Millennials could utilise their $2000 stimulus check to invest in BTC once more

Quick Take

1 minute read

• Citizens in the United States have been hampering to get a stimulus package worth $2000 over the $600 package they were previously promised. 

• $2000 can go a long way for many families during times of economic turmoil and the ongoing pandemic of COVID-19. 

Citizens in the United States have been hampering to get a stimulus package worth $2000 over the $600 package they were previously promised. $2000 can go a long way for many families during times of economic turmoil and the ongoing pandemic of COVID-19. 

Granted this is just a stimulus package and won’t last them in the long run but it could help them weather the storm of the virus and its impact. Michael Novogratz, a well-known bitcoin advocate and CEO of galaxy digital has given his piece on what the news could mean for the crypto market as well as traditional stock markets.

Speaking to CNBC earlier this week, Michael gave his thoughts as protesters stormed the Capitol in support of Donald Trump and his presidency.

Despite Donald Trump posting a video to Twitter (now deleted) telling his supporters to go home and to stop protesting, it was very much unlike his approach to previous protests that we saw last year throughout the Injustice movement. As a result of this, a commotion has been stormed up on Twitter and I can tell you it won’t take long to find some sort of criticism on the current president for this move.

The $2000 stimulus check was recently approved by the House of Representatives and from Novogratz’s perspective, it could be further good news in terms of the markets. 

He highlighted that young people will utilise their stimulus check in order to invest in the crypto industry:

“A lot of that [stimulus] will find its way into the markets. Certainly, when it comes into young people’s hands, they’re going right to their Robinhood accounts. One of the most unique things last time was seeing how many people bought Bitcoin with the exact amount of stimulus. Boom, boom.”

He then went on to say:

“There’s speculative excess all over the place, when you look at the amount of options buying in stocks like Tesla, it’s to the point of insanity.”

Speaking on the leading cryptocurrency, Michael highlighted that institutions played a big part as to why the asset has skyrocketed so much over the past few weeks and months.

Companies such as PayPal moving in on the industry certainly have had a part to play according to him. Currently, Bitcoin is priced at over $38,000 in a new all-time high for the currency.

For more news on this and other crypto updates, keep it with CryptoDaily!

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