Current US Economic Catastrophe Caused by Anti-Racism Movement has Impact on BTC

[Swordsoffreedom]

After a long time, a movement is re-emerging, you know that there is an Anti-Racism movement has been going on in the United State of America for a long time. The movement has intensified again in the last few months. This is not the first time in American history, it is often reported that black people are being persecuted by white people in America.  

We have seen police brutality against the black minority in America, the recent death of NBA player "George Floyd" is a burning proof of that, it is by no means desirable. He died of suffocation after a policeman grabbed him by the knees and strangle him, this is an example of barbarism.

Current situation is the movement has spread to every state of America. CNN reported that curfews have been imposed in at least 40 cities, but in many places, curfews has been broken and protesters have taken to streets.

The subject of concern that by using this movement some dishonest people are carrying out extreme looting. You know, at present the USA economy is deteriorating because of the coronavirus, local and global traders have suffered a lot for lockdown.  

USA is facing the biggest economy catastrophe in history as a result of this movement and the coronavirus epidemic. It is conceivable we will see the impact in the Crypto market in the next few months, a terrible catastrophe is approaching.

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[bL4nkcode]

the recent death of NBA player "George Floyd"

I don't see any archive/history articles, or wiki that he is an NBA player present nor previous, can you link where it was stated?

USA is facing the biggest economy catastrophe in history as a result of this movement and the coronavirus epidemic. It is conceivable we will see the impact in the Crypto market in the next few months, a terrible catastrophe is approaching.

How is it that crypto market will be affected from the economy (negative or positive) of any country particularly in the US?

[jossiel]

the recent death of NBA player "George Floyd"

I don't see any archive/history articles, or wiki that he is an NBA player present nor previous, can you link where it was stated?

I can't see also some links or websites that says something like this about George Floyd's biography. Maybe he tagged as NBA player because of the recent news that some NBA players were giving their opinion and shows support to George Floyd.

It is conceivable we will see the impact in the Crypto market in the next few months, a terrible catastrophe is approaching.

What if the current charts that we're experiencing has its relation to it? maybe yes and no. There's something with S&P and bitcoin, can't say that it's a full connection but movements seen can be said that there is.

[Coyster]

I have also checked on George Floyd's occupation before he died, none says he was an NBA player, George worked as a security guard in a nightclub, though after the breakout of the pandemic, he was laid off: https://www.vantunews.com/wiki/biography-george-floyd I think op made a mistake or got a wrong information.

USA is facing the biggest economy catastrophe in history as a result of this movement and the coronavirus epidemic. It is conceivable we will see the impact in the Crypto market in the next few months, a terrible catastrophe is approaching.

The looting going on is worsening the economy of the US that is already not in a good shape after months of covid-19 pandemic, but at that it has no impact on the crypto market. Many of us wrongly believe that a bad economy means well for bitcoin and cryptocurrency, but it doesn't, when the economy is good, people will have their jobs and make money, and it's that money they will use to buy bitcoins; people will also be able to restart their businesses and continue accepting bitcoins for payment etc etc, that is more good than harm and of course more adoption.

[JeromeTash]

Not everything that happens on the Globe has to be connected to bitcoin's price because i still believe a very small change of the world's population uses bitcoin as a mode of payment or trades in it. So even if there was to be an "impact" due to the Anti-racism movement. It sure as hell would be negligible to the bitcoin price movements.

[Kemarit]

I think he was considered as "NBA Player" because of the support he got from African-American NBA players. Unless the OP has mistaken him for "Paul George". Anyways, this is really sad though, it's just like history repeats itself here.

But I don't see any correlation though, I think people just wanted to connect this event to crypto specially on Bitcoin because we can see some protesters carry placards with BTC (Bitcoin) on it. Maybe they like sending some message that Bitcoin is freedom here, but I doubt it will have a impact as far as adoption or price goes.

[Sadlife]

We might see a global economic collapse if the US government cannot control the crowd that is rampaging on the streets. If the USD falls then the American government cannot pay their debts and will result with a huge hole in world banks balance sheet that could even affect other countries resulting into much bigger financial crisis.

[cryptoperkele]

Because no one seems to be asking this, i'll start. How exactly is US economic catastrophe is caused by anti-racism movement? Recession has been predicted long time ago.
And how exactly we shall see it impacting btc?

