First President Donald Trump, now his Coronavirus stimulus package is boosting the cryptocurrency market
Brian Armstrong, CEO of United States crypto exchange, Coinbase, suggests that Donald Trump might be boosting cryptocurrency again. He noted that a small portion of the American population may be purchasing cryptocurrency using their coronavirus stimulus checks.
Highlights! Donald Trump is boosting the cryptocurrency market again
- Donald Trump’s Coronavirus Stimulus Package
- Trump Tried to Make Cryptocurrency US 2020 Election Issue
- He has done it again
A tweet by him shows a recent increase in the percentage of deposits and buys worth $1200. This is the exact amount that President Donald Trump’s Coronavirus stimulus is allocating to the citizens. However, the tweet doesn’t explicitly state that but the timelines match.
Donald Trump’s Coronavirus Stimulus Package
The Coronavirus stimulus checks are meant to ease the hardship faced by the American population. But since the checks have dropped into people’s accounts, cryptocurrency too has seen an upsurge in the amount of $1200 buys and deposits.
The US unemployment rate has hit an all-time low with 8.9%. 22 Million people have claimed unemployment benefits by far. The demand for stimulus is so high that bank servers are unable to manage the request and failed to work properly.
In Donald Trump’s Coronavirus stimulus package about 80 million U.S. residents have access to aid. Low-income Americans who don’t file tax returns too have the right to receive the package. Likewise, parents are entitled to an additional $500 per child.
Donald Trump Tried to Make Cryptocurrency US 2020 Election Issue
Trump feels that Bitcoin and cryptocurrency aren’t money. To him, the Unregulated Crypto Assets can felicitate crimes such as drug trade and other illegal activities. In the past, in one of his infamous tweets, he had unleashed an attack on cryptocurrencies and Bitcoin labelling them, “unregulated crypto assets” and based on “thin air.”
Trump’s acknowledgement had helped boost the Bitcoins market in 2019.
Coinbase, chief Armstrong who had been dreaming about it wrote on twitter “Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago.” While the market only slightly reacted to Trump’s acknowledgement industry experts expected a boost from Trump’s airtime.
Calling it a bull’s eye for the cryptocurrency market, Jeremy Allaire, chief executive, Bitcoin and crypto group commented, “Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency.”
Like it or doubt it numbers again proves that Donald Trump’s coronavirus stimulus package has boosted the cryptocurrency market.