Another boost to bitcoin will come with stimulus checks. - page 2.

hatshepsut93

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Quote from: Emily Perkins on November 16, 2020, 04:52:18 AM

As I read in the news Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.

It actually wasn't significant at all, Coinbase made a very manipulative blog post that hid the absolute numbers and only showed relative increase, but if you calculate the absolute numbers, there was like a few thousand people who probably used their stimulus money on Bitcoin, which obviously won't matter for the price. It's great to theorize how some things can influence Bitcoin, but let's not forget to bring the actual evidence, because otherwise a theory is just a theory.

wxa7115

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Quote from: Cnut237 on November 17, 2020, 09:23:31 AM

Quote from: Emily Perkins on November 16, 2020, 04:52:18 AM

Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.

The weird thing is, that whilst stimulus checks might be used to buy bitcoin and so boost the price, the bigger justification for an expected bitcoin price increase is the fact that the checks are issued at all.

At first sight this may seem to be odd if bitcoin is to act as a store of value then it needs to go up in relation to the increase of the money supply and that is exactly what is happening, so this is good news for those that are expecting bitcoin not only to become a currency used all over the world but to also become a store value.

However despite the fact that bitcoin is above the 17k level I do not see the very same enthusiasm that I saw during the bull run of 2017 and while this may seem to be contradictory this is a good thing because this means that the growth is mostly happening because smart investors are buying all the bitcoin that they can and not necessarily because the growth has captured the attention of the media and now every single person is trying to become the next bitcoin millionaire creating a bubble in the process.

Yatsan

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It could be a possible thing to make happen that once the next stimulus checks have been released, the price of Bitcoin will be boosted up due to upcoming demands coming from the people who will be receiving the stimulus checks that were influenced by those people who have already been benefited upon doing investment with Bitcoin using their past released stimulus checks. But it can also be another way around that some people will consider to use up their stimulus checks for emergency purposes for it is really intended for that thing to make them survive the situation they are currently having right now. But it is still possible for the OPs thought and idea to make happen depending if the people will be influenced by their friends to get into investing their stimulus checks on Bitcoin based on their experience doing the same thing on their past stimulus checks.

Cnut237

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Quote from: Emily Perkins on November 16, 2020, 04:52:18 AM

Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.

The weird thing is, that whilst stimulus checks might be used to buy bitcoin and so boost the price, the bigger justification for an expected bitcoin price increase is the fact that the checks are issued at all.

Emily Perkins

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yes, different businesses(not even related to crypto) probably made similar assumptions too

Quote from: mk4 on November 16, 2020, 05:42:15 AM

Quote from: Emily Perkins on November 16, 2020, 04:52:18 AM

As I read in the news Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.

Though correlation is not causation, It most likely is the reason. It's also might be the reason why Square's Bitcoin-related revenue pretty much skyrocketed in Q2 and Q3 of 2020. I'd say it's a pretty safe assumption.

https://hypercharts.co/sq

mk4

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Quote from: Emily Perkins on November 16, 2020, 04:52:18 AM

As I read in the news Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.

Though correlation is not causation, It most likely is the reason. It's also might be the reason why Square's Bitcoin-related revenue pretty much skyrocketed in Q2 and Q3 of 2020. I'd say it's a pretty safe assumption.

https://hypercharts.co/sq

Emily Perkins

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As I read in the news Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.

Quote from: mk4 on November 16, 2020, 03:55:18 AM

Since people can actually receive their stimulus checks through Cash App[1], whereas I assume they can immediately purchase bitcoin immediately after receiving the money, it will probably help. The question is, how significant of an effect is it?

[1] https://cash.app/help/us/en-us/1018-cash-app-the-stimulus-and-you

mk4

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Since people can actually receive their stimulus checks through Cash App[1], whereas I assume they can immediately purchase bitcoin immediately after receiving the money, it will probably help. The question is, how significant of an effect is it?

[1] https://cash.app/help/us/en-us/1018-cash-app-the-stimulus-and-you

Emily Perkins

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The amercians who invested their $1200 stimulus checks got 142%ROI in 7 months, that's a great result. I believe the next stimulus checks will bring more acceleration to bitcoin price and adoption because people who got such return tell their friends, relatives etc. Do you agree with this?

Topic: Another boost to bitcoin will come with stimulus checks. - page 2. (Read 387 times)