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

[ETheHedgehog 3104]

$1200 in bitcoin just like that, if the halving does make an exponential growth again those people are going to profit a lot

[bliznec 22268]

12 hours ago, Qazi said:

Not only in USA, every country has a number of people who have been quite their jobs and business so they are moving towards cryptocurrency for trading and earning and even savings their asset for good time. 

In the US, people are used to investing from an early time. Maybe this action spurred the movement that we are watching today for bitcoin.

[Captain Karim 0]

Well, perhaps these Americans consider bitcoin as a form of money and their confidence in their currency has weakened so they preferred to hold on to what is valuable.

[bentayebsalah 2280]

I think the Corona virus made the Bitcoin price rebound dramatically because a lot in the United States of America is buying Bitcoin

[Shivam1 428]

On 4/19/2020 at 2:37 PM, 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? 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

 

Dude I think there are many number of peoples are suffering from corona virus in USA . And people of USA are scared from corona virus. So they invest their coin.

[Irish 128]

On 4/19/2020 at 5:07 PM, 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? 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

 

Why buy if we can earn it? In my opinion I think they are just wasting their money. Imagine instead of buying stuffs for protection from covid, they are just buying bitcoins.

[rekter 8129]

3 hours ago, Irish said:

Why buy if we can earn it?

That doesn't make any sense. Yo do realize that not everyone has time or change to do bounties all day. And without people buying btc it wouldn't have any liquidity / value.

 

And it's an investment that might as well be good for stimulating economy in the long run with possible profits when you take a look at the scarcity of it.

[yuwira 0]

There are lots of humans in u.s. use the crypto international for the funding. And now as the area is lockdowned and people can not pass out of doors. it's why they are making an investment and extra concentrating within the cryptocurrencies. And they may be investing and buying and selling in crypto. that is why the charge has also begin to circulate to it's vicinity again.

[Whited35 15285]

I think Corona virus has played the crucial role in this regards to use stimulus package into cryptocurrency. They are mostly in the self isolation state. In this case, they have to continue their earnings activities even in the online world so this can be a reason. 

[Zues 1069]

On 5/11/2020 at 6:57 PM, Kerseem said:

The pandemic virus have affect the price of bitcoin the price really dumps low that anyone bought will make huge profit now and can Make good investment with little capital from pandemic stimulus. 

Yes I think that they are trying to invest that money that they get from the government because they think that it will not last if they use it in one go and I think tsht it is important to have means of earnings now in cryptocurrencies 

[Rezort 846]

I guess that it can do only those people who had enough money to live even before coronavirus, because other people would still spend these money on their food and other things.

[kyoukage01 3181]

Update: There is news of proposals to utilize blockchain technology to distribute the next wave of 'stimulus package' money that will be sent out.

 

https://coincentral.com/blockchain-relief-package/

Spoiler

Why the United States Needs Blockchain for Relief Packages

Alex Moskov

 

 

It seems like only yesterday people were tepidly excited about receiving a $1,200 check from the U.S. government to lessen the hardships of stay-at-home orders and pandemic-induced loss of jobs. However, rent is due today. Grocery bills for June have yet to rack up. That $1,200, regardless of how one tried to stretch it, is either running dangerously low if it hasn’t completely evaporated already.

 

Talks of another (few) rounds of stimulus checks have already been circling political circles, but who’s to say that future economic stimulus packages are going to find their way to the hands of those most in need? 

Over 60 million Americans haven’t seen a dime of CARES money, and nearly 40 million Americans are unemployed. Some economic models forecast American unemployment to be around 15 percent in 2021, and this figure only counts individuals that have actively filed for unemployment.

 

Brad Robertson, the Founder and CEO of Polyient Labs, a blockchain incubator and Polyient Games, a blockchain gaming ecosystem, argues that blockchain needs to be used to guarantee the delivery of future stimulus cash.

 

What needs to happen at an institutional level to implement blockchain-based solutions?

 

There was a massive amount of hype surrounding blockchain in its infancy. The hype-honeymoon is over. Blockchain-solutions must prove themselves. To gain traction at the institutional level, blockchain solutions have to be adaptable, scalable, and interoperable.  

