Quote from: Cnut237 on Today at 02:23:31 PM

Quote from: Emily Perkins on November 16, 2020, 09:52:18 AM

Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.

The weird thing is, that whilst stimulus checks might be used to buy bitcoin and so boost the price, the bigger justification for an expected bitcoin price increase is the fact that the checks are issued at all.

At first sight this may seem to be odd if bitcoin is to act as a store of value then it needs to go up in relation to the increase of the money supply and that is exactly what is happening, so this is good news for those that are expecting bitcoin not only to become a currency used all over the world but to also become a store value.

However despite the fact that bitcoin is above the 17k level I do not see the very same enthusiasm that I saw during the bull run of 2017 and while this may seem to be contradictory this is a good thing because this means that the growth is mostly happening because smart investors are buying all the bitcoin that they can and not necessarily because the growth has captured the attention of the media and now every single person is trying to become the next bitcoin millionaire creating a bubble in the process.