[Wexnident]

Dude was a Truck Driver and a Security Guard. Damn, I was surprised when you said he was an NBA player but just a quick lookup showed he wasn't. The looting part is actually a minor reason for the possible damage of the economy of the US. Besides, the police exist there, even if there was a riot ongoing, they'd still have to do their jobs properly aka stop people from robbing. The main reason for the bad state of economy is as you said, the effects of the lockdown of the corona virus. This was why the government kept on printing money to give to the people so that they can spend, sadly, most of those given didn't actually spend theirs, making the government remain in quite a pickle.

[philipma1957]

He was a good friend to an ex NBA player.

I will look for link.

Ex-NBA player Stephen Jackson was a life long friend of  George see link below:

https://www.nbcnews.com/news/us-news/ex-nba-player-stephen-jackson-mourns-best-friend-george-floyd-n1216386


Now that is cleared up.


It would be nice if I could fix the hundreds of year of racial hate in my country just as easily as I fixed the error about George being an ex NBA player.

Sadly I can't.

[btc_angela]

Dude was a Truck Driver and a Security Guard. Damn, I was surprised when you said he was an NBA player but just a quick lookup showed he wasn't. The looting part is actually a minor reason for the possible damage of the economy of the US. Besides, the police exist there, even if there was a riot ongoing, they'd still have to do their jobs properly aka stop people from robbing. The main reason for the bad state of economy is as you said, the effects of the lockdown of the corona virus. This was why the government kept on printing money to give to the people so that they can spend, sadly, most of those given didn't actually spend theirs, making the government remain in quite a pickle.

Perhaps there are some connection to NBA players as others have pointed out.

It's true that this could be the worst financial meltdown of US and so does the rest of the world. Anti-racism ≠ crypto benefiting. This is just an isolated case and it doesn't mean that people are going full crypto because they hate the US government. We might see this issue simmering down in the next couple of months.

[salamat700]

There should be no place for racism anywhere and it is my firm belief that any society should be dealing with this problem as a united entity or organism rather than be divided and be using the same as an excuse for other violent acts which can only make things much worse. Of course, there can be some who have the agenda of rocking the whole boat and they are using this sad incident as an opportunity. The question is: Is there really a correlation that when a big country like USA can be undergoing many crisis, it can positively impacting Bitcoin?

[Darker45]

There was a thread in the Bitcoin Discussion section yesterday that somehow linked the oppression allegedly experienced by African-Americans in the US to Bitcoin. There may indeed be a link somewhere. But I guess we need to make a huge leap first in order to find that.

We have seen how Bitcoin has been linked to all kinds of things happening around us: the violence in Iran, the fall of oil prices, the spread of COVID-19, and so on and so forth.

This is just one of them.

For all we know, the underlying reason of this current US economic catastrophe is not really the anti-racism movement but the economic impact brought by this pandemic.

[Bttzed03]

~ USA is facing the biggest economy catastrophe in history as a result of this movement and the coronavirus epidemic. It is conceivable we will see the impact in the Crypto market in the next few months, a terrible catastrophe is approaching.

Remains to be seen but the way you worded this sounds like anarchy is coming.

The pandemic has taken its toll on people and a lot of them probably used this protest to vent their frustrations. My guess is that more good citizens will start helping the law enforcement to fight looters soon. Order will be restored and the peaceful protest will continue.

There was a thread in the Bitcoin Discussion section yesterday that somehow linked the oppression allegedly experienced by African-Americans in the US to Bitcoin. There may indeed be a link somewhere. But I guess we need to make a huge leap first in order to find that.

This?

We have seen how Bitcoin has been linked to all kinds of things happening around us: the violence in Iran, the fall of oil prices, the spread of COVID-19, and so on and so forth.

This is just one of them.

Exactly. Anything that can be connected to money and economy will be connected to bitcoin somehow. It's the usual "economy in crisis and investors will choose bitcoin as safe haven".

[davis196]

I think that Asian countries like Japan and South Korea have a bigger influence over the Bitcoin price than USA.The US financial and economic crisis might spread around the world as a second wave of a global economic crisis,after the corona recession.Nothing is certain and I think that it's totally wrong to act as a prophet of the Apocalypse and spread FUD about some incoming collapse.Many economists are pretty optimistic about the fast recovery from the corona crisis.The oil prices are going up and the markets were green.

