Americans - will you spend your $1200 on BTC?

[gentlemand]

According to Brian Coinbase it seems a few have already decided to let the US government pick up their BTC bill. Will you be doing the same?



https://twitter.com/brian_armstrong/status/1250907110730170370

If that's not your thing there is an even worthier alternative here - https://www.dailymail.co.uk/news/article-8226305/Controversial-Louisiana-pastor-wants-people-donate-stimulus-checks.html

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[Becky666]

While not? There's a possibility of a good return on a long-term basis instead of spending or invest into the later(stimulus check donations). This is really an opportunity for the Americans to key into this period of global pandemic which will lead from here to recession. Believe me, the wise ones will definitely  house Brian A. Idea of investing $1200 into Bitcoin. As a matter of facts, many will choose to squandering why others will choose to invest wisely.

Hope to see an opportunity of this nature during this downtrend of Bitcoin price to accumulate more stash for the future. Personally, I have always choose Bitcoin ahead of all other investment packages.

Though, not an American.

[UserU]

If the price is right, and if I'm an American, I would. Get it parked under an interest account and collect monthly interests.

But let's say if I have that 1.2K right now, I'd not buy it yet because the price is steadily rising. I won't know if it would drop back to 6K or rise to 8K.

[figmentofmyass]

According to Brian Coinbase it seems a few have already decided to let the US government pick up their BTC bill. Will you be doing the same?

imagine that: the government printing money and people putting it directly into bitcoin. it's worthy of a comic strip.

for a nocoiner, uncle sam could be handing you a risk-free bet on your first 0.17 BTC. that's the deal of a lifetime if you ask me!

[gentlemand]

imagine that: the government printing money and people putting it directly into bitcoin. it's worthy of a comic strip.

for a nocoiner, uncle sam could be handing you a risk-free bet on your first 0.17 BTC. that's the deal of a lifetime if you ask me!

Presumably Coinbase are noting who's doing it so Uncle Sam can drone strike your ass at some point down the line for taking the piss.

I hope the people who are doing it are not financially pressed in any way. I'd love to know the proportion of first time buyers and where that BTC ends up. Maybe the US government will be directly paying for some top grade darknet 'shit' to pass the time.

[Sebas.tian]

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But let's say if I have that 1.2K right now, I'd not buy it yet because the price is steadily rising. I won't know if it would drop back to 6K or rise to 8K.

You're missing something mate, the steadily raising in the price of Bitcoin should tell anyone what's going to happen few weeks ahead and even months to come. Currently the price is hovering around $7110 -$6980 which means that; the price is set for another positive movement not backward this time, so, why not buy now and be happy latter or you wait now to regret latter.

Possibly diversification will be my next move when this amount hit me up, this will be divided between Bitcoin and Altcoins. I think this will bring positive results within months of investment, for Banking interest: Banks can only give you sh*tinterest  back to you but grow their business with your funds  

[20kevin20]

I'm not American but if I was to receive some stimulus check from my government, I'd do it with my eyes closed. While people keep this check under their sheets and have its purchasing power decrease the more this crisis advances, those who will put their checks directly in BTC will see imo some beautiful change.

Big spike on the graph, but how much of a difference in total USD does this ~0.32% increase in $1.2k deposits/buys really account for?

Would be interesting to see the same chart but on a global scale based on the checks given by all governments worldwide.

[galsen1]

I moved the entire 1200 to coinbase pro. Just waiting on money to clear. I will put everything on BTC. it's free money why not gamble with it.

[Lucius]

Would be interesting to see the same chart but on a global scale based on the checks given by all governments worldwide.

I personally have not heard or read that any other government in the world gives such direct incentives to its citizens, maybe someone has that information? It should also be emphasized that not everyone will get stimulus checks -> Not everyone is getting a $1,200 coronavirus stimulus check. Here's who will be left out.

Another eye-popping fact is that 14.1 million Americans do not own a bank account, and they will get checks last - even though they are considered the most endangered part of society.

I can't say what I would do if I was an American who gets $1200, but I understand the people who will invest in BTC, as well as those who will buy food and hygiene supplies, maybe a new PC or TV. After all, the state gives money, not vouchers that can be exchanged for food, drinks or toilet paper.

[Leonardo7]

It's only people that already understand bitcoin or have someone explaining it to them that will consider buying and keeping bitcoin. Mind you, millions are now out of job filing for unemployment, meaning some will just spend the money on feeding and shelter.

[hatshepsut93]

Let's look at the data, the chart says "buys/deposits" - does that means deposit + buy, or a regular trades with the equivalent of $1,200 also count? Because if it's the latter, it shouldn't count. Next, the chart is a percentage, and without the absolute values we can't tell how many people exactly bought Bitcoin. So, if we assume that on average 5000 people deposit and buy Bitcoin on Coinbase every day, then the amount of people who supposedly bought Bitcoin with stimulus money is ((0.37 - 0.1) * 5000)/100 = 13.5 people. And looking and this chart, the whole thing lasted only 1 day, so in conclusion very few people bought Bitcoin with their $1,200.

