Bitcoin Forum

BTC will go crazy up today
First Batch of $1,400 Stimulus Checks Hit Bank Accounts Starting Today [Suspicious link removed]j.com/articles/bidens-1-400-stimulus-checks-hit-bank-accounts-starting-today-11615590107

400 billion dollars being sent out ;)

Here's another source --> https://www.foxbusiness.com/economy/banks-processing-stimulus-checks

Could this be another reason why we see bitcoin hit another all time high? those times when the news about stimulus came, there was an increase that happened for bitcoin.

Some people from California were claiming on Reddit that they got their "stimmy" yesterday. I doubt that action is driving a $4k plus jump over the night in the US. The voices online talking about dumping their check into crypto or wallstreetbets are loud and numerous but when compared to the amount of money they can actually devote to the market (and affect price changes) it's minimal. But it's impossible to know for sure.

The only thing that is certain is that Bitcoin (and all crypto) is a truly global market...all day all night. Anything we believe locally could influence Bitcoin is actually going to have less real impact on the price because of this global factor.

What's more likely is that another institutional buyer decided to go in or "buy the dip" and they submitted that transaction at the start of the weekend when other corporate competitors wouldn't be poised to respond.

Just my BTC0.00000033.

Our government should do the best to keep close tabs with the process of distributing the stimulus package, because cybercriminals and scammers will be gearing up to hijack the entire process

To me I just feel it's just a coincidence, it's what many people will share and not what will be given to one single person. People need money to do their everyday activities and carter for their immediate needs. That's the main purpose of  this check. Someone big bought hugely into bitcoin that's what is likely to have caused the jump.

but will they buy bitcoins with that money?

I don't think this is the reason behind the new ATH.

The U.S. is printing dollars daily. Another trillion or two doesn't have a lot of difference.

I think the reason is the constant flow of institutional investors. I read about at least three new public companies investing in Bitcoin in the past two days.

Probably YES.

If you can check this Coinbase data, it is from the $1200 stimulus check last year, you can see a huge pump on the chart from the day of distribution too.
I am only afraid now if people are afraid of buying on these kinds of price levels. But then again, that money is a stimulus check and they will not think about the price and just buy Bitcoin then it will be good.

Yes, I think this is the main driver for the sudden uptick in the price again, breaching $60,000 and posting as high as $61,000. The last time that we have this stimulus package, the price also increases as well.

So we should expect the price to go even higher as more stimulus cheques hits bitcoiner in the US. Of course, only a portion will invest on BTC, there might be people who really needed that money right now. But for those bitcoiner, this is no brainer.

For those who wanted to see how much is the previous stimulus now worth:


https://www.bitcoinstimulus.net/

So in about a year, it's more than 800% jump. I'm not saying that todays stimulus check will just the same numbers no, but chances are it good give those who will received it  right now and the next coming days a good profit.

OMG no wonder why the price of big coins are going up, with that stimulus theres a lot of people who turn it into investing in cryptocurrency.

This month it's gonna be lit and i think the price of bitcoin will reach $65-$70k before the end of this month.

Still 50:50 that people are buying their stimulus checks with bitcoin. Too early conclude unless we have some data right now. Here is another latest company that bought bitcoin according to this news:

Software Firm Meitu Buys $22M of Ether, $17.9M Bitcoin for Its Treasury (https://www.coindesk.com/software-firm-meitu-buys-22m-of-ether-17-9m-bitcoin-for-its-treasury)

Although it said that they have bought on March 5, but it was just revealed a couple of days ago. So this news might fuel the current move that we have seen per 24 hours.

Considering that there is a chance that out of the 400 billion of that stimulus rollout, if bitcoin were to ever get at least 100 billion USD of that, I think that we are talking more than just 65k to 70k USD because back when Tesla did a purchase of 1.5 billion USD, the price moved a considerable amount and if that happens now, I think that there will be a big skyrocket in the prices but considering the current prices we might not be sure that people are going buy bitcoin with their stimulus checks.

