People in USA are using their Corona stimulus packages to buy bitcoin.

[rekter 8129]

People have speculated that there's enough stimulus package money to pump bitcoin very high if even tiny % of the people will buy it with their checks, and seems like that has been started, because people have bought bitcoin with same exact sums as the check. So what do you think of this? Checks weren't obviously meant for this but at least people want to invest into future. It's debatable if this this more responsable way to do it, but i think it depend on their long stance strategy and if they keep hodling.

 

I am referring to this tweet from Coinbase CEO few days ago

 

Edited April 19, 2020 by rekter

[bliznec 22268]

People in the United States, became isolated and thereby went online and started buying bitcoin and digital assets. Coronavirus played a role in this regard. 

[Shahud 1319]

as the most of the world is isolated due to corona effect .so everyone is searching for a online earning platfrom and ending up with the bitcoin and crypto market.so buyers of cryptocurrencies has been increased 

[bliznec 22268]

55 minutes ago, Badman001 said:

yeah I also Think Bitcoin started pumping in market by this reason , united states people's are intelligent and at this critical condition Bitcoin and Digital assest is effective method of payment. we see some positive and negetive effects of Corona virus on crypto market. 

This is certainly true, but it is not worth it to infringe on human rights, without realizing the consequences. What will lead chaos, only chaos in the whole undertaking. 

[rekter 8129]

37 minutes ago, Arun gope said:

the news can really affect the market and make the good fluctuation if it is correct but I don't think so they should do like this because it can really affect the economy of the country because they are using it for the right purpose and they are using for investment this would wait for the period of time when all things are ok and this would start investment.

Wouldn't this affect on the economy positively overall if they cashed out profits later and buy services with that? I mean this stimulus check isn't going to affect most people's business right now as they can't offer their services right now so people can't use the checks to buy from them.

[Laboni 755]

People must do it if they are trustworthy and reliable but it will take a long time to make it. People in the US are using their Coroner Stimulus package to buy Bitcoin. They can easily invest in different types of Bitcoin and make a profit.

[rekter 8129]

1 hour ago, Anwyll Axel said:

It is not a good news at all. The US government offers these Corona stimulus packages to boost their economy and people started to buy bitcoins from them. Not fair at all. 

Having a bunch of new crypto millionaires in the future could boost their economy a lot in the. But i don't get what's the big deal is, it's their money to use as they please. It's not like they gave up food coupongs to be used only specific services.

 

Also this argument could be said even if they weren't under corona quarantine. Because buying bitcoin doesn't help their economy. It's an asset without any borders.

[Dark_Sky 8489]

15 hours ago, omaralirajbd said:

Dear friend I think now United States has most people suffer corona virus and afraid this corona virus and United States economy has down. So people invest bitcoin because bitcoin use so many payment method and its profitable investment.

Their country really suffering in Corona Virus and they can't go out due to quarantine so maybe these are the reasons why their country allowed the Corona stimulus package for them to use. 

[George10 9932]

If that's the case then I believe bitcoin price will increase as the number of USA residents who are buying bitcoins with their stimulus money increases and this will be great for bitcoin price because it will pump in value.

[kyoukage01 3181]

18 hours ago, rekter said:

People have speculated that there's enough stimulus package money to pump bitcoin very high if even tiny % of the people will buy it with their checks, and seems like that has been started, because people have bought bitcoin with same exact sums as the check. So what do you think of this?

Based on the picture provided in the topic, it can be said that it is no mere coincidence that there are some people who did bought Bitcoins with their checks. But is there a way to know just how many of them actually did? And are there similar data from other countries where governments' relief money was used to buy Bitcoins? Only a very few people in the U.S. buying Bitcoins with their stimulus packages may not affect Bitcoins as a whole, I think.

 

14 hours ago, rekter said:

Wouldn't this affect on the economy positively overall if they cashed out profits later and buy services with that? I mean this stimulus check isn't going to affect most people's business right now as they can't offer their services right now so people can't use the checks to buy from them.

11 hours ago, rekter said:

Having a bunch of new crypto millionaires in the future could boost their economy a lot in the. But i don't get what's the big deal is, it's their money to use as they please. It's not like they gave up food coupongs to be used only specific services.

 

Also this argument could be said even if they weren't under corona quarantine. Because buying bitcoin doesn't help their economy. It's an asset without any borders.

Not that I think otherwise, but I think having money being invested on long-term assets will not help their economies, since money becomes stagnated and does not circulate at all. Sure, goods and services are limited right now, but consumer spending is one of the driving factors of any economy; so at least buying some basic necessities and keeping one's own business at least partially operational using the stimulus packages received will help one's country to a certain extent.

 

And if one country's economy undergoes total collapse, then there might be no future for the investments of its citizens, crypto or not, if its society breaks down as a result.

 

I'm no economics expert, so correct me if I'm wrong.

 

Edited April 20, 2020 by kyoukage01

[rekter 8129]

1 hour ago, kyoukage01 said:

Based on the picture provided in the topic, it can be said that it is no mere coincidence that there are some people who did bought Bitcoins with their checks. But is there a way to know just how many of them actually did? And are there similar data from other countries where governments' relief money was used to buy Bitcoins? Only a very few people in the U.S. buying Bitcoins with their stimulus packages may not affect Bitcoins as a whole, I think.

Yeah there are no data on that and i doubt that too many buy such a niche asset, and there's not yet any data on other countries, there's barely data on this either.

