The US Congress, and later the Senate, approved a $2 Trillion stimulus bill.

[hoaryal1]

The US Congress, and later the Senate, approved a $2 Trillion stimulus bill that will cushion American taxpayers as well as businesses, from the devastating effects of the Coronavirus.

The initial draft of the bill had explored the use of a Digital dollar to distribute funds to affected individuals. The bill had floated the idea of banks creating and maintaining digital dollar wallets for individuals and business entities. However, the concept of a digital dollar was left out in the final bill that was later approved by both houses.

Why the Idea of a Digital Dollar is Bullish for Bitcoin
The mentioning of a digital dollar and provision of digital wallets by banks, ignited some excitement amongst crypto enthusiasts who found this move very bullish for Bitcoin (BTC) as shall be explained.
Secondly, the implementation of a digital dollar would open the doors for other countries who will not want to be left behind in digitizing their national currencies beyond internal CBDC (Central Bank Digital Currencies). With the global smartphone penetration estimated at 42% of the global population, roughly 3.2 Billion individuals will potentially have access to Bitcoin as a result.

Thirdly, once global currencies are digitized on the blockchain, other financial products such as securities, bonds and commodities will follow suit en masse. The probability of such tokenized assets being traded alongside Bitcoin is high. Therefore, such exposure would eventually legitimize BTC to many institutional and retail traders who had first considered it a fad or bubble

Tokenization of Commodities

To begin with, such a move would familiarize every American citizen with the concept of a digital wallet on their smartphone, desktop or web browser. It is a known fact that the whole concept of digital assets is complex for the average individual and this is the reason many do not venture into crypto. Therefore, having an incentive from the government of redeeming $1,200 via a digital wallet will surely help in familiarizing more potential investors with Bitcoin and Cryptocurrencies.
Tokenization of Commodities
Further exploring the tokenization of commodities, we have seen a few crypto exchanges such as Bitfinex and AAX.com, explore new ways of tokenizing precious metals and in particular, imilarly, AAX.com launched PhiGold (PGX): a token linked to an innovative mining venture. This token is not only pegged to the real price of gold, but it allows investors to get involved early before the actual precious metal is extracted from the ground. This aspect provides investors with an opportunity of funding the process of extraction at the PhiGold Barobo gold mine in the Philippines. Each PGX token represents 1/100th of an ounce of gold and can be redeemed for the physical metal, crypto or fiat after a certain period.
It seems to me that this crisis changes everything that we know. Firstly the fact that a lot of industries can work from home, then this. The fact that the US government takes this into consideration speaks for itself. If this lasts long enough we will see other aspects of our lives being remodeled

Source and full article

[1714517259]

1714517259

[Averim]

Let's hope this amount of money is in. Considering the high unemployment rate in the U.S. money won't be inaff, good strategy is also asked for.

[hugeblack]

There are no direct gains from adopting the digital dollar and bitcoin because both of them are completely digital, but the fundamental difference can be in the fact that one of them is completely central and the other is decentralized and therefore, it is logical that this currency is a competitor to Bitcoin and not a cause of prosperity.
Also, the government's infusion of these sums may help alleviate the damage of the crisis, as we are witnessing a health crisis that led to the freezing of the two sides of the equation (supply and demand), and therefore once it ends (if it ends quickly and sequentially) we will witness crazy rises and a quick profits.

[Darker45]

You are providing a wrong link in your source. The article linked talks about an autonomous internet.

The idea of a digital dollar is already scrapped off the bill so there is no point dwelling on it whether it is bullish for Bitcoin or not. Also, a digital dollar is not necessarily a cryptocurrency. And was it even planned to be built on a blockchain?

[avikz]

You are providing a wrong link in your source. The article linked talks about an autonomous internet.

The idea of a digital dollar is already scrapped off the bill so there is no point dwelling on it whether it is bullish for Bitcoin or not. Also, a digital dollar is not necessarily a cryptocurrency. And was it even planned to be built on a blockchain?

