$1.9 trillion stimulus passes senate - page 2.

Lucius

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We who look at this from the sidelines, or rather from other parts of the world, might think that the US is indeed a promised land where money is literally falling from the sky🚁💸

Of course no one complains that they get checks, who would normally refuse free money - and let's be honest, who still cares that someone else will pay those debts, life is too short and what people mostly leave behind are debts and a ruined environment. It just shows that there are people who don't need such help, because who gambles with $1200 if they are hungry and need to pay their bills?

Impact on BTC? Of course, because if I remember correctly, payment analysis on a certain crypto exchanges, showed that the users actually deposit the identical amounts they received.

Quote from: https://micky.com.au/americans-possibly-buying-bitcoins-with-their-stimulus-checks/

Brian Armstrong, chief executive officer of Coinbase, posted a chart that displayed the percentage of buys that are “exactly the same size as the $1,200 stimulus check” from the U.S. government.

According to a spokesperson from Binance U.S., they also witnessed increased $1,200 deposits this month.
“People do seem to have deposited exactly $1,200 into Binance U.S. in the past couple of days,” Binance adds.

ven7net

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Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

So the $1.9 trillion stimulus bill has passed the senate and is now nailed on to be signed off by Biden on 14th March.

I was wondering what effect you think this will have on Bitcoin over the coming days, weeks, months and even years? It doesn't seem to have made a huge impact straight away, I guess this is because people were expecting it to happen anyway but surely as the stimulus starts to take effect over the next few months, inflation is going to become a huge problem for any individuals and companies who happen to be sitting on piles of cash. Will the government be able to stop inflation from running out of control or are Bitcoin and crypto holders in for the treat of their lives?

https://eu.usatoday.com/story/news/politics/2021/03/06/bidens-covid-stimulus-bill-passes-senate-legislation-heads-house/6886446002/

I believe that this is good news for cryptocurrencies, as it will provide an opportunity to make another significant jump in prices upwards. As for the money itself, namely the US dollars, this will further aggravate the inflationary situation, which will certainly lead to big problems soon. But as I understand it, without these monetary incentives, everything that I described above can happen much faster and the newly printed dollars should postpone the impending problems, at least for traditional markets.

Vishnu.Reang

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Quote from: Poker Player on March 07, 2021, 08:22:54 AM

What strikes me about this is that the people who are going to receive the checks do not realize that they are going to be poorer. Feast today famine tomorrow. I don't deny that there are people who need it and can use it, but all these massive impressions of money end up in higher prices than the purchasing power. The countries in the world that print the most money are the poorest countries. It may boost the Bitcoin price but it seems to me that measures like this are like shooting yourself in the foot.

The people who receive their checks don't get poorer. It is added to the federal debt, which has ballooned to $30 trillion or so by now. Those who receive these checks can rejoice for now. But their children will suffer. And those who keep their wealth in the form of fiat currency are going to suffer, because the value of their holdings will go down. Eventually the federal debt will reach a point where it is no longer sustainable. Then we will have an economic meltdown similar to what happened in Greece and Cyprus. The government will have no other option than to go for wealth confiscation (i.e bank deposit haircut similar to Cyprus 2013).

Poker Player

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What strikes me about this is that the people who are going to receive the checks do not realize that they are going to be poorer. Feast today famine tomorrow. I don't deny that there are people who need it and can use it, but all these massive impressions of money end up in higher prices than the purchasing power. The countries in the world that print the most money are the poorest countries. It may boost the Bitcoin price but it seems to me that measures like this are like shooting yourself in the foot.

bryant.coleman

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Quote from: DeathAngel on March 07, 2021, 07:40:02 AM

When the first stimulus was passed the price was in the $6,000 range. I’m not saying this latest stimulus will bring that kind of % price increase but more money available to so many people means some of it will end up being invested in bitcoin surely. Exciting times

With the latest tranche of $2 trillion of helicopter money, US Dollar is no longer a safe asset to store your wealth. So I expect a lot of people to convert their US Dollar holdings to other assets (such as Bitcoin or gold). Purchasing Bitcoin was never been more easier, with PayPal and Mastercard jumping in to the BTC bandwagon now. So we can expect a lot of people to purchase BTC in the next few months. And it's not just going to be the individuals. Corporations are accumulating BTC and I expect them to increase the pace of their purchases.

