One of the biggest bitcoin advocates in the industry, Michael Novogratz has recently said that government spending around the efforts for coronavirus could be what triggered the recent rally in the crypto market.
Taking it to Twitter early this week on the 6th of May, the multimillionaire said that household income in the United States could actually be up in 2020 even though employment is up 25%. He further said:
Household Income in the USA could actually be up this year even though we could have 25% unemployment. That is unprecedented.Thanks Uncle Sam and Chairman Powell. helps with social unrest, might explain the retail bid to the stock market,and certainly helps make the $btc case.
— Michael Novogratz (@novogratz) May 6, 2020
Following the coronavirus entering America, the United States government hit pause on all business operations and encouraged its citizens to stay home and self isolate in an attempt to slow the spread of the virus. It didn’t take long from there for the mainstream market to experience a massive crash but somehow, BTC survived. Currently trading above the $9000 mark at the time of writing, bitcoin is performing quite well in the run-up to its highly anticipated halving event.
With unemployment on the rise and the virus still spreading across North America at an alarming rate, many citizens of the nation are turning to bitcoin.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
