Bitcoin Price Did Not Crash 60% Due to Coronavirus, Says Binance CEO

The coronavirus pandemic was just the spark that ignited the current global economic meltdown, not its cause, the CEO of Binance says.

In a blog post on March 20, Changpeng Zhao, known as “CZ” in cryptocurrency circles, argued that coronavirus had shown that the world’s economy is far too weak.

CZ: The economy “should be stronger”

Asked whether he felt conditions this year were different from the global financial crisis (GFC) of 2008, he summarized:

“In 2008, there wasn’t a pandemic pausing global economy. But I believe the Coronavirus is just a trigger, not the root cause. Our economy should be stronger, at least strong enough to survive some shocks.”

Zhao was speaking as Bitcoin was increasingly decoupling from the misery facing traditional markets. After a historic daily fall last week in line with stocks indexes, this week saw a startling recovery which at one point neared 90%.

Since then, BTC/USD has cooled, trading down around 7% in the past 24 hours. Unlike the…