First Batch of $1,400 Stimulus Checks Hit Bank Accounts Starting Today

[Wilhelm]

Somebody doesn't want people using their stimulus money to buy bitcoin...
I think whales are doing this on purpose...

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[dkbit98]

I doubt it do you really believe that this stimulus given to US citizens will go to crypto? How many people are going to risk this money in crypto? If you are one of the recipient and you really need money for some expenses Do you want to gamble your money by buying btc? That's a question no one can answer if how much of the percentage of this stimulus will going to crypto.     

According to this Yahoo money post 35 - 40% of people who received this stimulus checks plan to invest portion of that in Bitcoin and Stocks, and survey shows that Bitcoin is preferred choice.
There are estimates that nearly 10% or $40 billion will be used for purchasing Bitcoin and Stocks, and I would not call this a gamble but it is investment risk and previous stimulus paid off big time.

[jaberwock]

$1.9 trillion stimulus will literally send Bitcoin to the Moon. I'm waiting for my check. Spending the last stimulus on buying BTC and ETH via Ownr was my best investment deal ever.

Looks like what you are thinking isn't going to happen right now as we saw Bitcoin went from around $61,000 2 days ago to now ~$56,000. Looks like you're hopes on Bitcoin going to the moon because of stimulus package is gone now .

I pegged out $57,476 as its short term support as it broke it days ago. When a resistance has been broken, that will be the next short term support. The problem is it didn't hold unto that support and passed thru it downwards. I'm seeing the next support @ ~$50,000 right now. Sadly it didn't went to what most of the users here are expecting. Instead of us seeing it going upwards, looks like the traders came on top and sold their holdings and got liquidated near the $60,000-$61,000 price.

Just because it is not profitable right now doesn't mean it will not be neither. Bitcoin is reaching a level where it is harder to break but alts are still freely moving, plus we just had a small correction and I am sure that will be going up soon. We had a news about India today which made it go down a bit but the reality is that we are not going to end up with any problems in the long term, we are going to see it get more relax so the price drop is temporary and not a big deal.

I personally think that we are still making a profitable decision by putting that check into crypto, except if we have debt during this period, I get it because it is a hard period and not everyone makes money but the reality is that we are not looking at everyone neither, even just 1% of these people putting it in crypto would mean 4+ billion dollars, that's a lot of money.

[wheelz1200]

BTC will go crazy up today
First Batch of $1,400 Stimulus Checks Hit Bank Accounts Starting Today [Suspicious link removed]j.com/articles/bidens-1-400-stimulus-checks-hit-bank-accounts-starting-today-11615590107

400 billion dollars being sent out

Yeah and with as much publicity that crypto has been getting, I'm hoping a lot of the money comes into crypto.  It will likely be a good amount coming in so waiting to see if butcoin, eth etc pull up a bit in the coming days.

[bryant.coleman]

Yeah and with as much publicity that crypto has been getting, I'm hoping a lot of the money comes into crypto.  It will likely be a good amount coming in so waiting to see if butcoin, eth etc pull up a bit in the coming days.

Surprising to see BTC going down despite this good news. Bitcoin was trading at $61,000 a couple of days back and now the rate has declined to $55,000. Ideally it should be going up, considering the fact that a lot of those who are going to receive the stimulus cheques will use them to purchase assets such as Bitcoin, gold and equity. IMO, the current dip looks like a short-term phenomenon before the next bull run. We can expect a spike in exchange rates during the next few days, boosted by the stimulus payments.

[OgNasty]

I’m tempted to put my check into Bitcoin as an experiment. With tax time approaching though, I think that might make for a better use. I’m guessing we all wish we would have put our previous checking into BTC, which seem to always be the winning bet over time against all others.

[Wind_FURY]

Somebody doesn't want people using their stimulus money to buy bitcoin...
I think whales are doing this on purpose...

Or the billionaires. They want cheaper Bitcoin that where it’s currently priced, but no one is selling their coins anymore. But if HODLers sell, it’s good to see that some regular people from the communty front-run those billionaires. Haha.

Yeah and with as much publicity that crypto has been getting, I'm hoping a lot of the money comes into crypto.  It will likely be a good amount coming in so waiting to see if butcoin, eth etc pull up a bit in the coming days.