Bitcoin spike started even before the first batch of cheques were sent out. And call me overenthusiastic if you want, but IMO this alone will make sure that Bitcoin breaches the $100,000 level in a few months. $400 billion is a huge amount and a large part of the population would immediately convert it to assets protected from inflation such as gold and BTC. And in order to increase the market cap of Bitcoin from $1.14 trillion to $2.00 trillion, we don't need another $860 billion in inflows. We only need a fraction of that, and that's how the market works.

$1.9 trillion stimulus will literally send Bitcoin to the Moon. I'm waiting for my check. Spending the last stimulus on buying BTC and ETH via Ownr was my best investment deal ever.

I am confused when we see reports like this which really does not make sense at all because the stimulus checks are meant to help during these hard times and the strange aspect is that the BTCitcoin market always rallies when ever the stimulus check news comes out and i have no idea whether it has any relation and i still believe it is just a mere coincidence.

I don't think so.
For starters this is just happening in US not all over the world.
Secondly from all those receiving this money, many don't even know about bitcoin let alone want to invest in it. Those little number of people who do know may not be able to invest in bitcoin since they may need that money already due to bad financial state (eg. catching up on bills, etc.).
And finally bitcoin price has been rising slowly so far rising 1%-3% at a time and I don't see this trend changing that soon even with a "hyped" up news like this.

Yes, I think the effect on Bitcoin prices is generally overestimated. A lot of that money will go into financial assets in general, that's true, including Bitcoin, but it doesn't seem like it's going to have much more influence than the supply<demand equation is already having. This shows how useless the populist stimulus check measure is.

As a whole the money printing policy will decrease the value of US dollar with the inflation it causes and it will eventually contribute to the bitcoin price rise but the effects are indirect and over the long haul not the direct one that people are stating these days and definitely not in short term.

It could be so, at least, we've seen this happen before and so, there isn't anyway that some or a lot of this funds won't come into the market. Bitcoin has gained the world recognition it needs and at the moment,  its doing another amazing move in the market, reaching another all time high (ATH) and as such, a lot of people would want to won some.
Musk have dropped another tweet and we know how these tweets goes so, it won't be surprising to see BTC doing some moves for the bulls and continues to gain momentum in a few days.

I think it is highly unlikely that the "Stimmy" money is going to end up in Crypto currencies. The US is a debt driven economy and most people are knee deep into large debt. (Bond / Credit cards / Car loans etc.)  The other thing is, a lot of people have lost their jobs and the stimulus funds are going straight into buying food to survive.

I play on some gambling sites and there are already a lot of the people there, that are saying that they are waiting for that money to come through ..so that they can gamble with it.  >:(   (So much for toilet paper money.. going towards boosting the economy)

This sounds more genuine reason for the current up rise of the bitcoin and reaching to ATH. Stimulus may not be used by the peeps of america to invest in the bitcoin strictly. There are oldies, mid-workers who would not want their money to be flooded into crypto and loose it up. In fact there is wide population who does not even know bitcoin or it's proper use. So this completely rules out the possibility that stimulus money is being used to invest into the crypto. Idk, it could be influencers & investor like Elon who is making the mega moves.

You may be right with the price jumping $4,000+ so far today (and it's still the weekend globally) No doubt when the banks and markets open and week-day traders come online.

I feel Bitcoin will top $80,000 by the end of March (on its way to $100,000 in the next couple of months).

As predicted by many experts, the US government will distribute the official stimulus check. So many recipients of the stimulus check used to buy
Bitcoin. Because only Bitcoin is currently the asset that can provide the most profit, and also if it is kept in bank accounts, the value may decrease
due to inflation. Therefore I am not surprised by the price of Bitcoin suddenly rising, because it is according to predictions. With this I am very
optimistic that Bitcoin will soon hit its next target at $ 75k, so I have no intention of selling Bitcoin right now.

