Bitcoin has Seen a Major Boost Amid Dollar Crisis

[OGEOS]

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?

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[Darker45]

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.

[boyptc]

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.

[mk4]

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.

[omone1]

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.

[Taskford]

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?

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.

[davis196]

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'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.

[Wexnident]

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.

[20kevin20]

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>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.


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.

[Natalim]

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.

[Nalbo]

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.

[BrewMaster]

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.

[buwaytress]

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?

[thesmallgod]

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

[Kelvinid]

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.

[Utoy101]

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.

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

[romero121]

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.

[OcTradism]

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.

[pakhitheboss]

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.

[dothebeats]

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.