DeathAngel

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When the first stimulus was passed the price was in the $6,000 range. I’m not saying this latest stimulus will bring that kind of % price increase but more money available to so many people means some of it will end up being invested in bitcoin surely. Exciting times

cryptoperkele

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Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

Some of the people will put in in bitcoin for sure, but the marketcap is already so high i don't see it having a huge effect unless something else happens that makes things escalate and more money flowing in. Weirderst part is that it could affect negatively on the whole purpose of stimulus if btc goes down after people buy.

slaman29

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Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

So the $1.9 trillion stimulus bill has passed the senate and is now nailed on to be signed off by Biden on 14th March.

I was wondering what effect you think this will have on Bitcoin over the coming days, weeks, months and even years? It doesn't seem to have made a huge impact straight away, I guess this is because people were expecting it to happen anyway but surely as the stimulus starts to take effect over the next few months, inflation is going to become a huge problem for any individuals and companies who happen to be sitting on piles of cash. Will the government be able to stop inflation from running out of control or are Bitcoin and crypto holders in for the treat of their lives?

https://eu.usatoday.com/story/news/politics/2021/03/06/bidens-covid-stimulus-bill-passes-senate-legislation-heads-house/6886446002/

Will he sign it or is there any chance this stimulus isn't going to happen? I mean if a few thousand or hundred dollars in 2020 passed into Coinbase and made Bitcoin go up like crazy, I wonder how much this amount of money will do to BTC price. Inflation is already bad for US dollar, guess now we see it go down like crazy?

Bergkampsballs

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Quote from: pooya87 on March 07, 2021, 02:43:09 AM

Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

Will the government be able to stop inflation from running out of control or are Bitcoin and crypto holders in for the treat of their lives?

Inflation is not something that can be controlled when a ridiculous amount of money has been being printed!
Crypto holders are not in any treat since altcoins get dumped all the time in long term. Bitcoin holders I wouldn't say are in for a treat either because during inflation when you hold something that goes up in price would only act as a way to keep the same purchasing power not make any profit. When bitcoin goes up in value more than inflation rate that is mostly because of its adoption so the profit has nothing to do with the money printing policies.

I think you might be missing the bigger picture here. Some people will invest their $1400 stimulus funds into Bitcoin but many wont, however that's not where the big money will come from. The fact that the stimulus money will devalue the dollar will encourage people and corporations who already have a lot of money to find alternative investments such as stocks, gold and cryptocurrencies. At the moment Bitcoin is a strong contender and for many investors and corporations that were considering investing in Bitcoin anyway, this could be the event that pushes them over the line.

Rruchi man

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Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

So the $1.9 trillion stimulus bill has passed the senate and is now nailed on to be signed off by Biden on 14th March.

We hope this stimulus package doesn't become a target for internet fraudsters and cyber criminals that will want to hijack its disbursement. The government should do more to ensure proper verification before disbursement to any individual.

pooya87

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Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

Will the government be able to stop inflation from running out of control or are Bitcoin and crypto holders in for the treat of their lives?

Inflation is not something that can be controlled when a ridiculous amount of money has been being printed!
Crypto holders are not in any treat since altcoins get dumped all the time in long term. Bitcoin holders I wouldn't say are in for a treat either because during inflation when you hold something that goes up in price would only act as a way to keep the same purchasing power not make any profit. When bitcoin goes up in value more than inflation rate that is mostly because of its adoption so the profit has nothing to do with the money printing policies.

larus

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When this money be paid to people? I need to know when we will see next pump

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Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

~

This is the biggest stimulus package the US has ever done this pandemic season. If I'm not mistake, people will receive at least $1400 and will be distributed in April 2021.

