Bitcoin Forum

Thanks to Trumps' Bitcoin has seen a major boost amid the dollar crisis. As of last week, Trump approves a $2 Trillion Covid-19 stimulus package that has seen an upturn, with assets climbing in anticipation of this historic economic aid package.

Here is What to expect from Bitcoins major boost: https://itsblockchain.com/bitcoin-has-seen-a-major-boost-amid-dollar-crisis/

What impact do you think the stimulus package will have on Bitcoin in the long term?

I think there will only be indirect impact that the huge stimulus package will cause to Bitcoin. The direct impact will be felt by fiat itself, its value in particular. With the fast printing of money out of thin air, the supply is fast growing. As a result, the purchasing power of fiat will sorely decrease. The inflation rate will rise beyond the tolerable level. This is basically a slow suicide on the part of fiat. Consequently, Bitcoin, as an alternative to fiat, will become more attractive, I suppose.

That's a lot of money but I will not expect something out of this world because the money is needed by every beneficiary to buy their needs. How much is the percentage of the receivers that will use it to buy some sort of investment?

Such as bitcoin, stocks or gold? there might a percentage but that can be smaller than we can ever think.

https://s.yimg.com/ny/api/res/1.2/tH3IOWHRtzyOuSYeFxrxzw--~A/YXBwaWQ9aGlnaGxhbmRlcjtzbT0xO3c9MTI4MDtoPTk2MA--/https://media.zenfs.com/en-US/gobankingrates_644/5835d0ef87f539d5cbc82448997dcb35
source: https://finance.yahoo.com/news/58-americans-less-1-000-090000503.html

"58 percent of respondents had less than $1,000 saved." This data was just from May last year; and for some reason some people think that people will use the stimulus money to buy bitcoin; even though a lot of Americans barely have money saved. A bit too much in the "hopium" side if you ask me. We don't even know if "the dollar crisis" is what made bitcoin rise from $6000 to $7000. What if, you know, it was simply just demand in general? We don't need to put a reason to everything because there's no way for us to verify anyway.

I don't understand, will the bitcoin market be stimulated too? I thought the stimulus package is just for the citizens ad some vital companies. The government has always be silent on bitcoin matters.

Many articles show that really is but actually those things are just prediction since in reality there are so many option for people to leave a cashless society and maybe bitcoin will be notice for this time but still this is not enough to tell that we can see a major price change simultaneously since we see so many hypes coming before and even 1 of those didn't even closely meet since when pandemic occurs the price sudden dump which make people panic.

I'm sick of all the "USA stimulus package will boost the Bitcoin price" type of forum posts that are flooding the forum recently.Can we just shut up about this topic.It has been discussed 100 times here already and there's nothing new to add to the discussion.All we have to do is wait for the Bitcoin price to recover back to the levels before the corona pandemic.There are positive news in Europe about the number of infected people going down.

No effect on the long term. Even the short term one may actually just be people having high hopes for others to invest instead of actually buying helpful supplies to last for the lockdown period lmao. This has honestly been talked about before and again, there's a really low chance that the stimulus would actually affect the market price in the long term. Especially with how volatile it is right now, and not many are looking at it favorably. Even if we do say that some are looking at it as such, it would take a long time for people to actually profit out of it. If those households that are in dire need of food supplies actually spend on investing instead, I have no words for them.

>10% had $50k or more in their account balance? That's impressive and way more than I've thought! The <$1k percentage is sadly the truth, but it's honestly not their fault. We're being taught all the crap in school except the most essential and important things. I lately started to introduce an "education" paragraph in some posts of mine because right now, in the middle of crisis, it is proved whether what people are taught in their early lives really makes a change or not during hard times. Apparently, it doesn't.

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The $6k -> $7k rise isn't proportionate at all with the trillions of dollars pumped in the US economy and the ~$4T estimated total costs so far for the pandemic. This is likely not related at all with the virus, there are enough factors out there influencing the price of BTC. When the true face of fiat value is gonna be shown, I expect an insane price ride to come for all safe haven assets and possibly (and hopefully) for Bitcoin too. Until then, they'll try to hide the real face of fiat. Until they can't.

Bitcoin will never depreciate but the fiat system will due to the inflation.
The only rule of bitcoin in this market is just an alternative if we think of using it as online currency but a potential investment as adoption is expected while supply will eventually reduce over time.

people would realize that trusting the banking system is wrong as it's controlled by the government, there is no transparency even the suppose transparent which we called a business of trust, only decentralized asset is transparent and that is bitcoin.