 

But the US stimulus package is worth $2 trillion (2,000,000,000,000)! I mean the whole bitcoin marketcap is currently 132.8 billion (132,496,313,517). Meaning that even small amount of market buys from that would technically give a boost over some key resistance levels pushing this thing moving. I doubt that's going to happen but it's a nice thought.

 

(I am also not an expert on economics and i am afraid to take this conversation further as i am not sure what moderators meant by rule nr1 (not going to politics).

[johant123 1559]

On 4/19/2020 at 3:24 PM, rekter said:

Wouldn't this affect on the economy positively overall if they cashed out profits later and buy services with that? I mean this stimulus check isn't going to affect most people's business right now as they can't offer their services right now so people can't use the checks to buy from them.

Yes, I think that is what they are hoping for, a kind of spreading out effect. But realistically, many people probably also need the checks for basic things like food, housing, or health care. So many won't have the luxury of saving the money.

[kyoukage01 3181]

19 hours ago, rekter said:

(I am also not an expert on economics and i am afraid to take this conversation further as i am not sure what moderators meant by rule nr1 (not going to politics).

Ok, we'll steer clear from that direction and instead stick to what potential effects this topic can do to crypto.

 

19 hours ago, rekter said:

Yeah there are no data on that and i doubt that too many buy such a niche asset, and there's not yet any data on other countries, there's barely data on this either.

Oh bummer, then we are groping in the dark with very vague information. But at least we now know that since demand has potentially increased (people buying Bitcoin with the stimulus package they got, and not just the U.S. maybe), then we won't be seeing another Bitcoin dip to the tune of less than $5,000 per btc anytime soon.

 

[Mcd0d0 5882]

Well, many people are also doing this because when the corona virus are being pandemic, the price of bitcoin are dumped from $6900 which is not good from us, but this is a good thing to invest some of it and hold to exchange into higher price.

[alexisfuentes 2130]

On 4/19/2020 at 5:07 AM, rekter said:

...

 

I am referring to this tweet from Coinbase CEO few days ago

 

You have to be unprepared to believe that graphic and consequently that information, if the owner of the circus knows that people want to see tigers, he starts promoting them, even if he doesn't have them.

 

Please! Many of these people need their money, it is a pity that they create these matrices, to make them a common denominator, when there can only be only a few.

 

 

 

[Ch Ayyan 9781]

United States economy is down these days because  of carona  virus.  People of United  states are investing  in bitcoin  because  they want to recover  their losses that they face due to carona  virus. 

[rekter 8129]

3 hours ago, MarsDota2 said:

Bitcoin really had a big role when it comes to coping and stop stop the spreading of corona virus since it can be accessible through internet and it is easy to access.

I don't see Bitcoin having any role with Corona cirus, you can already use Fiat money in everywhere and it's being accepted in everywhere ith visa transactions.

 

1 hour ago, Ch Ayyan said:

United States economy is down these days because  of carona  virus.  People of United  states are investing  in bitcoin  because  they want to recover  their losses that they face due to carona  virus. 

I think that many people have just planned to buy bitcoin as soon as they have any money to spare, and now they have a clear opponity in a basic TA point of view

 

3 hours ago, Jump said:

I think that they are trying to pump up the prices because they are isolated and they know that if they don't do something without that they will be leftist with no money left and their resources will be gone so they need to make a change with the trades.

I don't think that they individually are aware that they could pump the price at all. This is just an opportunity for them.

4 hours ago, kyoukage01 said:

Ok, we'll steer clear from that direction and instead stick to what potential effects this topic can do to crypto.

 

Oh bummer, then we are groping in the dark with very vague information. But at least we now know that since demand has potentially increased (people buying Bitcoin with the stimulus package they got, and not just the U.S. maybe), then we won't be seeing another Bitcoin dip to the tune of less than $5,000 per btc anytime soon.

At least we can hope so, right now the world markets are insane and i don't know what to think anymore. Some oil futures just crashed to negative 😄, yes, that's not a typo, so bitcoin is doing pretty well in comparison.

[CryptoMaxim 2372]

Probably looking at the last halving and considering that the price may rise again began to buy. This is in any case good for bitcoin as the capitalization will grow.

[Syedbesharat 5423]

People are isolated in whole world where they are now interested in crypto but the crypto is not growing as expected the spike can be seen few days back but not frequently where we can say the crypto have attracted very large audience .But this is good they are keeping BTC in form where we can see sudden break through in BTC price any time.

[magd 5231]

This epidemic may have a positive effect on cryptocurrencies. The high rate of injuries and full stone in some states has led to a lot of people relying on buying and selling with bitcoin, but I have not been sure if Brian tweet is 100% correct. This means that governments will deal with cryptography more fairly after this is over The epidemic

Edited April 22, 2020 by magd

[Jessica Karren 1242]

With this deadly Corona virus pendamic, the demand and popularity of Bitcoin and cryptocurrencies is increased in entire world especially in the USA, so the people of US started to buy bitcoins.

[Ridam 7455]

That would be the way towards Bitcoin price hike, as those who were in real estate wouldn't be getting place to invest and are coming to Crypto for Investment and that's really nice to see that people are investing for the future.

[Upright 2688]

Maybe the lock down and get quarantined has greatly made people to have more than The usual on more time on the Internet  maybe experimenting might be of a cause on the use of this stimulus. Or maybe it's still the usual Crypto investors which still invested more again

[teminalibug 309]

Not just the US but other countries as well and this news would move even more people to do the same, and you will be surprised maybe this is just of of those fake news intended to pump the price.

[Jeet Narayan 1940]

We all know more than 900000 peoples are effected from corona virus right now and united State citizens also very smart they know when invest in Crypto market or share market so they are using their brains.