Coinbase: Americans buy BTC for
“helicopter money” from the state
 |
| Coinbase Americans buy BTC for “helicopter money” from the state |
Coinbase cryptocurrency exchange reported a sharp increase in deposits in the amount of $ 1200. This is the amount the other day, many US residents received as financial assistance from the state.
Coinbase CEO Brian Armstrong shared statistics on his Twitter account that yesterday, the number of deposits in the amount of $ 1,200 grew more than 4 times - from average values of 0.08% to almost 0.4%. Armstrong declined to give more detailed comments. The most interesting thing in this situation is that it was this amount that almost 80 million US residents received according to a package of measures to stimulate the economy during the coronavirus pandemic. The decree on the distribution of money to the population was signed by US President Donald Trump in March. A total of $ 2.2 trillion has been allocated for the financial assistance package. Assistance in the amount of $ 1200 began this week to all adults whose gross income is less than $ 75,000 per year. Such addressless distributions are commonly called helicopter money - “scatter money from a helicopter”, which is very similar to airdrop - token distributions widely used by cryptocurrency projects for advertising purposes.
According to a CNBC poll, most Americans spend this money on food and fuel (16% and 10%, respectively). The most irresponsible 5% let them go to video games, and the most prudent, obviously, make investments, including in cryptocurrencies, according to Netspend, which processed about $ 1 billion in relief payments. According to her data, the money received is mainly spent on "food, fast food, medicine and fuel." A small part is cashed at ATMs.
Some members of the cryptocurrency community, such as Guy Bennett, BitcoinorBust and El Barto, said that they really invested the money they received in bitcoin. At the current exchange rate for $ 1,200, you can buy about 0.17 BTC. As recently stated by billionaire and well-known Bitcoin critic Mark Cuban, issuing dollars in such huge quantities and in such short terms can greatly reduce the value of the dollar, cause hyperinflation and thereby undermine confidence in fiat money system. Therefore, people can look for an alternative.
Another coincidence can be considered yesterday's increase in the value of the first cryptocurrency, which grew by $ 550 in just 90 minutes. Bitcoin rose from a daily low of $ 6,470 above $ 7,000.
Most of the cryptocurrency market is now in positive territory. Over the past few days, airtime has grown by 11%. Binance Coin (BNB), lightcoin, bitcoin, EOS and Bitcoin SV grew by an average of 8% over the same period.
Thus, the total market capitalization grew by 8.5% per day from $ 187 billion to $ 203 billion.
However, it is worth noting that the connection between the “helicopter money” from the government, deposits for the corresponding amount on Coinbase and the jump in cryptocurrency prices is just an assumption.
Coinbase CEO Brian Armstrong shared statistics on his Twitter account that yesterday, the number of deposits in the amount of $ 1,200 grew more than 4 times - from average values of 0.08% to almost 0.4%. Armstrong declined to give more detailed comments. The most interesting thing in this situation is that it was this amount that almost 80 million US residents received according to a package of measures to stimulate the economy during the coronavirus pandemic. The decree on the distribution of money to the population was signed by US President Donald Trump in March. A total of $ 2.2 trillion has been allocated for the financial assistance package. Assistance in the amount of $ 1200 began this week to all adults whose gross income is less than $ 75,000 per year. Such addressless distributions are commonly called helicopter money - “scatter money from a helicopter”, which is very similar to airdrop - token distributions widely used by cryptocurrency projects for advertising purposes.
According to a CNBC poll, most Americans spend this money on food and fuel (16% and 10%, respectively). The most irresponsible 5% let them go to video games, and the most prudent, obviously, make investments, including in cryptocurrencies, according to Netspend, which processed about $ 1 billion in relief payments. According to her data, the money received is mainly spent on "food, fast food, medicine and fuel." A small part is cashed at ATMs.
Some members of the cryptocurrency community, such as Guy Bennett, BitcoinorBust and El Barto, said that they really invested the money they received in bitcoin. At the current exchange rate for $ 1,200, you can buy about 0.17 BTC. As recently stated by billionaire and well-known Bitcoin critic Mark Cuban, issuing dollars in such huge quantities and in such short terms can greatly reduce the value of the dollar, cause hyperinflation and thereby undermine confidence in fiat money system. Therefore, people can look for an alternative.
Another coincidence can be considered yesterday's increase in the value of the first cryptocurrency, which grew by $ 550 in just 90 minutes. Bitcoin rose from a daily low of $ 6,470 above $ 7,000.
Most of the cryptocurrency market is now in positive territory. Over the past few days, airtime has grown by 11%. Binance Coin (BNB), lightcoin, bitcoin, EOS and Bitcoin SV grew by an average of 8% over the same period.
Thus, the total market capitalization grew by 8.5% per day from $ 187 billion to $ 203 billion.
However, it is worth noting that the connection between the “helicopter money” from the government, deposits for the corresponding amount on Coinbase and the jump in cryptocurrency prices is just an assumption.