It's one of the main reason for insane prices rises in Bitcoin and standing at ATH of $61k today on CMC.The other reason being huge investment by the big institutions like MicroStrategy,Tesla investment which have push the prices further.This stimulus will also affect the prices as people will be buying more cryptos with the new dollars printed by the government as the bill has been passed for billion dollars and US citizens could flood the market with investment as crypto like Bitcoin giving huge returns in such short span of time is no joke for them.We will see prices soon to $100k or so just have faith.

I see, So it's was also affecting the Bitcoin Price today i suppose? For Married People from what i read it get $2800 which is double than Single Person and basically from round 2 Stimulus check last year we can see high spike on Price & Volume on the Bitcoin Price Chart, It's reasonable to split that money to buy some Bitcoin and we can see the effect on the current price, Well it was good news people realizing Crypto was an good Option. Let's see what will happen next.

Another $400 billion surge in the M1 money supply of US Dollar. If I am not wrong, there was a large increase in 2020 itself and the percentage increase for 2021 may be even higher. As expected Joe Biden and Kamala Harris are implementing the tried and tested socialist policy of providing cash handouts to the people, in return for their votes. Those who value their wealth will soon find out that it is no longer safe to keep money in their bank accounts and they need to convert it to some asset that is protected against inflation.

Glad to see that market reacts to this in the right way

This was expected and it is just getting started.
It is interesting that European Central Bank is following them with faster money printing to fight with yield rise like ECB president Christine Lagarde announced few days ago, with 1.85 Trillion euros emergency purchase, and whole world will soon follow.
We can't even imagine what is going to happen with poor regions and with third world countries, but Bitcoin fixes this.

For us Bitcoiners, it can't get any better than this. Let them print banknotes like there is no tomorrow. Very soon Euro and US Dollar (along with the vast majority of the fiat currencies) will be worthless pieces of paper similar to Venezuelan Bolivar or the Zimbabwean Dollar. Hopefully $100,000 coin level will be achieved in a few months from now, and higher targets may take a little bit more if they keep on printing like this.

Anything is possible if we check the chart below for previous periods after Bitcoin halving and combine that with current money printing and inflation in the world.
$100,000 and higher values looks inevitable, and it's only a matter of time when this will happen, but I do expect crazy volatility on the way up.
Look what happened after halving in 2012 and 2016 related to stock-to-flow model, and just follow the red line:

https://i.imgur.com/T7tDEXu.png

Yep, it’s happening. There are very little alternative options for investors (both big & small scale) to put their money to almost guarantee profits in the short term.

Don’t miss out guys.

Not sure it will reach $80,000 by the end of this month but we will see those valuation if the market is moving like this and anyone who were expecting a correction should be disappointed because it is showing no signs of slowing down.
 

Not sure about people investing in cryptocurrency when they receive a check by the government but institutional investors are the reason for these huge rally without a doubt.

The thing is, people in America are not starving--some are, sure, but I'm talking about the vast majority of Americans who are going to be getting those $1400 checks.  Doubtless many of those recipients are going to be using the stimulus money for nonessential things, bitcoin included.  They'll probably keep buying up all the graphics cards with >4G of memory, too, in order to mine ETH and a lot of other coins.

So yeah, I do think bitcoin will likely get another bump up after all those checks are processed and everyone has their money.  But the run-up to $60k was probably caused by institutional buying rather than individuals.  Anyway, we'll see.  The mood in the crypto space is extremely positive, so I expect if people suddenly get $1400 to spend that quite a few will be blowing it on bitcoin and other crypto-related stuff. 

I also expect the stock market to keep rising as well.  This is "good" inflation, but we might start seeing "bad" inflation as well.  As I mentioned in another thread, gas prices have gone up substantially in the past year and probably other things as well.

Just remember that the vast majority of people aren't in Bitcoin. So it's not like 50 million $1400 checks are going to come into Bitcoin.

Also remember plenty of people actually need this money to get by during the pandemic, and will be spending it on basic needs.

Also remember that even of the people who don't need the money, do plan on investing it, and own Bitcoin, not all of them will buy Bitcoin with it as they may have other investments they want to put it towards.



