New Stimulus Bill Rejected- Good News For Bitcoin..

[ChiBitCTy]

The United States Senate just rejected the most recent stimulus proposal which did not have any plans to include another $1,200 dollar check to individual citizens.  I didn't really think much about the correlation between the stimulus checks and the price of bitcoin going up until I read this article by cointelegraph.  https://cointelegraph.com/news/good-for-bitcoin-us-senate-rejects-stimulus-without-1-200-checks

Since the bill was rejected in what looks like could be in large part because it did not include another round of $1200 checks, means it's very possible it will be included in the next proposed bill, and therefore another chance for a boost in the arm to bitcoin as it's likely much of these checks will go to buying bitcoin again as they did before.

There is even proof behind this correlation, as pointed out by Coinbase CEO Brian Armstrong ( I've decided to post this despite that fact that I think Brian is a sleazy scumbag who engages in illegal activities in order to make himself and his company wealthy in terms of freezing his exchange and using it to his advantage when there was very little to no oversight of his company).

[mk4]

Really most likely good news for bitcoin and the stock markets, and I don't think I can blame the US Federal Reserve for wanting to print more money, but damn the potential repercussions for the non-investing lower class.

As for bitcoin.. it looks like it will continue to be quite correlated to the S&P500.

[Bttzed03]

Can anyone explain why the $1,200 check wasn't included and what are the chances that it will be included in the next proposal?

Will they be printing more fiat to distribute another round of $1,200s? If so, it's like saying the market needs more fiat to pump bitcoin.

[mk4]

Can anyone explain why the $1,200 check wasn't included and what are the chances that it will be included in the next proposal?

Will they be printing more fiat to distribute another round of $1,200s? If so, it's like saying the market needs more fiat to pump bitcoin.

Looks like you misunderstood it. The $1,200 stimulus checks will continue because the new proposed stimulus bill without the $1,200 checks was rejected via senate vote.

So yes, they're printing more money.

[20kevin20]

I don't think I can blame the US Federal Reserve for wanting to print more money, but damn the potential repercussions for the non-investing lower class.

It's going to be a disaster really in a matter of months or years at last. And if that isn't bad enough, the entire world's economy will be affected by it. On the other hand, I guess it's great that at least we're some of the few who've locked in a quite safe position.. safer than fiat anyway, considering all the events.

[mk4]

It's going to be a disaster really in a matter of months or years at last. And if that isn't bad enough, the entire world's economy will be affected by it. On the other hand, I guess it's great that at least we're some of the few who've locked in a quite safe position.. safer than fiat anyway, considering all the events.

I'm no economics expert, but I think the effects would be felt years and years down the road, while some people are sort of "celebrating" right now due to the "free"(at least some of them think it is) money. Feel free to correct me if I'm wrong though.

And yea, I also think I might be in a safe position(at least safer than the people who doesn't have assets) due to my holdings, but damn a lot of people are screwed.

[20kevin20]

I'm no economics expert, but I think the effects would be felt years and years down the road, while some people are sort of "celebrating" right now due to the "free"(at least some of them think it is) money. Feel free to correct me if I'm wrong though.

If you sum up all the more recent events and disasters (pandemic, trillions of dollars printed, hundreds of billions in monthly stimulus checks, the growing percentage of the unemployed etc), to me at least it looks like it's not going to take long before people check their account balance & safes and start realizing they don't really have much money left to live off.

For people like you who probably already have a diversified investment portfolio (or even simply gold or BTC), you could take it as free money to party - your already invested money is gonna be worth more and more once the crappy part of the worldwide economical status begins anyway. But most of them are probably going to spend it on iPhones and "luxury", extremely overpriced Gucci rags while they don't even have a thousand bucks saved up and invested.

[dothebeats]

The result has been politicized due to the upcoming November elections, and it seems that Trump is expressing his support on continuous cash aids to somehow win sympathy over the voters. This is good for bitcoin as we might see yet another surge of $1200 buy orders on the market, but bad for the overall economy--especially those which are jobless and are severely affected by the pandemic--since this means that they will be printing more money to 'aid' the needy. A lot of negative things might happen sooner than later with the continuous printing of money by the feds. Keeping things afloat now might cause the boat to sink harder years from now, as what they're doing are band-aid solutions and not really something that can fix all the holes seamlessly.

