A trillion here, a trillion there, pretty soon we are talking about real money!
Americans are finally about to get some relief
The Senate and White House finally came to terms on the Coronavirus relief package, and it's a big one.
The deal was going back and forth for days now, with both sides not entirely happy with the final draft, which probably means it's a decent one.
Though, the vote has not yet happened, it is expected to happen later today and with both sides formally agreeing to it, the vote is likely just a formality at this point.
Though, not impossible that a snag should come up.
What's in the deal?
It's not entirely clear the exact details, but from what I have seen, it looks like it includes the following:
- $1,200 checks to many American adults and $500 for children
- $367 billion loan program for small businesses
- $500 billion lending fund for industries, cities and states
The deal was having an especially difficult time passing the last several days as special interest groups and lobbyist kept adding to the list of demands included in the bill.
Overall the bill is expected to cost roughly $2 trillion dollars.
Which would make it the largest financial aid package in American history, should it pass through Congress.
More on the specifics can be seen here:
https://www.cnn.com/2020/03/25/politics/stimulus-senate-action-coronavirus/index.html
Likely to benefit bitcoin?
I can't speak for everyone, but I do expect a decent amount of this relief money to eventually find its way into stocks and crypto.
Most likely from the "direct payments to American's" portion.
With $2 trillion possibly entering the economy, bitcoin being valued at a trillion in the not too distant future doesn't sound that far fetched.
A trillion dollar bitcoin valuation would put the price slightly over $50k per coin.
Stay informed my friends.
Image Source:
-Doc
Nah man fiat is fake, no matter how many 0s
Last I checked, the fiat in my wallet exists.
This is true but it is NOT currency even though its acceptable as payment. it's legal tender for all debts. This keeps the illusion going you know but it isnt gold. It isnt bitcoin. It's an evil forced upon the whole of the world. Leveraged as extortion for very valuable, nay, necessary things.
Like think of all the time you spend trying to get money..
Now think of the fact that the fed is literally printing it into oblivion. trying to chase their tail solving problems they cause
It is very much currency, accepted just about everywhere and enforced by aircraft carriers. Whether you agree with its creation or not is another issue entirely, but fiat and USD are very much currencies.
Perhaps at some point Bitcoin can become a global currency of sorts, with everything priced in satoshis, but it will take a global revolution for that to happen, and one that probably isn't happening in the immediate future.
I stand corrected you are correct it is currency. It isn't money. Its debt. A ponzu basically. House of cards falls on us every time.
Bitcoin was made after that last crisis. I think this one will be good for it.
Regarding BTC, I hope you are right, so far it has acted poorly. Selling off with everything else. Though I suspect it may act like precious metals did back in 2008-2009, initially selling off with everything but then soaring as the bailouts started rolling out.
I dont think a parabola is likely in many assets but BTC for sure without some weird capitulation period making folks sell. There is always one before a boom.
Glad your government is thinking for its people in this Coronavirus situation. we will see where it could take the price of bitcoin, But before that, please stay at home.
Thanks, you as well.
This is only the beginning there’s a few more print rounds coming QE infinity and beyond this cash slosh is going to have to end somewhere and I’m sure some of it will move into crypto
Tamilnadu (South India) government announced $14.2 (which is 1000 rupees) for a family as a relief fund 😌.