Merry Christmas, everyone.
The otherwise useless Congress of the United States has agreed to a $900 billion stimulus. The package will include stopgaps to every bearish indicator I could think of for a Christmas dump, so it looks like we're in the clear until the new year. You should thank me for giving you details without you having to sign up for those stupid news sites like the Washington Post.
By the way, if you ever want to read an article from one of those annoying sites with the subscription pop ups: Reload the page, select all and copy as soon as you see text, then paste into a text program.
It looks as though the new stimulus will handle the following, among other things:
- $600 checks
- Extension of the eviction moratorium
- Extension of unemployment benefits for 11 weeks ($300 per week instead of $600)
- Revival of the Paycheck Protection Program for businesses
Reports also said some crap about schoolchildren and vaccine distribution, but who cares about that. The vote will come on Monday, but I fully expect the markets to respond at open. If you haven't been in something like Grayscale, Microstrategies or Square, now might be a good time to get in. Those are all good easy crypto plays on the fiat side that are creating huge gains just like real crypto. ETHE (Grayscale Ethereum) is actually outperforming GBTC (Grayscale Bitcoin) by about 2.5X per day. The normies are really discovering Ethereum this cycle.
It's good that we're having this good news now, but I still think that this adoption is happening too quickly. There is too much value going into onboarding scams like Paypal, CashApp and Celsius. I don't necessarily disagree with the idea of a super bullish 2021, but there will be a few major dumps during that time. This uneducated horde coming into crypto may also shorten the life of the entire marketplace. Prepare yourself.
For whatever reason, this industry refuses to take my advice about decoupling itself from the American economy, so crypto continues to answer to the whims of a bunch of grown children. We're lucky that Mnuchin's wallet regulation was so pointless and bitcoin just shrugged it off, otherwise we'd be facing headwinds come Monday. As it is, Mnuchin couldn't stop us, and now we have this news, so prepare for the pump.
Happy Kwanzaa, Merry Christmas.
PS - If anyone has any insights as to why Binance Coin, Link and Dot seem to be going sideways while everything else goes up, let me know.