Leave it to the crypto space to take advantage of any situation. Recently cryptocurrency dealers went a step ahead that allows traders to bet on the coronavirus pandemic with gambling being based on the death toll. That’s right, you read correctly.
As much as ironic as it sounds such an initiative has been launched. It is called the ‘Corona Coin’ which will decrease in supply every two days depending on how many cases are being reported. In fact, the value of the coin is stated to increase along with deaths of COVID-19.
COrona Virus has infected more than 200,000 people and with death rate increasing, Governments around the world are doing their best to curb the pandemic. To a certain extent, some attempts have been successful but with timely measures and social distancing, the situation would improve more rapidly.
But for the time being, people are speculating a good number of NCOV coins will be burnt considering the spread of the epidemic. Although the concept is garnering criticism for its insensitive nature. It is also believed that more faces will be added to the board to give the project more legitimacy. Currently, all the information related to the virus is being recorded on the NCOV blockchain and users can buy and sell the digital coin on online exchanges including Saturn network.
The company’s official spokesperson has implied that 20% of the supply will be allocated for the Red Cross society wherein donations will be made by them in popular cryptocurrencies. The intentions sound good, but gambling on death is not a good business model in the eyes of many.
On further questioning, the official also confirmed that currently WHO also has issued bonds against the backdrop of pandemics. It is also been seen that Bitcoin has suffered due to the pandemic. Last week saw its price dropping to the $5,000 level mark due to the virus’s fear. Reports have pointed out that the losses are in tandem with the Corona fear.
Image Source – Businesstoday.in