Bitcoin (BTC) Maximalist: Donald Trump’s $1,200 Survival Cheques Might Not Be What They Seem

News
Wed, 04/15/2020 - 09:25
Yuri Molchan
Bitcoin maximalist and entrepreneur Jimmy Song says that US citizens will have to pay a high price for the stimulus checks promised by Donald Trump and the Fed
Cover image via stock.adobe.com
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US President Donald Trump is living up to his promise of providing emergency financial support to American citizens with $1,200 stimulus checks. However, since the US Fed Reserve is keeping its printing press up and running to inject over $6 trl into the US economy, some believe that these ‘survival checks’ should have been a loan instead of financial assistance.

Famous Bitcoin maximalist and entrepreneur Jimmy Song and prominent investor and author Robert Kiyosaki are among them.

‘The US government is giving us a payday loan’

In a recent tweet, Jimmy Song wrote that the monthly $1,200 checks from the US government will end up being a ‘payday loan’ since after the Fed stops injecting its trillions of USD into the economy, prices will increase everywhere.

Song stated that the people who will receive the stimulus checks need much more than the checks are worth. He also reminded the community that Bitcoin is the only honest type of money.

Recently, the author of ‘Rich Dad, Poor Dad’, Robert Kiyosaki, shared a similar view, saying that ordinary people will eventually have to ‘bail out the Fed’. He has also stated that he does not trust fake ‘human-made USD’ and for this reason, he stores some of his wealth in gold and silver.

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Other countries join the US in helping the population

Trader Alex Kruger has shared a tweet in which he commented on President Trump’s $1,200 stimulus checks, the increase in unemployment insurance and assistance to companies to prevent them from making their staff redundant.

The trader mentioned that other regions of the world, such as Europe and Hong Kong, are undertaking similar measures to help their population through this current difficult period.

However, he noticed that in Ecuador the stimulus checks, if they materialize, may only total $60.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.


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