 

Corporate executives don’t have the time to discuss “which chain is right for our business and our customers.” They are only interested in efficiency and cost-savings.

 

So, in order to win over institutions, cross-chain functionality will be a requirement.

 

We’re already seeing this in blockchain gaming: Those games and gaming ecosystems that are gaining momentum are the ones that offer cross-chain functionality. That will be true for institutional implementation as well.

 

What are the potential downsides of using blockchain to distribute relief money?

 

The biggest potential downside of using blockchain to distribute COVID-related relief money is the likelihood that the Treasury Department will screw it up.

 

I’m not being flippant. Traditionally, government agencies have a poor track record when it comes to adopting new technology. We all remember the early days of ObamaCare. More recently, look at the IRS. It set up a website to help people track their CARES relief checks and the site has crashed at least twice.

 

This doesn’t mean the Treasury Department shouldn’t deploy blockchain to speed up relief payments – it absolutely should. Millions of Americans are waiting for checks that were supposed to be delivered in March. Just know, there will be bumps in the road – just as there are with every new government initiative.  

 

Why now is the time to deploy blockchain to ensure relief money is delivered more quickly?

The time to deploy blockchain to improve the distribution of relief money was in February– if not before. Before CARES was signed into law.

 

Some 60 million Americans still haven’t seen a dime of CARES money. Nearly 40 million Americans are unemployed. Lawmakers were proactive in increasing unemployment payments for millions of Americans, but they did nothing to ensure state employment agencies could process the wave of new applications. Most of those agencies still rely on centralized 1980s technology. 

 

Why is the US so far behind in the adoption of this technology? What is the hesitation, especially when it could ensure people get their relief money more quickly?

 

The U.S. is behind Canada, China, Switzerland, Malta, etc. because our laws and regulations marginalize blockchain and cryptocurrencies, making it difficult for the technology to gain real traction in the U.S.

Our current regulations reflect a lingering mindset among some lawmakers and policymakers who associate blockchain technology and cryptocurrencies with crime.

 

It’s not entirely their fault; there’s a lot of misinformation out there, but the research doesn’t support that viewpoint. Criminals are 800 times more likely to use traditional fiat currencies over digital ones when breaking the law.

 

The good news is that an outdated mindset is slowly crumbling. In 2019, Reps. Warren Davidson (R- OH) and Darren Soto (D-FL) introduced the Token Taxonomy Act and the Digital Taxonomy Acts.

 

Last February, Sen. Sherrod Brown (D-OH) proposed using digital dollars to distribute COVID relief, and more recently, a bipartisan group of a dozen members of Congress sent a letter to Treasury Secretary Mnuchin asking him to consider blockchain to distribute relief money.

 

In each case, lawmakers are trying to drag Capitol Hill into the 21st century. My companies, Polyient Labs and Polyient Games, are both headquartered in Arizona and we see Rep David Schweikert (R-AZ) doing it here: helping create a business landscape that welcomes blockchain.

 

Schweikert, Brown, Davidson, and Soto all have a responsibility to bring jobs back to their districts. They recognize blockchain is a job creator.  

 

Will the COVID crisis force the US to get up-to-speed when it comes to blockchain and digital currency?

 

Yes. We’re already seeing signs: Sen. Brown’s call for a digital dollar, the Congressional letter to Mnuchin asking that his department use blockchain for COVID payments.

 

Lawmakers know traditional payment methods don’t cut it any longer. I mean, the IRS has resorted to sending physical relief checks to citizens – and millions of those checks are lost. The COVID crisis is forcing lawmakers to admit the old methods are broken.

 

Similarly, industries now have to admit global supply chains are broken. We saw it firsthand in the last few months: critical shortages of medical supplies, food, toilet paper. You name it.

 

I guarantee you: conversations are taking place in C-suites across the country right now. Executives are saying “we need a decentralized, reliable and transparent method of tracking, tracing and auditing inventory.” That sounds like a recipe for blockchain.  

 

Thanks, Brad!

