People still underestimate its use as a black market currency.
In addition, in 2020 about 1/10 US adults or so lost their jobs (mostly restaraunt and retail, service). 1/10 others lost hours or temporarily lost jobs. The other 8/10 people never missed a check. A lot of people also collected two extra stimulus checks and there's not been any games, theaters, or Chuck E Cheese to spend the money. If people have an ounce of discipline and have been eating at home and saving, they may see Bitcoin headlines as an opportunity to speculate with so much extra cash.
Think about it - a family of two parents and four kids making $140,000/year married filing jointly in the midwest. Never missed a check and can't take the kids out to Red Robin on Friday nights. Received $1,200 per each adult and $500 for each kid first round = $4,400. Received $600 per adult and $600 per kid second time around = $3,600. Overall savings for the typical American family is through the roof.
In addition, in 2020 about 1/10 US adults or so lost their jobs (mostly restaraunt and retail, service). 1/10 others lost hours or temporarily lost jobs. The other 8/10 people never missed a check. A lot of people also collected two extra stimulus checks and there's not been any games, theaters, or Chuck E Cheese to spend the money. If people have an ounce of discipline and have been eating at home and saving, they may see Bitcoin headlines as an opportunity to speculate with so much extra cash.
Think about it - a family of two parents and four kids making $140,000/year married filing jointly in the midwest. Never missed a check and can't take the kids out to Red Robin on Friday nights. Received $1,200 per each adult and $500 for each kid first round = $4,400. Received $600 per adult and $600 per kid second time around = $3,600. Overall savings for the typical American family is through the roof.
while this all makes sense I would argue that those 8/10 that kept getting paid doesn't represent the true number who made less $$ in 2020 than in 2019. Sales reps almost across the board made less commissions and many companies went on a 4-day workweek or a furlough program to save employment costs
and americans are terrible at saving money. 70% of all americans have less than $1000 in a savings account, half have less than $500, and a quarter less than $100. buying bitcoin at 30k/per is not high on the list of must-haves
never used it, barely understand it but debating investing in it.
from those who truly understand should i wait or get in now? i know the market well and have invested well in other areas and often times when something hits a new high i would avoid jumping in at that point. every person i know who invested in it doesnt use it but simply holds onto them. i would probably throw a grand at it and hold it i guess but now seems like a bad time to buy based on the prices........anyone who knows better im happy to listen.
from those who truly understand should i wait or get in now? i know the market well and have invested well in other areas and often times when something hits a new high i would avoid jumping in at that point. every person i know who invested in it doesnt use it but simply holds onto them. i would probably throw a grand at it and hold it i guess but now seems like a bad time to buy based on the prices........anyone who knows better im happy to listen.