Surprising to see BTC going down despite this good news. Bitcoin was trading at $61,000 a couple of days back and now the rate has declined to $55,000. Ideally it should be going up, considering the fact that a lot of those who are going to receive the stimulus cheques will use them to purchase assets such as Bitcoin, gold and equity. IMO, the current dip looks like a short-term phenomenon before the next bull run. We can expect a spike in exchange rates during the next few days, boosted by the stimulus payments.

I don’t believe normal people are going direct Bitcoin, but with M2 Money Supply in its highest in history, inflation will naturally value scarce assets like Bitcoin higher.

[Vishnu.Reang]

According to this Yahoo money post 35 - 40% of people who received this stimulus checks plan to invest portion of that in Bitcoin and Stocks, and survey shows that Bitcoin is preferred choice.
There are estimates that nearly 10% or $40 billion will be used for purchasing Bitcoin and Stocks, and I would not call this a gamble but it is investment risk and previous stimulus paid off big time.

I have seen another survey, which claims that $25 billion out of the $380 billion stimulus check influx will be used to purchase BTC. These numbers are simply huge. $25 billion translates to 16 times the volume of Bitcoin purchase made by Telsa (which resulted in BTC exchange rates increasing from $33,000 to $58,000). I won't be surprised if the exchange rates hit six digits, as a result of this stimulus shopping spree.

[STT]

1 in 15 people buying Bitcoin and using their entire amount would not seem that likely.     Stocks maybe as its quite convential as a form of savings but most still view Bitcoin as a gamble or are not aware to an extent they know how to buy it.   Regular users of bitcoin will be more able to up their purchase and usage, I'd agree with that much certainly.

[Wind_FURY]

1 in 15 people buying Bitcoin and using their entire amount would not seem that likely.     Stocks maybe as its quite convential as a form of savings but most still view Bitcoin as a gamble or are not aware to an extent they know how to buy it.   Regular users of bitcoin will be more able to up their purchase and usage, I'd agree with that much certainly.

Stocks are still actually considered as an “investment”, especially blue chips, by many people, like Bitcoin. But Bitcoin should only be the “investment” that can be considered as “savings”. A stock can’t let you buy a “commodity” like Heroine from the dark markets, Bitcoin definitely can.

[South Park]

Here's another source --> https://www.foxbusiness.com/economy/banks-processing-stimulus-checks

Could this be another reason why we see bitcoin hit another all time high? those times when the news about stimulus came, there was an increase that happened for bitcoin.

That is definitely possible, we are only 6k away from the previous ATH, so if we add an additional 100 billion dollars we could reach it, I do not expect this to happen in a single day but if we get enough support from those receiving those stimulus checks and we combine this with FOMO or simply the fundamentals of the market this could be more than enough to see a price higher than 62k during the next days or weeks, it will not be easy but it is possible.

[MCobian]

In fact I am not sure that the first batch of $ 1400 stimulus checks caused the Bitcoin price a few days ago to go up significantly to the price of $ 61k.
But if I look at the increase in the price of Bitcoin close to the distribution of stimulus checks, made me rethink that it makes perfect sense that
the Bitcoin price hike is due to the distribution of stimulus checks. Whatever the cause, it is actually the most important thing for me that the Bitcoin
price can continue to rise, thus making my profit even bigger.

[pooya87]

1 in 15 people buying Bitcoin and using their entire amount would not seem that likely.     Stocks maybe as its quite convential as a form of savings but most still view Bitcoin as a gamble or are not aware to an extent they know how to buy it.   Regular users of bitcoin will be more able to up their purchase and usage, I'd agree with that much certainly.

Most people don't even know about bitcoin or have heard it in passing without paying it any attention. That is why the adoption is this low (estimated closer to 1%). From that small percentage who know about bitcoin and have bought it in the past even smaller percentage are going to use the stimulus check to buy bitcoin.
Considering the fact that Stock market is pumping, it is safe to assume people are still going there to buy into the bubble instead of buying bitcoin.

[Wind_FURY]

1 in 15 people buying Bitcoin and using their entire amount would not seem that likely.     Stocks maybe as its quite convential as a form of savings but most still view Bitcoin as a gamble or are not aware to an extent they know how to buy it.   Regular users of bitcoin will be more able to up their purchase and usage, I'd agree with that much certainly.