Sure this will bring money into Bitcoin, but it won't be a tidal wave of money. It'll probably be the equivalent of a few big institutional bitcoin purchases, but coming over the period of the next few weeks or even couple of months. It won't be anything outside the normal realm of movements that a bitcoin bull market already has. Good for bitcoin sure, maybe it boosts the price a couple thousand dollars higher over the next month or two than it would have been otherwise, but don't expect some stimulus moon!

Perhaps there is no direct connection, rather the rise in price was caused by expectations. The speed at which the market reacted is too fast for this money to actually come to the market. But this is most likely good for the market, since the arrival of this money is ahead of us and it is likely that the target levels you specified will be achieved.

It is always a dilemma when the United States government sends the stimulus checks. The crypto community puts the magnifying glass on this news speculating that the beneficiaries could invest in bitcoin or cryptocurrencies.

Although I wish it were true for them to make a profit that allows them to get out of their coditian expenses without worry.
According to a survey carried out a few days before the delivery of the stimulus checks, the surveyed population responded.


I was curious to know about how to choose savings and I found a link that offers 4 alternatives and the last one precisely points out the following:  :-\


I imagine that anyone who wants to save would hesitate a bit in choosing to invest in cryptocurrencies. It is true that investing in cryptocurrencies is risky but it is ceasing to be as risky as before and the world population should know it.

Plus M2 Money Supply is in the highest in history, and Velocity Of Money is the lowest in history in the United States and probably in many counties, because of BRRR printing and the partial closing of the economy during the pandemic.

https://fred.stlouisfed.org/series/M2SL
https://fred.stlouisfed.org/series/M2SL#0

Where would all that money go when the economy opens up again? 2022 might be a better year for Bitcoin.

I doubt it do you really believe that this stimulus given to US citizens will go to crypto? How many people are going to risk this money in crypto? If you are one of the recipient and you really need money for some expenses Do you want to gamble your money by buying btc? That's a question no one can answer if how much of the percentage of this stimulus will going to crypto.     

Looks like what you are thinking isn't going to happen right now as we saw Bitcoin went from around $61,000 2 days ago to now ~$56,000. Looks like you're hopes on Bitcoin going to the moon because of stimulus package is gone now :(.

I pegged out $57,476 as its short term support as it broke it days ago. When a resistance has been broken, that will be the next short term support. The problem is it didn't hold unto that support and passed thru it downwards. I'm seeing the next support @ ~$50,000 right now. Sadly it didn't went to what most of the users here are expecting. Instead of us seeing it going upwards, looks like the traders came on top and sold their holdings and got liquidated near the $60,000-$61,000 price.

Somebody doesn't want people using their stimulus money to buy bitcoin...
I think whales are doing this on purpose...

According to this Yahoo money post (https://money.yahoo.com/nearly-10-of-the-380-billion-in-stimulus-checks-may-be-used-to-buy-bitcoin-and-stocks-survey-131009531.html) 35 - 40% of people who received this stimulus checks plan to invest portion of that in Bitcoin and Stocks, and survey shows that Bitcoin is preferred choice.
There are estimates that nearly 10% or $40 billion will be used for purchasing Bitcoin and Stocks, and I would not call this a gamble but it is investment risk and previous stimulus paid off big time.

Just because it is not profitable right now doesn't mean it will not be neither. Bitcoin is reaching a level where it is harder to break but alts are still freely moving, plus we just had a small correction and I am sure that will be going up soon. We had a news about India today which made it go down a bit but the reality is that we are not going to end up with any problems in the long term, we are going to see it get more relax so the price drop is temporary and not a big deal.

I personally think that we are still making a profitable decision by putting that check into crypto, except if we have debt during this period, I get it because it is a hard period and not everyone makes money but the reality is that we are not looking at everyone neither, even just 1% of these people putting it in crypto would mean 4+ billion dollars, that's a lot of money.

Yeah and with as much publicity that crypto has been getting, I'm hoping a lot of the money comes into crypto.  It will likely be a good amount coming in so waiting to see if butcoin, eth etc pull up a bit in the coming days.