But what do I know? I'm no economic expert, but at least I know where to keep my money in times like this.

[hatshepsut93]

Since the bill was rejected in what looks like could be in large part because it did not include another round of $1200 checks, means it's very possible it will be included in the next proposed bill, and therefore another chance for a boost in the arm to bitcoin as it's likely much of these checks will go to buying bitcoin again as they did before.

The last time this chart was posted, it was determined that the buying with stimulus checks is too insignificant to have any effect on the price. Brain Armstrong used relative chart, which is very manipulative, because it does tell exactly how much money was spend on buying Bitcoin, but by looking at exchange volumes it's possible to calculate that it wasn't much.

And you can just use your logic - unemployment is high, and some workers had their salaries cut, so they would be spending their stimulus checks on basic necessities rather than speculative investments.

[ChiBitCTy]

Since the bill was rejected in what looks like could be in large part because it did not include another round of $1200 checks, means it's very possible it will be included in the next proposed bill, and therefore another chance for a boost in the arm to bitcoin as it's likely much of these checks will go to buying bitcoin again as they did before.

The last time this chart was posted, it was determined that the buying with stimulus checks is too insignificant to have any effect on the price. Brain Armstrong used relative chart, which is very manipulative, because it does tell exactly how much money was spend on buying Bitcoin, but by looking at exchange volumes it's possible to calculate that it wasn't much.

And you can just use your logic - unemployment is high, and some workers had their salaries cut, so they would be spending their stimulus checks on basic necessities rather than speculative investments.

The chart is reading deposits of 1200 dollars and you can use your logic and understand that doesn't necessarily mean it's going to be a huge deal for bitcoin, rather a good chunk of people will use their checks for bitcoin.  Of course many of those checks are used for basic necessities due to countless people losing their jobs and needing it for "stay alive" type of things, and not for "speculative investments"...well no kidding.  The chart doesn't look to be manipulative at all, I just think you're reading too much in to it.

[stompix]

The last time this chart was posted, it was determined that the buying with stimulus checks is too insignificant to have any effect on the price. Brain Armstrong used relative chart, which is very manipulative, because it does tell exactly how much money was spend on buying Bitcoin, but by looking at exchange volumes it's possible to calculate that it wasn't much.

The chart is reading deposits of 1200 dollars and you can use your logic and understand that doesn't necessarily mean it's going to be a huge deal for bitcoin, rather a good chunk of people will use their checks for bitcoin.  <>.  The chart doesn't look to be manipulative at all, I just think you're reading too much in to it.

If the actual number of people buying is insignificant then it as no effect and insignificant means no "good chuck".
On what do you base your affirmation of this "good" chuck of people buying bitcoins with the stimulus check?

The amount went from 0.1 to 0.4 and here comes the manipulation part. 0.4 from what?
If Coinbase does 1  million deposits a day, which I highly doubt it as their worldwide total client base is 30 mil, that would lead to 3 000 people buying bitcoin with stimulus checks, 3000 out of 159 million. Do you call that a "good chunk"?
It could have become a tiny chunk of that number would be constant throughout the year, but as you can see on the same picture their CEO posted in dropped like a stone the next day to normal values, and that's another part of the manipulation. If he had some real numbers that would impress he would have come and shouted that one million Americans are buying bitcoins with stimulus money, that didn't happen.

It's going to be a disaster really in a matter of months or years at last. And if that isn't bad enough, the entire world's economy will be affected by it. On the other hand, I guess it's great that at least we're some of the few who've locked in a quite safe position.. safer than fiat anyway, considering all the events.

I'm no economics expert, but I think the effects would be felt years and years down the road, while some people are sort of "celebrating" right now due to the "free"(at least some of them think it is) money. Feel free to correct me if I'm wrong though.

This celebration is like a guy from Zimbabwe being happy he can finally build a house out of money. too bad an entire room is worth two eggs and a loaf of bread.
The value gained by inflation means nothing if with a 1 million$ BTC you can only buy the stuff you did with the 1k$ BTC, it will indeed help you hedge a part of the money against inflation but what about there rest of your savings, what about your wage, your job, what about everything else?

