Nick Chong · 9 hours ago · 2 min read
The rapid spread of the Coronavirus has sent shockwaves across the globe, sparking tremendous fear and leading the global equities markets, commodities, and even the crypto markets to see incredibly intense selloffs.
Some prominent analysts have noted that the ongoing global selloff comes as investors flee from risk-prone assets in favor of cash.
Now, one small ERC-20 token is looking to allow investors to profit from the rapid spread – and subsequent destruction – of the COVID-19, leading many spectators to question the morality of this initiative.
Coronavirus sees massive spread as WHO upgrades global risk level
The Coronavirus has been seeing an intense rate of growth over the past several days and weeks, now being found across 29 countries.
The rapid spread of the virus out of its country of origin – China – has led many to claim that it is only a matter of time before it morphs into a full-blown pandemic via community-based spreading – something that is already being seen in California.
The World Health Organization has now upgraded their global impact assessment of the virus to “very high.”
WHO Director-General Tedros Adhanom Ghebreyesus spoke about this in a Friday morning briefing, saying:
“We have now increased our assessment of the risk of spread and the risk of impact of COVID-19 to very high at a global level.”
This has sent chills down the spines of investors, with global stock indices, the aggregated crypto market, and even some so-called “safe haven investments” like gold and other precious metals all plummeting.
This crypto wants to allow investors to profit from COVID-19’s destruction
In a recent post on Reddit, the recent release of an ERC20-compliant token dubbed CoronaCoin is detailed, explaining that investors can now “bet on the coronavirus pandemic by investing on CoronaCoin, the more the virus spreads the more valuable the token becomes.”
The token supply will be burned based on the total number of COVID-19 related deaths and infections, thus inflating CoronaCoin’s value.
This idea hasn’t been met with great enthusiasm from investors, however, as many respondents on the post called the concept “disgusting” and “tasteless,” with one user going as far to call it “amoral.”
Conceptually, this notion of attempting to profit from virus-related death and destruction is quite morbid, making it unlikely that this token will be met with any significant utilization and adoption going forward.