USD has been much volatile for a month now. The increase in price of BTC is also seen due to it being shown in relation to the USD while USD decreased in valuation with respect to many of global currencies. And now the price of USD has been recovering a bit and the crypto market seems to be increasing for real.

i don't really see any "major boosts" to have been seen in bitcoin. we only saw a very tiny rise to get back a small part of the price that was lost due to panic sells. the major boosts we come later when the panic sellers turn into panic buyers and create a big FOMO and shoot the price up to the moon.

as for the situation in USA, it is still filled with a lot of panic and ignorance and i don't expect to see any change soon. but in the long run we can be sure that all the dollar printings and the inflation is going to be very positive for bitcoin as it has always been.

Heh, yeah. If this is a major boost, then I dread to think of the weeks and months ahead, this close to halving, when we don't have Trump or some other Kiyosaki guy to rely on for "pumps".

That fomo does seem so delectable now that everything is poised so well, with all the panicking only taking us to these levels of prices, I'm actually feeling optimistic my conservative outlook that lasts till end of 2020 could be overturned.

Tsk, why am I tempting fate?;)

Are those packages being bought using bitcoin ? I have not seen any evidence if that is it but if not, I do not think it has influence on the price of bitcoin since it is fiat currencies that are being used for this transactions. I understand that at the moment, the price of the coin is increasing but I do not see correlation between the price and the stimulus package

I don't think that could help to uplift the crypto market and I really don't think that those people who can receive that money won't have an intent to buy Bitcoin but rather to prioritize their basic needs as the outbreak continue. They could never think to invest by now and we know that USA is now suffering a hard time fighting against COVID-19, it is absolutely out of their mind.

if we could see a pump in the market in the coming days, it is not because of this but it is due to people had never sold their Bitcoin or they are buying more in regards to halving preparation.

With this pandemic that still lingers around, i doubt if the stimulus package will cause more of crisis like how everyone is thinking, news and economic crisis influence the price of bitcoin no doubt but you shouldn't expect much of cryptocurrency price surge when the world is facing a global threat. Bitcoin will flourish and see more of bull market when the global condition is thriving with people not having to worry on when they'll finally be safe. If the world get rid of this pandemic, even if we don't see an instant bull movement in the market, I'm sure we will see more of a stable market where the market will experience a steady growth thereafter

The information is truly a big thing forward, because the grown country of the world (what we people believe) making a large volume transaction using bitcoin is a big step forward. At the same time there is nothing official data that the transaction has been done through the blockchain. It is all about the prediction, because at this condition using these blockchain platforms is the only possible solution. The market pumping is just the common thing that takes place depending on its usage and nothing to give it a hype.

As I saw, lots of financial capital was withdrawn from stock market but where it went to. Do anyone has a question on that? Do stock investors used their fiat to store in vaults and wait for chances with lower prices of stocks to reinvest or they used fiats (cashed out from stocks) to invest in others assets, such as cryptocurrencies, and bitcoin. Gold market is another one that is attractive for investors during the highly volatile period of all markets.

I guess you know the answer I implied. The rates of recoveries between stocks and bitcoin in March almost discloses everything about the transitions of capital. I hope you will have your right decisions for your investments.

It is too early to come into any conclusions now. It is better to wait and watch before you decide your next move in crypto market. Untill a vaccine to cure this deadly virus or a positive news or an expected date for reale of this vaccine comes out. I donot thing there will be any drastic change in the current market.

Prior to the pandemic, we have been trading above $10000, just fyi, though partly we have been receiving some positive support in the market amid the crisis. Compared to most stocks and assets which are heavily down right now, bitcoin sees some rises that no one expected to have since everyone is spending money and putting their assets elsewhere. Though that's the case, I wouldn't go so far as to calling this something as a bullish move. It might be just day-to-day normal market movements as was always the case with or without the crisis at hand.

I'm very skeptical about the passive pump with the bitcoin right now, because if you come to think people now are generating more expenses than what they are generating as income, so it's safe to say that this is brought to us by some playful whales taking it as an advantage since we are not done with the pandemic yet. Do we consider it as a bullish? hmm, yea I think it is, sort of but not that huge. Better not to be comfortable with the market movement now as everything may collapse if this will get long.

I don't really think it is because of Trump and his stimulus package for the US economy.
Bitcoin's price had seen a sharp fall after the outbreak of Coronavirus. In my opinion, bitcoin's price is now recovering the fall.
Besides that the upcoming halving is a good reason for bitcoin's price to pump.

