Americans - will you spend your $1200 on BTC?

[UserU]

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.

If you saw the image from the OP, the Americans recently received their stimulus package of $1,200.

So that's "extra money" in their pockets.

[stompix]

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.

The never-ending problem with growth charts!
Ok, it jumped from 0.1% to 0.4%, that's 4 times more but how much is that in real numbers?
It's like those clickbait headlines where electric cars sales have grown by 50%, from 2 last year to 3 this one. Or those cold war jokes with Albania doubling their army, by conscripting a second soldier.

I suppose this is why they haven't posted a graph showing how much of that means in $.
Let's wait for Planet 13 to come and show a similar graph. 

Why Americans?) I am not American

So, no free soup 1200$ check for you.! That's why! 

[UserU]

So, no free soup 1200$ check for you.! That's why!  

Come to think of it, that amout is good enough to cover around 3 months of housing rental. You got any stimulus package from your government, assuming you're not from the land of guns and hamburgers?

[gentlemand]

Come to think of it, that amout is good enough to cover around 3 months of housing rental. You got any stimulus package from your government, assuming you're not from the land of guns and burgers?

Nothing this indiscriminate where I'm at in the UK. They're bailing out salaries and maybe increasing unemployment stuff but there's no monetary blunderbuss quite like this. If you're a dosser under the radar like me you get nothing. How cruel.

[Asuspawer09]

So, no free soup 1200$ check for you.! That's why!  

Come to think of it, that amout is good enough to cover around 3 months of housing rental. You got any stimulus package from your government, assuming you're not from the land of guns and hamburgers?

Yeah, there would be a better way to earn a profit that just investing in Bitcoin surely having a small business would I think a good way and I guess less risky than investing in bitcoin.

If you already have knowledge in bitcoin or cryptocurrency and know when would be the right time to invest in bitcoin surely investing in bitcoin is a good choice for you.

[BChydro]

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.

Make sure that you will not get into trouble at a later time, the money the government is providing is to take care of yourself during this troubled times and if you are going to use that to invest then there will be some issues that will pop up at a later time and you will be forced to return everything for gaming the system that was meant to help the poor and needy and so think twice before doing anything with the money providing during tough times and these are not free money as you need to enter all the details while filing your tax.

[Sanugarid]

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.

If you saw the image from the OP, the Americans recently received their stimulus package of $1,200.

So that's "extra money" in their pockets.

lol haha maybe he didn't know about the stimulus package of $1,200

Well it depends I guess, If I were going to receive that stimulus package and has a lot of cash in my pocket then probably I'll invest it with crypto, diverse it to various coin but dominantly invest in bitcoin more likely the half of it then 3 or 4 coins for the other half, otherwise if it is the only cash I have I'll just buy my necessity for like a month then invest the spare on bitcoin only. I wish we have that stimulus package, that worth so much in our currency though.

[UserU]

Nothing this indiscriminate where I'm at in the UK. They're bailing out salaries and maybe increasing unemployment stuff but there's no monetary blunderbuss quite like this. If you're a dosser under the radar like me you get nothing. How cruel.

Damn, that sucks. Same thing's happening in Malaysia; SMEs are requesting the government to bail them out after the latter gave out stimulus packages (i.e. chickenfeed) to us citizens. And another quarantine extension is likely to happen until the end of May.

Btw I saw on the news that Boris' recovering, I wish him godspeed.

[gentlemand]

Make sure that you will not get into trouble at a later time, the money the government is providing is to take care of yourself during this troubled times and if you are going to use that to invest then there will be some issues that will pop up at a later time and you will be forced to return everything for gaming the system that was meant to help the poor and needy and so think twice before doing anything with the money providing during tough times and these are not free money as you need to enter all the details while filing your tax.

I have some sympathy with this view. At this point we have zero idea how long this is going to drag on for and even if it recovers in a few months the hangover is a vast unknown. That said $1200 won't go all that far in the US.

I'd chuck it in BTC if I was absolutely confident about my financial health and had plenty of savings elsewhere. All the same the future is a looming question mark.

[stompix]

So, no free soup 1200$ check for you.! That's why!  

Come to think of it, that amout is good enough to cover around 3 months of housing rental. You got any stimulus package from your government, assuming you're not from the land of guns and hamburgers?

Zero, Nada, Nichts Nothing!
But I still got my job, no paycheck cuts (yet) and it seems that from April 20 things will slowly start going back to normal.
So no bonus 1200$ but still happy I can keep my job. Oh, and btw, that 1200$ is more like two months of rent with no utilities.

But we do have some programs:
- if your business is closed because of the virus, the state is paying you 80% of your wage and the employer only 20%
- from 6 up to 12 months delay in repaying rates mortgages and consumer loans
- some other measures I didn't pay much attention cause they are not applying for my situation.