[dothebeats]

When you see that even Americans are trying to hedge the supposed funds to save them from this crisis to bitcoin, you know that the lack of trust in the government and its ability to save the economy from failing and the dollar devaluing is already there. It might be coincidental but yeah, the stats on exchanges plus the amount given for the fund clearly checks out.

I have friends and families in the US who have received their checks. Most of them already went to buy PS4s, new iPhones, graphics cards and other gadgets. Perhaps this is a poorly-reviewed response to the pandemic, and as such, those people who did not really need it just bought the things they want with the expense of the whole country trying to repay the printed money for the longest of time. What's even worse is that those who really need the fund are those who will receive it last. Talk about logistics and careful planning.

If I was still living in the US right now, I'd definitely buy that $1200 in no time, perhaps on PC parts, car parts, new gadgets or bitcoin. The fate of the USD within the next couple of years has already been decided by the decision of the government to print more money and give it away, so why would I waste the opportunity and time to spend it as is while I can?

[UserU]

You're missing something mate, the steadily raising in the price of Bitcoin should tell anyone what's going to happen few weeks ahead and even months to come. Currently the price is hovering around $7110 -$6980 which means that; the price is set for another positive movement not backward this time, so, why not buy now and be happy latter or you wait now to regret latter.

Possibly diversification will be my next move when this amount hit me up, this will be divided between Bitcoin and Altcoins. I think this will bring positive results within months of investment, for Banking interest: Banks can only give you sh*tinterest  back to you but grow their business with your funds  

I dunno man, the last time I bought some Bitcoin which was like nearly 1 week ago at 7.1K, it dropped by a few hundred right after that.

Used to collect altcoins but with Bitcoin usage being more widespread, I just focused on Bitcoin. Also thanks to Freebitcoin which gives out compounded interest everyday.

[BrewMaster]

i am not an American but i did exactly that with the money that i received a while ago due to Coronavirus from my government. i mean why not? it is an excellent opportunity to buy something valuable at a big discount and right before its take off.
and that is not even considering the fact that the governments around the world are printing a shit ton of money these days that would decrease the value of fiat hence increase the value of bitcoin against it!
that to me is a no brainer.

[kryptqnick]

If i were an American and financially stable, why not.

But it's more likely people (who are financially stable) will spend their $1200 on non-essential goods rather than investment since people already have mindset it's bad time to do any investment.

I think it's not right that the money is distributed this way. If one's financially stable, it means one doesn't need these $1200, so it would make sense to give this money to those who need it more. So as much as I'm pro-crypto, I don't think it's right to spend the financial package for combating COVID-19 on investments of any sort, Bitcoin included. As for the $1200 chart, it can be that we're missing something and it's the confirmation bias getting the most of us. Correlation is not causation, and people who get the package might invest a part of it while those who don't might feel like spending $1200 for some reason.

[DoublerHunter]

Probably if I will have $1200 I may invest in bitcoin because rest assure there is a chance of having a higher interest with less effort. If I am going to save it in a bank surely it will gain interest but on a limited amount. Though in bitcoin there is also a chance of reducing your $1200 as you lose and the risk is to low and you may still get back and recover what you have lost. In fact, that is how businessmen and investors always think. Nevertheless, this is good for US citizen's opportunities they can use it for having contactless payment through Bitcoin to follow social distancing.

[Debonaire217]

Fresh money for industry is always good. But i, personally, dont wont to buy more from emergecy money

Well, it may depend on the financial status that you have, because if the government will provide any assistance because of the crisis, I'm pretty sure that everyone will receive it, hence, you have to decide whether to invest it, or to buy necessities. But if you have a good financial status and considered, financially stable, that money will be an extra, and I don't think there's something bad if you invest it in bitcoin or other crypto.

[The Sceptical Chymist]

Get it parked under an interest account and collect monthly interests.

Good luck earning interest with a bank these days--interest rates are at about 0% if I'm not mistaken, and the best thing you could do with money you're looking to put to work would be to put it into the stock market--or even into bitcoin, though I think the latter's potential for earning is way more uncertain.

But let's say if I have that 1.2K right now, I'd not buy it yet because the price is steadily rising. I won't know if it would drop back to 6K or rise to 8K.

Yeah well, you never know what's going to happen and nobody knows when the "right" time to buy is.  But I'd say with the halving coming up and the fact that bitcoin is nowhere near its ATH, it might be a decent time to buy.

[UserU]

Good luck earning interest with a bank these days--interest rates are at about 0% if I'm not mistaken, and the best thing you could do with money you're looking to put to work would be to put it into the stock market--or even into bitcoin, though I think the latter's potential for earning is way more uncertain.

Not a bank, it's Freebitcoin's (the faucet by wetsuit) 4.08% annual interest for parking Bitcoins

I do invest in CFDs but with COVID, my funds are pretty much stuck there.

Yeah well, you never know what's going to happen and nobody knows when the "right" time to buy is.  But I'd say with the halving coming up and the fact that bitcoin is nowhere near its ATH, it might be a decent time to buy.

I might get some more, but have to wait for payday since I'm saving up for essentials.

[chainese]

Why Americans?) I am not American but I bought BTC for $600 which I had without specific destination of use. Just because I think it's a good investments, especially now. Independence of banks and nationalities is actual as it never ever been.