Yes, the link is incorrect. I believe the correct link is below,

https://www.nytimes.com/2020/03/25/us/politics/coronavirus-senate-deal.html

Why the Idea of a Digital Dollar is Bullish for Bitcoin
The mentioning of a digital dollar and provision of digital wallets by banks, ignited some excitement amongst crypto enthusiasts who found this move very bullish for Bitcoin (BTC) as shall be explained.
Secondly, the implementation of a digital dollar would open the doors for other countries who will not want to be left behind in digitizing their national currencies beyond internal CBDC (Central Bank Digital Currencies). With the global smartphone penetration estimated at 42% of the global population, roughly 3.2 Billion individuals will potentially have access to Bitcoin as a result.

Seriously, not able to digest this statement. How come a boost to centralized digital currency will have a positive impact on bitcoin or nay other cryptos? Also US is not a pioneer in national digital currency. China has already started working on it and planning to launch it within 2020. Even India has officially mentioned that R&D has started for Indian Rupee.

Also bitcoin and national digital currencies are fundamentally very different. It won't provide any positive impact on bitcoin, I believe!

[nancy]

I hope that we wont see new great deperssion again

[fiulpro]

Stimulus bill is a very good start but at the same time it would help the government to actually start taking responsibility , recession can be prevented to just an extent but after then it will only go downhill.
They need to take some serious steps like :-
Punishing people who are being an arse to doctors and nurses , so he boosts their confidence, they should actually pass a law or something
Distributing free food + masks ( we all know the basic science behind the mask so they need to stop asking people to not buy masks)
Most of the medicines were imported from the developing countries, they need to establish new companies which could synthesise those. It would at the same time provide employment
They need to take taxes and high interest rates from the rich society and the incentives should only be given to the people who cannot afford it
I could go on like forever , they need to make a lot of changes , this bill was a good thing but that's it. Nothing else , they are brewing up disaster , it is going to explode soon .
At the same time they are even asking India doctors to come to US and they would give them as much money as they want , like seriously ? What about making a wall against Mexico and being racist , Taking about how Indian people are taking jobs of the more deserving US people , what about making America great again ? I mean white again ?
No offense to anyone of US , but the government is racist and flawed .

[bitgolden]

They talk about where the hell they are going to find 1 trillion dollar to 3 trillion dollars for health care while ignoring the fact that if you cap the income of hospitals, doctors and most importantly big pharma while getting rid of all the health insurance since it will be 100% free, that would actually be profitable instead of losing money to the general public whereas books of government may look like its at loss but could make up for it in extra tax.

However when it is the companies they are talking about, they gave them a trillion dollar tax cut just two years ago, and now they are giving them a stimulus as well worth 2 trillions as well. Which one is really more important, to keep the economy going or save peoples lives? I think republicans believe saving profits is more important.

[squatz1]

Digital dollar was a part of the House version of the bill that wasn't passed, the Senate version of the bill which was a compromise b/w Dems and Republicans was the bill that was actually passed and made into law, was a version that didn't include a digital dollar. Absurd claims about this being good for Crypto are very stupid.

I see a lot of optimism that the stimulus package will boost crypto, assuming that people are going to put their money on bitcoin. However, there traditional global market like stocks could also be a good leverage for them. So we can't really conclude that this is good for crypto, and with crypto's volatility, I doubt that people are going to invest on them, specially no-coiners, they would rather go to stocks which is somewhat stable, in my opinion.

When you've lost your job, your retirement account is down like 20-30 percent from the peak, and you don't know when you're going to find a new job -- do you truly think that you're going to want to throw money at a speculative investment like Crypto? No. The answer for most is no. This is a speculative investment that people SHOULDN'T put money into unless they have money that they're willing to invest and lost and have already handled investing in traditional asset classes.

[davis196]

Why the Idea of a Digital Dollar is Bullish for Bitcoin
The mentioning of a digital dollar and provision of digital wallets by banks, ignited some excitement amongst crypto enthusiasts who found this move very bullish for Bitcoin (BTC) as shall be explained.
Secondly, the implementation of a digital dollar would open the doors for other countries who will not want to be left behind in digitizing their national currencies beyond internal CBDC (Central Bank Digital Currencies). With the global smartphone penetration estimated at 42% of the global population, roughly 3.2 Billion individuals will potentially have access to Bitcoin as a result.

The idea of Digital Dollar might be bullish for Bitcoin and cryptocurrencies in general,but what if the US government decided to ban Bitcoin and all cryptocurrencies,in order to boost the usage of the "digital dollar"?