[Swordsoffreedom]

~

I don't see any archive/history articles, or wiki that he is an NBA player present nor previous, can you link where it was stated?

Oh boy! I didn't notice that, He had a very good relationship with NBA players, I also saw his photos in a few articles, George Floyd was a talented athlete who particularly excelled in football and basketball at school. Seeing his photos with NBA players I thought he might be an NBA player.

He was a good friend to an ex NBA player. I will look for link. Ex-NBA player Stephen Jackson was a life long friend of  George see link below:

https://www.nbcnews.com/news/us-news/ex-nba-player-stephen-jackson-mourns-best-friend-george-floyd-n1216386

Now that is cleared up.
It would be nice if I could fix the hundreds of year of racial hate in my country just as easily as I fixed the error about George being an ex NBA player.
Sadly I can't.

Exactly, I saw many photos of him with NBA players in the newspaper that's why I thought he might be NBA player.

[pooya87]

there may be some small changes in bitcoin market which would then affect the altcoin market too but the emphasis is on "small" since this is not something that could really change anything about bitcoin and its price. only short term excitement and some manipulators enjoying their day trade profits.

however, if we see the next economic crash (a recession) due to the pandemic or the chaos in US in general, then things could be very different. but i don't think we can predict how bitcoin is going to perform during a recession. i personally think we can see an initial drop followed by a massive rise.

[Swordsoffreedom]

USA is facing the biggest economy catastrophe in history as a result of this movement and the coronavirus epidemic. It is conceivable we will see the impact in the Crypto market in the next few months, a terrible catastrophe is approaching.

How is it that crypto market will be affected from the economy (negative or positive) of any country particularly in the US?

Actually, I didn't mean that, but as we have seen many times before, the price of BTC goes up with the growth and decline of the USA economy, I think BTC price plummeted as the us economy collapsed due to the recent coronavirus epidemic.

It is conceivable we will see the impact in the Crypto market in the next few months, a terrible catastrophe is approaching.

What if the current charts that we're experiencing has its relation to it? maybe yes and no. There's something with S&P and bitcoin, can't say that it's a full connection but movements seen can be said that there is.

It has nothing to do with directly, but it will has an effect indirectly. as we can see from previous analysis. I read this news last week and was very amazed..

"The COVID financial crisis is the first crisis that Bitcoin is experiencing as an asset class, and while some expected it to perform similar to gold, it led to a sharp decline in Bitcoin's price."

Source: Cointelegraph

[pakhitheboss]

Black lives matter,

Yes it does..

But, every other life also matters...

Your life, my life , every life matters but, covid19 does not believes in that. It only thinks about eating that life.

Do you understand what it can do if you do not follow social distancing. If not then go to your nearest hospital and wait outside. The dead body van might help you understand.

[abhiseshakana]

There was a thread in the Bitcoin Discussion section yesterday that somehow linked the oppression allegedly experienced by African-Americans in the US to Bitcoin. There may indeed be a link somewhere. But I guess we need to make a huge leap first in order to find that.

We have seen how Bitcoin has been linked to all kinds of things happening around us: the violence in Iran, the fall of oil prices, the spread of COVID-19, and so on and so forth.

This is just one of them.

For all we know, the underlying reason of this current US economic catastrophe is not really the anti-racism movement but the economic impact brought by this pandemic.

Racist issues and riots have often occurred before, only this time more blow up by many parties because it coincided with the November elections and the interests of many parties both at home and abroad to bring down Trump. Bitcoin is used as a symbol of rebellion and protest against the existing system that is considered flawed.

Vaccines have not yet been discovered as the ultimate weapon in stopping the corona pandemic and the final uncertainty of the pandemic has indeed made the economy stagnate. If the pandemic ends quickly then we will only be hit by a storm of recession if the pandemic lasts longer with extended lockdowns then the economy will face a storm of depression if the pandemic does not end then we must beware of the tsunami great depression.

Therefore, many countries have begun to open their economies even though the corona has not touched the culmination point. with concern that the longer the stagnation will occur deeper and heavier the economy can be raised.