Throughout the middle of March, many Americans received stimulus checks from the government, and while the payments — $1,400 for every U.S. citizen earning less than $80,000 annually — will be a blessing for millions in desperate economic straits as a result of the COVID-19 crisis, it has raised again the specter of inflation. And as with many other things, this too has a Bitcoin (BTC) angle.
On March 15, Galaxy Digital CEO Mike Novogratz proposed on NBC’s Squawk Box a new role for Bitcoin in light of recent stimulus measures — as “a report card for how citizens think the government is doing managing their finances.” If people believe that U.S. Treasury Secretary Janet Yellen et. al. can safely land this “giant supertanker” that is fiscal and monetary stimulus, said Novogratz, then “people will stop moving into Bitcoin.” But for now, “we’re in uncharted territories in how much money we’re printing, and Bitcoin is a report card on that.”