Will this affect Bitcoin?? In some ways yes. One big effect is that it might push the price of it upwards unless, these people will choose to invest a big portion of their money into Bitcoin than spending it into another things. On the other hand, this will make the purchasing power of USD even lower. Can this event beneficial to Bitcoin and crypto in general?? Yes only if they will invest it unto it but aside from that, it will not benefit at all.

zanezane

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Quote from: Sithara007 on March 06, 2021, 11:19:18 PM

Democrats doing what they are famous for. Printing banknotes like crazy and spending them in a haphazard way. The latest round of stimulus has hardly anything to do with the pandemic. It is a politically motivated measure that makes sure that the vast majority of the funding goes to blue states and inner city areas that have supported the democrats. Anyway, big spending should be good news for the Bitcoiners. And the market has reacted in a positive way. Bitcoin prices are up by 2% in the last 24 hours.

If you can survive without the stimulus, you can hedge yourself in a potential crash by investing that stimulus in bitcoin which will definitely grow as evident as the last time the people did buy bitcoin with their stimulus. I have to save more bitcoin because once this stimulus rolls out, the prices are going to be running high again.

Sithara007

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Democrats doing what they are famous for. Printing banknotes like crazy and spending them in a haphazard way. The latest round of stimulus has hardly anything to do with the pandemic. It is a politically motivated measure that makes sure that the vast majority of the funding goes to blue states and inner city areas that have supported the democrats. Anyway, big spending should be good news for the Bitcoiners. And the market has reacted in a positive way. Bitcoin prices are up by 2% in the last 24 hours.

TravelMug

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This is a good gauge:

https://www.bitcoinstimulus.net/

And as the new stimulus package will obviously weaken the US dollar more, average joe to investors will go look for assets that can they can hedge like bitcoin and gold. So this is good news for us, and we will see the correlation very clearly in the next couple of months.

DapanasFruit

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The more fiat money to be circulating on the economy, the more activities that can be stimulated hence there can be a little uptick of growth in many good areas. As to cryptocurrency, there is a good chance that a little percentage of this money from the government will eventually end up in cryptocurrencies especially Bitcoin. As to the long-term effect, well I am not good at that so I am just leaving to the experts of this forum.

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Quote from: thecodebear on March 06, 2021, 06:21:02 PM

Short term good for Bitcoin as you'll see a lot of allotments of $1400 being deposited on crypto exchanges when the money starts going out. It'll also of course help out the economy which means more jobs coming back which means more people doing well nearer in the future which is of course good for all asset classes.

Medium term good for Bitcoin as it'll push more institutions into Bitcoin to protect against the perception of the dollar's value being inflated away.

Long term good for Bitcoin as more people will realise how great Bitcoin is and the number of corporations will see the value as well and buy in to keep up with the market. Also if global financial markets break down and central banks are unable to keep up, bitcoin is the only money to survive this.

thecodebear

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Short term good for Bitcoin as you'll see a lot of allotments of $1400 being deposited on crypto exchanges when the money starts going out. It'll also of course help out the economy which means more jobs coming back which means more people doing well nearer in the future which is of course good for all asset classes.

Medium term good for Bitcoin as it'll push more institutions into Bitcoin to protect against the perception of the dollar's value being inflated away.

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Quote from: Bergkampsballs on March 06, 2021, 02:23:15 PM

So the $1.9 trillion stimulus bill has passed the senate and is now nailed on to be signed off by Biden on 14th March.

I was wondering what effect you think this will have on Bitcoin over the coming days, weeks, months and even years? It doesn't seem to have made a huge impact straight away, I guess this is because people were expecting it to happen anyway but surely as the stimulus starts to take effect over the next few months, inflation is going to become a huge problem for any individuals and companies who happen to be sitting on piles of cash. Will the government be able to stop inflation from running out of control or are Bitcoin and crypto holders in for the treat of their lives?

https://eu.usatoday.com/story/news/politics/2021/03/06/bidens-covid-stimulus-bill-passes-senate-legislation-heads-house/6886446002/

It's a bullish news for the crypto community. A really big one at that. I remembered last year during the times when covid-19 was biting hard and the covid-19 relief bill signed into effect, I still recall the effect it had on the crypto market. So I want to believe that we'll see a similar effect this time as well. Let's not forget that interests in cryptocurrencies have more than doubled between that time and now so it's more than likely that majority of those funds will be channeled into various crypto projects especially Bitcoin.

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