Tokenization of Commodities

To begin with, such a move would familiarize every American citizen with the concept of a digital wallet on their smartphone, desktop or web browser. It is a known fact that the whole concept of digital assets is complex for the average individual and this is the reason many do not venture into crypto. Therefore, having an incentive from the government of redeeming $1,200 via a digital wallet will surely help in familiarizing more potential investors with Bitcoin and Cryptocurrencies.
Tokenization of Commodities

Almost every American citizen uses online banking or has a Paypal account.Those can be considered  "digital wallets".Don't underestimate the tech savvy Americans.
I hate the term "tokenization".It makes me think about some altcoins(mostly "token" shitcoins) and ICOs(mostly scams).If there is further "tokenization" of the economy,it has to be heavily regulated by the government,in order to protect the people from scams,but the benefits of such "tokenization" seem vague to me.

[Gyfts]

They talk about where the hell they are going to find 1 trillion dollar to 3 trillion dollars for health care while ignoring the fact that if you cap the income of hospitals, doctors and most importantly big pharma while getting rid of all the health insurance since it will be 100% free, that would actually be profitable instead of losing money to the general public whereas books of government may look like its at loss but could make up for it in extra tax.

However when it is the companies they are talking about, they gave them a trillion dollar tax cut just two years ago, and now they are giving them a stimulus as well worth 2 trillions as well. Which one is really more important, to keep the economy going or save peoples lives? I think republicans believe saving profits is more important.

First of all, the economy is apart of people's lives. It's their livelihood. I don't understand why people believe that destroying the world's largest economy must occur for us to save lives from coronavirus. It isn't true. Focusing on flattening the curve and ramping up medical infrastructure to deal with an influx of patients and then reopening the economy ensures that we can save lives and save people's economic free will. Secondly, the stimulus isn't just government handouts. These are loans that are given out to small and big businesses to ensure they don't fail. If you have entire industries that are laying off their workers because they can't find the funds to keep their doors open, how do you expect the economy to ever recover and for the unemployment rate to go down?

The stimulus package is a relief package that's an investment by the U.S. treasure predicated on future economic growth. It was literally passed 96-0 by the senate so I have no clue why you're pinning this on Republicans when the senate voted for it unanimously.

[squatz1]

Why the Idea of a Digital Dollar is Bullish for Bitcoin
The mentioning of a digital dollar and provision of digital wallets by banks, ignited some excitement amongst crypto enthusiasts who found this move very bullish for Bitcoin (BTC) as shall be explained.
Secondly, the implementation of a digital dollar would open the doors for other countries who will not want to be left behind in digitizing their national currencies beyond internal CBDC (Central Bank Digital Currencies). With the global smartphone penetration estimated at 42% of the global population, roughly 3.2 Billion individuals will potentially have access to Bitcoin as a result.

The idea of Digital Dollar might be bullish for Bitcoin and cryptocurrencies in general,but what if the US government decided to ban Bitcoin and all cryptocurrencies,in order to boost the usage of the "digital dollar"?

Tokenization of Commodities

To begin with, such a move would familiarize every American citizen with the concept of a digital wallet on their smartphone, desktop or web browser. It is a known fact that the whole concept of digital assets is complex for the average individual and this is the reason many do not venture into crypto. Therefore, having an incentive from the government of redeeming $1,200 via a digital wallet will surely help in familiarizing more potential investors with Bitcoin and Cryptocurrencies.
Tokenization of Commodities

Almost every American citizen uses online banking or has a Paypal account.Those can be considered  "digital wallets".Don't underestimate the tech savvy Americans.
I hate the term "tokenization".It makes me think about some altcoins(mostly "token" shitcoins) and ICOs(mostly scams).If there is further "tokenization" of the economy,it has to be heavily regulated by the government,in order to protect the people from scams,but the benefits of such "tokenization" seem vague to me.

Good thing none of this is happening. The Senate verison of the bill was passed, not the House version (which they knew wasn't going to pass, the Dems just put it out for some political points)

Thought this would be the best place to say this -- US Congress is currently thinking about another $500B in stimulus package money. Unsure on the politics of the whole thing and who wants what - https://www.cnbc.com/2020/04/08/coronavirus-updates-pelosi-and-schumer-call-for-congress-relief-bill.html