One of the biggest bitcoin exchange and broker has stated they have seen a significant spike in deposits of $1,200, the amount every American gets through the Trump stimulous.
Brian Armstrong, Coinbase’s CEO, posted the above chart without any comment, showing an unusual spike as the checks now make their way.
Coinbase will then have to process these, with individuals able to choose from numerous cryptos on the exchange, but most will probably go with bitcoin or eth.
The cash stimulus amounts to about one trillion dollars, or some 10x bitcoin’s market cap.
It’s still hardly sufficient for most people on normal wages who are now looking at two months of house arrest, but anyone earning less than $100,000 gets this money straight to their bank account without having to complete any forms or paperwork.
Brits in contrast get pretty much nothing. Likewise for Germany and much of Europe where they’ve announced complicated schemes that no one even knows how to access.
That’s while every industry and every individual is affected, and for US-UK will continue to be affected for weeks more with endless extensions of these mass house arrests.
In some countries things are becoming even worse, especially in Lebanon where there was a financial crisis even before all this.
In Lebanon they used to print baby print too, but their Lira eventually became worthless so they moved to using USD only.
The government however took these dollars from banks by ‘borrowing,’ but they borrowed too much to the point they went bankrupt.
In America too all this money being spent by the government is ‘borrowed’ from commercial banks who ‘lend’ it in bonds and then sell these bonds to the public or to Fed which buys them from the commercial banks.
Eventually those bankers might say enough, as they did to New York in the 70s when they bankrupted it, and so they basically take charge under the excuse of financial discipline to get back their funny money.
As just a piece of code, bitcoin is outside of their system where it concerns storing value, but the limited transactional capacity of bitcoin and other cryptos limits its potential as a real alternative during mass devaluation.
Meaning the tendency of governments to debase their money to the point they become worthless is not being kept in check, thus they are able to fund these mass house arrests with Trump’s plan to open up America sounding more like a plan to keep it closed for as long as possible.