money out of those asset classes and invest in crypto instead. Just look at how btc has done over this last month and ask yourself, are you sure you want this to end 😉
Q#3: Why are you using centralised YouTube, why not come to steem that’s blockchain based?
Crypto Joker: There is alot more content on youtube, every topic you can think of has 1000’s of videos on it.. over time as steem gains more popularity this could potentially be an option as you are right it is blockchain based
Q#4: Maybe the Covid 19 situation is very difficult for the team. However, aren’t there other influences that have a direct impact on the development of the project especially in keeping the transaction service mission going well. Are there any adaptive steps companies have to take, to make it look like the BTC runs as?
Crypto Joker: Covid 19 is effecting physical businesses the hardest, airline industry, restaurant industry, hotel business. As a lot of these crypto projects are online and based on an underlying technology they are not being effected as much
Q#5: Many exchanges have been hacked, even though they have a high level of security. that’s all I worry about the Covid-19 pandemic.
Crypto Joker: A lot of projects say they have a high level of security .. although that is not the case. You have to do your due diligence and see what type of security they use. I have not seen an exchange as big and secure as OKEX get hacked
Q#6: With the ban lifting on crypto, India seem to be potential market with over 1 billion population, this piece of cake is declious and sweet. How will OKEx focus on to expand its business in this market while WazirX and Binance just launch $50M “Blockchain for Covid – 19” fund?
Crypto Joker: This is definitely a question for OKEX, as they are one of the most active exchanges in rolling out new ideas and products I’m sure they have huge expansion coming
Q#7: In the bad situation of the Covid-19 epidemic, every cryptocurrency project was heavily affected. What do you think which initiative will be a great solution?
Crypto Joker: Although they have all been heavily affected, many have been effected more than others. The first thing to do is breakdown different crypto projects sector by sector and focus on the ones that have not been effected too much but the price has gone down a lot. This shows a huge buying opportunity because it shows over reaction.