I'm really concerned this whole money priting stuff competition would ruin things so much nothing will be able to fix it, not bitcoin, not defi (lol), and certainly not one of the two morons running for president.

[audaciousbeing]

The theory is not to be relied upon as a way to make a decision and I would even agree with the school of thought that held that it could be simply be a coincidence that the spike happen at the time stimulus package was released reason that the amount released to an average American is not to make rich or to be saved rather it's to meet basic essential need that needs to be met by majority of the people. This alone limits the amount of people that would divert theirs to crypto as I see it much more easier to buy groceries or pay for rent than to invest in crypto with high risk and be homeless.

[verita1]

I have entered the keyword in Twitter "stimulus checks" because the search engine selects all the tweets that talk about it. The feedback is mostly unhappy at not having received the stimulus check above. I doubt that the beneficiaries will buy Bitcoin with it when there is so much unemployment and need in this time of crisis. And if it is possible that some will buy Bitcoin with their stimulus check it is because they can save and not spend it.

[int03h]

I'm glad the banks have the cash. Printing more money is unnecessary, although the economy can recover slowly. The more world money is printed, the more the Fed manipulates and the worse the rich and poor distinction becomes.
I believe Bitcoin, Gold, stocks will soon take the throne and real estate in the next few years.

[milesfull]

And why this is a good news for bitcoin? Fresh money is always good for the industry

[wanted sliter]

Individuals who bought Bitcoin proved to be fine during the pandemic. That is the main reason why the government does not add stimulus packages. Maybe they're not stimulating all consumers. The number of people buying bitcoin also shows that people's confidence in bitcoin is greater than that of fiat currency. I believe Bitcoin will soon go to the moon.

[Lucius]

People will never object to someone giving them free money - and yet most do not understand or care about the economic consequences of such a monetary policy. But still I don't think we should take this as some kind of positive news for BTC, because even if some people use that money to buy Bitcoin, most will sell it when the price goes up, probably in short term.

I think that this distribution of money is just a policy that goes in the direction of keeping the current political structures in power, led by the president, of course. Although I agree with stompix, it does not matter too much who will be the new president and whether they will give more stimulus checks, it is clear in which direction the whole thing is going.

[todiefor17]

They give people money to spend on the pandemic, but they don't go to buy bitcoins.
Great, free money. If the government has a way to make the $ 1200 distribution more reasonable, it will be better. For example, cooperating with food companies or convenience stores like this, the money is spent better and the economy works positively.

[Gozie51]

It's going to be a disaster really in a matter of months or years at last. And if that isn't bad enough, the entire world's economy will be affected by it. On the other hand, I guess it's great that at least we're some of the few who've locked in a quite safe position.. safer than fiat anyway, considering all the events.

I'm no economics expert, but I think the effects would be felt years and years down the road, while some people are sort of "celebrating" right now due to the "free"(at least some of them think it is) money. Feel free to correct me if I'm wrong though.

And yea, I also think I might be in a safe position(at least safer than the people who doesn't have assets) due to my holdings, but damn a lot of people are screwed.

I think to agree with you guys that the free money being celebrated now could have some effect in the American economy because $1,200 going round is kind of surplus money in the system. Although the government is doing that to take care of there people as primary responsibility of government and to take away burdens and bad feelings from families who have lost beloved, this is psychological and a nice thing to keep up until the people get back to normal.

And on the effect of the surplus money in the system that could lead to, I know that is easy to check by increasing tax and increasing interest rate on loan.

[Fundamentals Of]

I doubt the reliability of the data shown by Armstrong. It smells hype to me. But be that as it may, it is still possible that a good portion of the individual checks went into Bitcoin. It is hard to ascertain though that it was really large an amount that it could push the price of Bitcoin up.

But we all know that this is a win-win situation for Bitcoin in the long run. If the Feds will not include the $1,200 individual checks, they will still be printing more and more stimulus money. If, on the other hand, they would include individual checks, they would still print more money. Which means that either way the dollar circulation will now be flooded with more money.