Bitcoin Benefiting from Covid bailouts.

When the Covid news first hit, and the stock market had it's flash dips, Bitcoin was panic sold, down to around $4000 per coin.

As of right now, Bitcoin is back to $7500, a stellar rebound.

Why though? It proves to be a decent economic vehicle. There are no Bitcoin bailouts liquidating the valuation. The USD is being printed out in the trillions.

Since Bitcoin didn't crash to zero, as it may never... It's displaying it's utility as a value store.

When everything is said and done, no matter what mistakes a government makes with their currency, no government can bumble around with the Bitcoin market in the same fashion.
They aren't printing Bitcoin for open ended "emergency loans"

I suspect we could see a meteoric rise from it, shortly.

we all need to have at least a little bit

litecoin, etherium something.....we don't need banks then.....

originally posted by: Archivalist
When the Covid news first hit, and the stock market had it's flash dips, Bitcoin was panic sold, down to around $4000 per coin.

As of right now, Bitcoin is back to $7500, a stellar rebound.

I suspect we could see a meteoric rise from it, shortly.

Funny you say stellar. Stellar Lumens (XLM) is up 30% in the past week. It's been a bit stagnant and then went on a rally that seemed to ignore the rest of the coin market over the past 24 hours. There is definitely potential for a good bump. The bitcoin halving will happen soon and there may be a pump before that happens. Right now if bitcoin moves up the entire coin market goes up with it.

Very volatile markets, but the uncertainty of digital assets becomes less of a barrier to entry when fiat and oil are going bananas. The economy, the virus, the uncertainty, and the printing of money are all moving us toward what could be an incredible run on crypto.

XRP has been courting the regulators from the start and have the liquidity and tech in place to handle trillions in transactions at lightning speed. 20c each is a bargain. Bitcoin was the testbed. XLM and XRP have far more utility. BTC can retain it's place as a store of value maybe, but that seems to be the limit of it's utility. Whether thats enough to keep climbing or become stable is an interesting question. The electricity needed to prop up and secure the BTC network seems rather excessive nowadays.