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Bitcoin Could Surge to New Heights As New York Declares State of Emergency Over Coronavirus

Governor of New York Andrew Cuomo has called a state emergency over the increasing spread of coronavirus in the state. New York now has 89 confirmed cases of coronavirus infection, with concerns there could be more. Bitcoin, could surge to new heights since lower access to paper money means more reliance on digital payments.

Governor of New York, Andrew Cuomo Calls a State of Emergency

On March 7, 2020, Governor Andrew Cuomo called a state of emergency due to growing concerns over coronavirus. According to the Governor, a state of emergency will enable the government to offer a faster response and lift regulations on time. The state will also hasten its purchase of supplies and hire more workers to assist local health departments to monitor thousands of quarantined patients.

Reportedly, there are now 89 confirmed cases in the state as a whole, whereas New York City has 12 confirmed cases. Also, there seems to be a surge in the spread of the virus of late, especially in Westchester. To contain its spread, the state has asked those who had close contact with infected persons to self-isolate themselves.

As of March 9, 2020, there are over 500 reported cases of the ailments in the U.S. The country has also recorded 24 deaths since the first reported case of the virus in the region. New York, for example, a Queens driver working for Uber had caught the virus. 40 medical personnel who had close contact with the driver had to isolate themselves until declared free.

Isolation to Impact on Access to Cash, Bitcoin Proffers Solution

On the other hand, staying at home can potentially impact businesses and how New Yorkers transact. The latter can be tied to the lower access to fiat while indoors unless one has to fall back on their credit cards to make purchases. Bitcoin, on the other hand, can facilitate local and international payments. All a user needs is an internet-enabled smartphone, and they’ll make transfers and purchases with ease.

In line with that, less contact with paper money could help to curb the spread of the virus. This is important for small businesses that serve hundreds of people daily transacting via fiat. Nonetheless, it is worth noting that the U.S. has the highest number of Bitcoin ATMs, which makes it even easier for people to buy and sell the top cryptocurrency.

Over and above that, the high use of Bitcoin could potentially increase its demand. As the case was when news of coronavirus in China first broke, the virtual asset could surge to new heights. However, Bitcoin’s price drops to $7,693. Fears over the virus and sentiments of an economic meltdown led to its most recent downtrend, analysts say.

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