BTC fun fact of the day...
There is less than .5 BTC for every unemployed American
Here's a little fun fact for you on this Thursday afternoon...
Did you know that there is less than half a bitcoin available for every unemployed American that filed within the last 3 months for unemployment?
It's true...
Check this out:
(Source: https://twitter.com/hodlingon/status/1268653200892035073/photo/1)
The raw data:
- 42.65M Unemployed Americans
- 331M US Population (164.6M US Labor Force)
- 21M Total BTC supply
- 18.4M BTC in circulation at current (2.6M still to-be-mined)
18.4/42.6 = .43 BTC per
Considering the fact that they are all getting heft unemployment checks right now from both their local state government and also from the federal government as part of the coronavirus relief effort, some of these people may be able to pick up .43 BTC in the near future.
Either way, this goes to show how little BTC there actually is out there if everyone starts trying to buy some...
Stay informed my friends.
-Doc
I think a lot of the people receiving the checks are more likely to put it into the US stock market as opposed to bitcoin, even though I'd love all that money to funnel into btc!
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Most of them will spend it at Walmart.
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Seriously though.
It's like everyone forgets that 60% of the population literally lives paycheck to paycheck.
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I've talked to several different people that have told me they are making more now (not working) than they were previously. Plus their expenses are significantly less as most things are still closed down to some degree. Add those two together and they are telling me they have more disposable income than they have had in years... I don't think anyone is forgetting anything about people living paycheck to paycheck.
And what do people do with disposable income?
They dispose of it.
They do what they've been trained to do since birth: consume.
Consumers consume.
It would be very risky to assume otherwise.
Depression is on the rise.
Alcohol consumption is at a high.
Divorces are skyrocketing.
People on going to spend money on stuff that makes them happy in the moment, not plan for the future.
We've always relied on "retail investors" to pump Bitcoin.
How is retail doing these days?
Despite all of that I think Bitcoin is due for a pump this summer,
I just don't think it's going to get into the hands of people that need it the most.
Sure. Though at some point you can only have so many iphones and flat screen tvs...
That being said, the majority of that money will absolutely not go into bitcoin, however, and this is a big however... if bitcoin starts running up, like it did in 2017 there is a decent amount of disposable income now sitting on the sidelines that may jump in for the ride, especially if this rally happens as the economy is on the rebound and things are starting to get better... there is a decent amount of dry powder just sitting there looking to be disposed of.
Probably, but some will find its way into bitcoin as well, especially if it starts going up significantly again.
Sure, but some of it will make it's way in there, especially if it starts moving up.
An interesting correlation!
Thanks!
They will buy some food and pay rent. Not buy BTC )
And you know this how? I have personally spoken with several people who are now making more money each week than they were making prior, and their expenses are less as they aren't going out much etc. They have more disposable money now than they have had in years. I imagine there are quite a few in that same scenario...
Imagine what distortion this would cause to the economy!
What do you mean?