The HALVING is already priced into BitCoin, everyone already knows and expects this.

Do not worry, the next hammer will fall on the price of BitCoin with the next bad economic news.

Hard Facts

Its interesting to learn they thought US gov pumps BTC.  But that $2 Trillion is really going to burst everything even the altcoin with the tiniest cap.

That Roubini financial professor stated the most scary situation and if he's right that the contagion is really going to get worse, its gonna be severely affect everyone even after giving out $1000 each and everyone.

When you talk about the boost , this one is not superficial , with the governmental crisis existing almost everywhere people are now trying new things , Bitcoins is generally at the top of their list.
It is not only the dollar crisis but at the same time it is less jobs and more problems for people now , this crisis is not going to be over soon and I do think people are realizing how the Crypto community could help the companies and job seekers alike to invest , to give jobs , to look for jobs , to sell your services , the list is endless.

lol. Dictating of what's not happening yet? halving more than a month ahead so how come you are able to say this?

We have already crossed and this time your negativity extends to my limit. Bitcoin's reputation won't be that low as what you have now mate. Hammer may fall but thousands of people will lift it up, now you are in a forum full of people who admires bitcoin. Don't be a hypocrite, I know you got bitcoins in your wallet. Next time you post or comment, try not to put your username at the end, it looks disgusting coz it does not fit you.

I've been doing analysis for a year (I'm a noob trader), however, my professional field revolves around statistical analysis. Anyway, many signs point to short selling. Obviously the pandemic is causing the stock markets to tank world wide, and the fact the US will have an absurd employment rate (it's speculated to be around 30%). It will take a few years to get out of this hole. The future looks grim at best. If I had btc (I sold it before it tanked and made a profit), I'd use this opportunity to get out and cut my loses.

I won't  expect much if I were you.
We are all in a crisis now and the panic is still there specially  for US citizens.
That amount of infected which is 300k+ is something to be serious about.

Do you really think they can still afford to buy things like gold or silver or even invest with cryptocurrencies amid this virus thing?
I am a bitcoin supporter but let us be real for now.
Not because a lot of money will be given means some of them will be used to buy bitcoin specifically.
After all, we won't know that.

This once again proved the viability of bitcoin, its superiority over fiat money.

I think part of the the Trillion of Dollars that were printed found its way into the crypto industry and especially into Bitcoin investment since popular financial advisors like Robery Kiyosaki was admonishing the purchase of bitcoin on his twitter profile.

With a limited supply, bitcoin is way better and for the record many country will print more money to help their people and economy which I think can devaluate the value of fiat money since we have an over supply in the market right now. Bitcoin can go to the moon if ever after the halving and that can be a good side of market recession for the bitcoin believers.

i don't think that is true. even if it were then the part that may have entered bitcoin is a tiny fraction of the whole thing. there is still a lot of people who don't know about bitcoin or don't believe in it due to hearing a ton of FUD every day.

I would say you shouldn't trust banks because of the fractional reserve, and you could say its the banks that control the gov not the other way around.

But how hard it is to tell people to find the truth about fractional reserve? And how would the world economy collapse the moment people discover it? This is because the mantra of the chicago school of economy would collapse (as it appears to be collapsing right now).

You think inflation is you major problem? But most of the money in "circulation" does not exist anywhere. Yes they print and reduce interest so people get in debt, they are afraid people are not getting enough in debt, this is the weakness of their school (growth by debt).

Bitcoin as money that does not lose value overtime, stimulates savings rather than spending, this clashes against Chicago school dogma, and can only be comprehended by studying the Austrian school of economy (growth by savings).

Bubbles are literally caused by this system. Once people get off that train, bubbles disappear entirely, forever. The Austrians advocated a solid money, something like gold, but not something backed in gold, i had to be gold itself so that you did not have to trust anyone to fulfill a promise. But now we have Bitcoin, and this trustless coin can fill that need perfectly without the risks of handling actual precious metals.

Little by little, people will learn the truth. Of course fiat is going down, its been intentionally made to go down by governments, and the recurrent crisis can only push it down a bit faster than "anticipated". Remember, even if if loses value faster and recovers, they will never allow it to go negative (deflation) because their Chicago school dogma forces them not to.

Under Chicago school, deflation is taboo. Under Austrian school, it is most welcome. Bitcoin is the future, fiat is the past.