Most people don't even know about bitcoin or have heard it in passing without paying it any attention. That is why the adoption is this low (estimated closer to 1%). From that small percentage who know about bitcoin and have bought it in the past even smaller percentage are going to use the stimulus check to buy bitcoin.

Considering the fact that Stock market is pumping, it is safe to assume people are still going there to buy into the bubble instead of buying bitcoin.

When the economies around the world begins to open up again, especially the United States, and with M2 Money Supply and savings in its highest point in history because of BRRR Fed printing, I believe everyone would start paying attention to Bitcoin and its ethos.

[Oasisman]

but will they buy bitcoins with that money?

Why not? Reports have been made after the very first release of stimulus before that some people in the US are actually buying Bitcoin. Though, only a small percentage of that total amount could be added to the Bitcoin market, but at least it has made a noticeable impact.
Top researchers are eyeing some stimulus could be put to either stocks or Bitcoin.

[wheelz1200]

Somebody doesn't want people using their stimulus money to buy bitcoin...
I think whales are doing this on purpose...

Or the billionaires. They want cheaper Bitcoin that where it’s currently priced, but no one is selling their coins anymore. But if HODLers sell, it’s good to see that some regular people from the communty front-run those billionaires. Haha.

Yeah and with as much publicity that crypto has been getting, I'm hoping a lot of the money comes into crypto.  It will likely be a good amount coming in so waiting to see if butcoin, eth etc pull up a bit in the coming days.

Surprising to see BTC going down despite this good news. Bitcoin was trading at $61,000 a couple of days back and now the rate has declined to $55,000. Ideally it should be going up, considering the fact that a lot of those who are going to receive the stimulus cheques will use them to purchase assets such as Bitcoin, gold and equity. IMO, the current dip looks like a short-term phenomenon before the next bull run. We can expect a spike in exchange rates during the next few days, boosted by the stimulus payments.

I don’t believe normal people are going direct Bitcoin, but with M2 Money Supply in its highest in history, inflation will naturally value scarce assets like Bitcoin higher.

I actually think "normal" people will.  For people who don't actually need the money to keep them afloat this is "free" money so why not try your hand in crypto.  If you lose it no big deal.  Maybe not but its a lot of fresh usd that wasn't available last week.

[buwaytress]

Anyone else feel it's strange there's no clickbait-type news for those 1400 cheques hitting Coinbase like the last time these stimuli cash went out?

Thought maybe it needed the weekend, but it's mid-week now and not happening, or maybe the data's not out yet?

Cause if all that cash got thrown and we're still slipping below 55, damn.

[adaseb]

On Twitter someone posted some survey where they got 2200 people to respond and about 6% said they would buy stocks and 3% said they would buy crypto. Its not much but since the stimulus is huge its between $10 billion dollars entering the crypto market.

Even if they don't buy crypto, as long as they buy stocks and make the stock market make new ATHs then most likely crypto will follow into ATHs. The original $1200, if you invested in crypto would of net you maybe $10K today. So most likely there are going to be some people who are going to be expecting to turn their $1400 cheques into $14,000 if history repeats itself. However most likely I don't think we will ever see $550,000 bitcoin, especially in the same time frame.

[SquallLeonhart]

I don’t believe normal people are going direct Bitcoin, but with M2 Money Supply in its highest in history, inflation will naturally value scarce assets like Bitcoin higher.

"Normal" people do not go into bitcoin at any moment, none of us normal, there is a currency digitally made and mined by some machines and we pay 50k+ for just one of them, that not a normal persons investment, they buy stocks of companies they can shop from, we do not do that, we are a bit crazy here.

Every american will be getting 1400 dollars, even if those normal ones do not end up buying, that doesn't change the fact that there are bitcoin people in USA as well, millions as well, that means hundreds of millions of dollars will be going into bitcoin, it doesn't need to make it go up, as long as that money is in bitcoin that is good enough for us. Anyone who uses their own savings account to buy bitcoin will no doubt use this on buying bitcoin as well, that is of course if they are not in a situation where they need the money to survive.

[KTChampions]

Judging by this topic, a huge part of the stimulus payments will go to the exchange or to cryptocurrencies. These are clearly not the primary living expenses. In my opinion, this casts doubt on the whole concept of these payments - it is more likely to serve as a means for further inflating bubbles in all areas than something useful.