Surprising to see BTC going down despite this good news. Bitcoin was trading at $61,000 a couple of days back and now the rate has declined to $55,000. Ideally it should be going up, considering the fact that a lot of those who are going to receive the stimulus cheques will use them to purchase assets such as Bitcoin, gold and equity. IMO, the current dip looks like a short-term phenomenon before the next bull run. We can expect a spike in exchange rates during the next few days, boosted by the stimulus payments.

I’m tempted to put my check into Bitcoin as an experiment. With tax time approaching though, I think that might make for a better use. I’m guessing we all wish we would have put our previous checking into BTC, which seem to always be the winning bet over time against all others.

Or the billionaires. They want cheaper Bitcoin that where it’s currently priced, but no one is selling their coins anymore. But if HODLers sell, it’s good to see that some regular people from the communty front-run those billionaires. Haha.


I don’t believe normal people are going direct Bitcoin, but with M2 Money Supply in its highest in history, inflation will naturally value scarce assets like Bitcoin higher.

I have seen another survey, which claims that $25 billion out of the $380 billion stimulus check influx will be used to purchase BTC. These numbers are simply huge. $25 billion translates to 16 times the volume of Bitcoin purchase made by Telsa (which resulted in BTC exchange rates increasing from $33,000 to $58,000). I won't be surprised if the exchange rates hit six digits, as a result of this stimulus shopping spree.

1 in 15 people buying Bitcoin and using their entire amount would not seem that likely.     Stocks maybe as its quite convential as a form of savings but most still view Bitcoin as a gamble or are not aware to an extent they know how to buy it.   Regular users of bitcoin will be more able to up their purchase and usage, I'd agree with that much certainly.

Stocks are still actually considered as an “investment”, especially blue chips, by many people, like Bitcoin. But Bitcoin should only be the “investment” that can be considered as “savings”. A stock can’t let you buy a “commodity” like Heroine from the dark markets, Bitcoin definitely can. 8)

That is definitely possible, we are only 6k away from the previous ATH, so if we add an additional 100 billion dollars we could reach it, I do not expect this to happen in a single day but if we get enough support from those receiving those stimulus checks and we combine this with FOMO or simply the fundamentals of the market this could be more than enough to see a price higher than 62k during the next days or weeks, it will not be easy but it is possible.

In fact I am not sure that the first batch of $ 1400 stimulus checks caused the Bitcoin price a few days ago to go up significantly to the price of $ 61k.
But if I look at the increase in the price of Bitcoin close to the distribution of stimulus checks, made me rethink that it makes perfect sense that
the Bitcoin price hike is due to the distribution of stimulus checks. Whatever the cause, it is actually the most important thing for me that the Bitcoin
price can continue to rise, thus making my profit even bigger.

Most people don't even know about bitcoin or have heard it in passing without paying it any attention. That is why the adoption is this low (estimated closer to 1%). From that small percentage who know about bitcoin and have bought it in the past even smaller percentage are going to use the stimulus check to buy bitcoin.
Considering the fact that Stock market is pumping, it is safe to assume people are still going there to buy into the bubble instead of buying bitcoin.

When the economies around the world begins to open up again, especially the United States, and with M2 Money Supply and savings in its highest point in history because of BRRR Fed printing, I believe everyone would start paying attention to Bitcoin and its ethos.

Why not? Reports have been made after the very first release of stimulus before that some people in the US are actually buying Bitcoin. Though, only a small percentage of that total amount could be added to the Bitcoin market, but at least it has made a noticeable impact.
Top researchers are eyeing some stimulus could be put to either stocks or Bitcoin.

I actually think "normal" people will.  For people who don't actually need the money to keep them afloat this is "free" money so why not try your hand in crypto.  If you lose it no big deal.  Maybe not but its a lot of fresh usd that wasn't available last week.