You are a FOOL....   Only a total fool would dismiss risk and facts as " FUD ".   Seriously, would you trust a wall street investment if any concern you had about it was just dismissed and ridiculed as  FUD by the salesman  :D :D :D

Hard Facts

Crisis is the viral word for now.
Not bitcoin.  ;)

Survival is also what people are thinking by now and not saving or investing.
Bad things are happening and death toll is increasing.
I don't think they want their money locked up into something else. It would better be on their side for now in cash rather than having a hard time to withdraw it.
For emergency purposes.

Do you think that Trump's decision is mainly responsible to bring back Bitcoin's price? I don't think so, Nowadays, Coronavirus has brought a massive negative impact on the planet, Nobody is feeling safe at this moment so it's a very normal issue that all the price of every market is going down but fortunately Bitcoin has come back, I think Chinese people could do a good thing in this system because they have started investing around the world, whatever the case is, it's nice to see that Bitcoin price has got a good pace, I think in this way, People will start investing in this digital platform because of Homecorentine, stay safe and keep investing in this Blockchain system.

The fear from the pandemic affected all assets but Bitcoin is the strongest one in aspect of rallying rate last month. Which one is behind Bitcoin, gold. I do believe in the future, if the pandemic will be controlled, the world will have to go through a very tough period with financial crisis when rebuild all economies. It will not be solved on paper and not within weeks or months.

In that crisis scenario, Bitcoin and gold will be good investments, and Bitcoin will be the best.

Okay! I am glad that there is an initial plan to boost the US economy because the instability of the financial markets affects us all. And the analysts' view of the article is not far-fetched, Bitcoin could be an asset of greater demand shortly.

I'm not sure the dollar crisis has ever really had anything more than a temporary boost to alternative markets, but I definitely prefer that correlation to anything else. It's nice to believe that people are fleeing the dollar to go into Bitcoin instead, but I think the libertarians today are very different from those in Bitcoin's conceptional stages.

So yeah, if we're seeing more money entering Bitcoin, it's because they're just spreading out existing assets. Hedge funds are seeing a boom right now, and Bitcoin's really part of that basket in most hedges now.

what "dollar crisis"?

month over month, nearly every asset in existence is significantly down against the dollar. cryptocurrencies, stocks, real estate, commodities, foreign currencies---you name it. even the DXY index is up 5% over the last 30 days.

leave it to bitcoin bulls to invent an imaginary "fiat crisis" to hype up their bitcoin holdings. ::)

The drama about the work crisis caused global financial markets were dumped and pumped as of the pandemic is hilarious. Do you see and think of why Gold were pumped more than one month ago (people talked because of pandemic), then dropped (people turned around and talked about the pandemic but in opposite impacts), and pumped again last 2 days to nearly its peak one month ago (so this time, is it because of the pandemic, because it become worse than months ago).

Gold will increase and bitcoin will do too but because of the pandemic, because of work losses, I don't think so. Stay safe and stay positive about Bitcoin.

Covid19 has become world history,

now many countries are experiencing an economic crisis because of this plague, and investors are moving money for dollars, I think investors are also moving money to bitcoin. I also think bitcoin will be stimulated in the long run

Due to the outbreak of coronavirus, economic conditions around the world have collapsed, the current situation in the United States of America is more critical. Their stock market will close tomorrow and Europe Monday as well. Because of coronavirus pandemic most of the cities are locked down. By saying 'dollar crisis' he meant the economic downturn.

Trump's stimulus package wasn't the main reason.
Bitcoin's price is now recovering after a sudden sharp due to the Coronavirus outbreak as it was expected. Plus what we see now is pre-halving effect.

We still not at "before prices" (9k lvl) and this is a major boost?

What the US is doing is dangerous, I agree with that. At the same time, this package is supposed to help people, so while a risky decision, perhaps it's worth the risks. As for Bitcoin, I don't see the 'major boost' you're talking about. Bitcoin's price increased by 10%, but it's back to the initial $6800, so I don't think it really worked. Moreover, a small change like that could've happened because of anything, I don't see how it's related to that $2 trillion package. Moreover, I think it's a little too early to state that there's the Dollar crisis. It might happen, sure, but we're not there yet.

Maybe OP eas just a little bit exaggerated for using the word "major" ;D. Nonetheless, bitcoin is doing great right now. Imagine, we are in the middle of the pandemic yet its price is stabilized on $6k - $7k mark. I guess that's already a thing you should be proud of. At least btc proves us how strong it is — that it can resist amidst a strong crisis.