 

If the proposals push through, there will be people who will be exposed to the notion of cryptocurrencies via curiosity about blockchains, and consequently, more will invest in BTC and other crypto coins once they receive their stimulus money.

 

[Dmasked 1840]

The fact that the bitcoin halving and corona virus happened near consecutively makes it clear that economically potent people will use their corona virus subsidies to buy bitcoin. Everybody is expecting a bull run, so people will invest their emergency allowances with a hope to gain reasonable profit margins.

[Thekingcallme 1975]

Corona virus has caused Bitcoin to become more popular in the United States, and there has been a lot of traffic there

[TimopheyKa 3900]

I think that cryptocurrency has become a very interesting and profitable offer for many users during the quarantine. The fact is that this is also an investment - which can bring very high amounts for your wallet, which is why people often invest in it!

[Alex9876r 1408]

Now in America people in general tend to invest in Bitcoin, as well as companies and some banks And those who buy it with huge amounts of money and for long periods and within the plans are set And from all price levels Thus, what can be speculated is that the volatile Bitcoin price will exceed expectations.

[ayatoslaw 858]

On 9/28/2020 at 12:36 PM, Mohamad ibrahem said:

I think the Coronavirus was the reason people in the United States bought bitcoin and started investing in cryptocurrencies. Because the economy is down badly and most people spend their time at home due to the quarantine

It makes sense, if the quarantine carried out due to the pandemic saturates many people and starts looking for other opportunities to earn other income, or maybe many people start to realize that cryptocurrency provides something different than fiat money, ) such as transactions that are easy, fast and low cost.

[Tetrisreal 219]

Actually it is something logical to think that while they give me money I can invest it in something, as the financial market shows or showed in times of pandemic, banks were not an option, a business was very complicated and their own currency with indiscriminate issuance obviously goes to fall in value therefore if they had knowledge of the crypto world the logical thing was to invest in BTC.

Many people in the USA did not need this bond, however it was offered so that they can invest it without worries.

[Red-Jones 1150]

2 minutes ago, usamah said:

This matter leads us to the importance of cryptocurrencies, especially Bitcoin, because it is in great demand to buy cryptocurrency, whether from people or companies, especially in America who buy it for long periods, which predicts that the prices of cryptocurrencies will rise

 

these news are very strange and very suspicious. if people are losing jobs, if the economy is badly damaged because of the pandemic, why would people rush to buy bitcoin instead of buying food while waiting for this problem to be solved in a few years? who would really risk buying bitcoin while out of a job

[lharost 1526]

Well that doesn't surprise me at all, after all you can use crypto and bitcoin to send funds to other people or receive it without any physical interaction with other people by only having access to internet alone, and if you look at the top of bitcoin chart in the last 3-4 years you are still buying it at a decent price knowing that btc already went to 20k just a few years ago and I'm almost sure if bitcoin goes that high again it's not going to get down to 10k again that easily and as a matter of fact that can as easily not happen at all.

Edited October 16, 2020 by lharost

[kryptonick 2659]

Lets hope for another round of corona stimulus so more will be send to crypto exchanges. It is stalling now as everyone wants to take advantage for the elections but they will give it and crypto prices will rise again.

[Alimhana930 1605]

Well, Bitcoin has proven itself as a safe haven and was one of the least affected by this pandemic compared to the rest of the commodities or sectors, and consequently the people's perception and thinking changed and became considered a good haven for investment and the financial assets that they possess in various fields and they began allocating part of it to Bitcoin

[Cryptomint 433]

Yes this is true. In the season of COVID-19 people try to search and learn about the cryptocurrencies and they make their interest to invest in it.

[zhoutong 2188]

The new stimulus of the american economy has been announced and it looks it will be half of the previous, but it is not known if this time it will be put into Bitcoin again. The previous one was a big success for anyone invested as they made around 400% return for the investment. It will be $600 this time as I read and if this is not needed by someone to survive it could be a good idea to invest.

[koynayak 1923]

I also heard that and i think this is another reason why bitcoin pump so much. As we all know too many big companies announce that they have adding bitcoin in their portofilo and those announcement are encourage small investors. I think bitcoin price will never dump like 2017-18.