Anyone else feel it's strange there's no clickbait-type news for those 1400 cheques hitting Coinbase like the last time these stimuli cash (https://micky.com.au/americans-possibly-buying-bitcoins-with-their-stimulus-checks/) went out?

Thought maybe it needed the weekend, but it's mid-week now and not happening, or maybe the data's not out yet?

Cause if all that cash got thrown and we're still slipping below 55, damn.

On Twitter someone posted some survey where they got 2200 people to respond and about 6% said they would buy stocks and 3% said they would buy crypto. Its not much but since the stimulus is huge its between $10 billion dollars entering the crypto market.

Even if they don't buy crypto, as long as they buy stocks and make the stock market make new ATHs then most likely crypto will follow into ATHs. The original $1200, if you invested in crypto would of net you maybe $10K today. So most likely there are going to be some people who are going to be expecting to turn their $1400 cheques into $14,000 if history repeats itself. However most likely I don't think we will ever see $550,000 bitcoin, especially in the same time frame.

"Normal" people do not go into bitcoin at any moment, none of us normal, there is a currency digitally made and mined by some machines and we pay 50k+ for just one of them, that not a normal persons investment, they buy stocks of companies they can shop from, we do not do that, we are a bit crazy here.

Every american will be getting 1400 dollars, even if those normal ones do not end up buying, that doesn't change the fact that there are bitcoin people in USA as well, millions as well, that means hundreds of millions of dollars will be going into bitcoin, it doesn't need to make it go up, as long as that money is in bitcoin that is good enough for us. Anyone who uses their own savings account to buy bitcoin will no doubt use this on buying bitcoin as well, that is of course if they are not in a situation where they need the money to survive.

Judging by this topic, a huge part of the stimulus payments will go to the exchange or to cryptocurrencies. These are clearly not the primary living expenses. In my opinion, this casts doubt on the whole concept of these payments - it is more likely to serve as a means for further inflating bubbles in all areas than something useful.

And this simply explains why ALL the big guys have shown so much affection to Crypto.....

They definitely will, not everyone of course, but some definitely will. Think about it this way, consider how many people are in crypto in USA, and consider 10% of those people putting all their money in, even that creates a huge increase in bitcoin price.

However one thing is a big problem that not many people consider, the reality is that we are in a situation where it doesn't go to every single citizen all at the same time, it just goes in parts by parts and that means that we will not see a huge increase all at once, and that is why I think the price will not be affected that easily, sure it could be something that can make some money, but it doesn't mean that it will make that kind of money right away, the price will change upwards a bit, but it will be gradual increase and not all at once, the more people get their checks the higher price will become.

We saw a lot of articles about how the money of that stimulus came to bitcoin however since the price is too high maybe people decided that it was not the best move to get in bitcoin and they actually used their stimulus check to buy stuff? We must remember that on the US the vaccination has taken place at a very fast speed unlike most countries so maybe most of that money went to pay for a few days of vacation as everyone is tired of being on their house all the time.

That's also possible at this point, last year the price is on the $4k levels that's why people who received their stimulus check put it into bitcoin  and now they are making profits already. But this time since the price tend to be too high, it needs to go to 6 digits before they can realized a good gains out of their stimulus check.

So there could be crypto enthusiast who just insist of keeping their stimulus package or even used it already to just buy necessary stuff. Some basic needs to keep them at least off the hook in this pandemic.

This is what happens when you distribute freebies and cash handouts to people who don't need them. On top of that, due to travel restrictions and closure of business establishments, for the recipients of these payments there are few avenues to spend them. Obviously a large part is going to end up in various cryptocurrency exchanges and stock market. I can foresee a rise in demand for bullion and diamond as well. The exact amount that will go in to each of these sectors can only be assumed right now, but the figures will be clear in a few months.

There is little doubt that part of the explanation for why the price of bitcoin has grown so rapidly has to do with all that free money the government gave to everyone, for the people that needed it to pay for basic necessities like food or rent then the money was a complete necessity, but for rest of the people that did not needed it required to find something to do with that money and investing in it bitcoin seemed like the best option at the time.