The cryptocurrency community mobilizes to support coronavirus-affected populations, Binance promises 1,5 million dollars

By Roberto D. | CryptoFarm | 27 Jan 2020

That the world of cryptocurrencies is always ready to intervene when it comes to charity is something known, tens of millions of dollars have been raised over the years for various reasons; among the first to intervene in favor of the population of Haiti, still today among the most active to support the Venezuelan population struggling with a dramatic economic crisis, ready to donate also for the restoration of our ladies and, more recently, in favor of the Australia scourged by fires, it is therefore not surprising that bitcoiners all over the world immediately started a fundraiser to support coronavirus victims in the city of Wuhan, China.

Directly brought up by a user, with a tweet from yesterday, Changpeng Zhao (the CEO of binance) confirmed that the exchange, through the branch dedicated to charity collections (the binance charity foundation), took the field with a $ 1.5m donation; CZ, however, highlighted the logistical difficulties encountered in this specific case and asked for community support to ensure that the organization of aid is impeccable.

Also yesterday, this time through a post on WeChat, the blockchain marketing services company Krypital started a donation campaign to acquire medical supplies to be shipped to the city of Wuhan; Krypital has also announced that it will create a blockchain-based donation system to ensure maximum transparency and efficiency in the management of the donated funds and is proceeding to recruit volunteers to better organize efforts, manage the purchase of medical supplies and their transport to the area most affected by the virus.

Meanwhile, many analysts are relating the fall in the price of BTC precisely to the increasingly widespread fears related to the coronavirus, a correlation that, however, I personally find is forcing for various reasons; meanwhile, because the graphs showed that there was the possibility of a correction regardless of what is happening in Wuhan and then because this reconstruction clashes with the belief that BTC behaves as a safe haven asset.

If we really want to exaggerate we could also say that this situation does nothing but demonstrate once again the usefulness of the currency invented by Satoshi; while with any other form of payment, in fact, physical contact is necessary (even the card must be swiped and the user must type the pin on the POS, a device that within a day is handled by hundreds of people), bitcoin payments do not require any physical contact and in a situation of potential mass contagion, such as the one we are witnessing, BTC should be considered a much safer payment method.

Let's not forget also that there are tons of studies that certify that cash is one of the dirtiest things among those we usually handle.

In the face of all this, therefore, I believe that the correlation hypothesized by many between the price trend and the spread of the coronavirus is decidedly extravagant, while the great generosity that the cryptocurrency community never fails to demonstrate every time is certain he has the opportunity; to conclude, I am not aware that the main banks in the world have mobilized in any way to support the population of the city of Wuhan.

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