Possible Impact Of US Emergency Relief Package To Crypto

It is really like an early Christmas gift for Americans with the confirmation of a $900 billion economic relief package late Sunday afternoon.

This package would provide financial assistance to jobless Americans and help businesses that were supposed to be affected by Covid-19.

The stimulus checks would give $600 for each member of the household. We can imagine that a family of five would get $3000 that can be really useful in this time of need.

With the giving out of $900 billion economic relief package, it would also mean that more money would need to be printed that could result in currency inflation.

Many new cryptocurrency investors decided to put their fiat into crypto because they felt that the overprinting of money would lead to devaluation of money.

Investing in cryptocurrency would prevent them from getting affected by the currency inflation.

These worries and fears would lead many to seek for alternatives like gold, silver and cryptocurrency.

In the last stimulus package given out, there were those who invested the additional fiat received into cryptocurrency as backup against currency inflation.

With Bitcoin in its all-time high and many reputable names like Paypal and banks in different countries adopting the use of Bitcoin into their payment systems, it would be hard for the general public not to notice Bitcoin and the potential of Cryptocurrency.

In my humble personal opinion, there is therefore a good chance for a nice boost in the prices of cryptocurrency due to this huge US Emergency Relief Package.

Reference article:
https://www.washingtonpost.com/us-policy/2020/12/20/stimulus-congress/