Nothing this indiscriminate where I'm at in the UK. They're bailing out salaries and maybe increasing unemployment stuff but there's no monetary blunderbuss quite like this. If you're a dosser under the radar like me you get nothing. How cruel.

Almost the same here, and I guess in the whole of Europe (might be mistaken but I doubt it).
If you're self-employed...you're f##!

[UserU]

Zero, Nada, Nichts Nothing!
But I still got my job, no paycheck cuts (yet) and it seems that from April 20 things will slowly start going back to normal.
So no bonus 1200$ but still happy I can keep my job. Oh, and btw, that 1200$ is more like two months of rent with no utilities.

But we do have some programs:
- if your business is closed because of the virus, the state is paying you 80% of your wage and the employer only 20%
- from 6 up to 12 months delay in repaying rates mortgages and consumer loans
- some other measures I didn't pay much attention cause they are not applying for my situation.

Good to hear you're safe. It's so disheartening to see many getting retrenched right as we speak.

But we do have some programs:
- if your business is closed because of the virus, the state is paying you 80% of your wage and the employer only 20%
- from 6 up to 12 months delay in repaying rates mortgages and consumer loans

The moratorium is what's needed right now. For consumer loans, are credit cards included?

[stompix]

The moratorium is what's needed right now. For consumer loans, are credit cards included?

Nothing in the law but a few banks have already come with different plans, most of them the same 1-2 months delay in repaying your debt.
But most of the big names have already rolled out something or are planning.

You need to ask yourself if bitcoin is really so profitable ,

why the hell do the miners keep going bankrupt.  
https://cointelegraph.com/news/capitulation-btc-battered-by-biggest-mining-difficulty-drop-since-2011

miners are faced with bankruptcy

Nobody is going bankrupt.
The difficulty is up 5% from the time that article was published and right now this epoch looks like this:

Current Pace:   108.6031%  (1475 / 1358.16 expected, 116.84 ahead)
Next Difficulty:   between 15906558092927 and 16007125147776
Next Difficulty Change:   between +8.0960% and +8.7794%

So leave your hate for BTC aside and open your eyes.

[MCobian]

Of course if I as an American would not hesitate to spend the $ 1200 I have on bitcoin. Because bitcoin is the best choice to make $ 1200
increase 10x. There are no other investments like bitcoin that can provide profits relatively quickly. Try to imagine if an investment in stock
or deposit in a bank, is likely to rise a maximum of 2-3x. Moreover, America is now a number one in the world for the spread of the corona
virus, so it must be able to find solutions to make money relatively quickly without physical contact. And bitcoin is the best solution in my
opinion, so that American citizens can make money from home.

[verita1]

If I was receiving a check for $ 1,200 and I didn't need to buy groceries or pay bills. Of course, I would buy Bitcoin. The situation in the USA is complex, the Covid19 is still reaching a very high figure.

Anyone in that country could be thinking about protecting their health and get out of that nightmare quickly.

[th3nolo]

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.

It sounds good on paper, but you don't know what's going to happen when a recession comes, if you're going to keep the same job, or if you're going to have enough savings to withstand a long period of unemployment. ECT.

In my opinion, I think that investing in BItcoin with all the crazy things that central banks are doing is a zero risk bet.

[gentlemand]

Almost the same here, and I guess in the whole of Europe (might be mistaken but I doubt it).
If you're self-employed...you're f##!

There was talk of sorting out the self employed in Britain. I'm not sure how advanced it is. The really weird thing is that initially it seems it didn't occur to them to do anything about the self employed at all other than advise people to go on the dole. I don't see why being salaried makes you a superior being worth saving.

[stacKingbtc]

outstanding move to buy BTC

[pixie85]

If I was receiving a check for $ 1,200 and I didn't need to buy groceries or pay bills. Of course, I would buy Bitcoin. The situation in the USA is complex, the Covid19 is still reaching a very high figure.

Anyone in that country could be thinking about protecting their health and get out of that nightmare quickly.

First you shouldn't keep the money in a bank - I sure wouldn't. Who knows when they'll decide it's bailout time

I'd keep it in cash if I needed it for daily expenses and invest in Bitcoin or gold if I had enough to live comfortably for now.

Like others are saying, Armstrong is exaggerating. People are buying BTC you can see it on the charts but it's not related to the checks. Maybe he should check how many of these 1200 deposits are actually from US citizens.

[badjacks99]

Unfortunately, I like a lot of Americans will not receive the stimulus check. Would have loved to get one and probably would have spent most, if not all on bitcoin. The price dipped low enough I was able to pick some up anyhow, but not nearly as much as I would have liked to.

[Youghoor]

This will depend on the daily wage of such people. I mean, if that person has saved enough even amidst these tough times then he can decide to invest in Bitcoin till BTC halving occurs. on the other hand the layman on the street who might not be working can't afford to lose this money because it's for upkeep whiles he is unable to go to work.