The Future Coin

Bitcoin

$29,841.01

BTC -7.56%

Ethereum

$1,232.78

ETH -7.65%

XRP

$0.25

XRP -7.12%

Litecoin

$120.94

LTC -9.91%

EOS

$2.49

EOS -5.00%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Opinion

‘Detached From Reality’—Elon Musk Makes Stark Stimulus Check Warning

by The Future Coin
May 10, 2020
in Opinion
0
‘Detached From Reality’—Elon Musk Makes Stark Stimulus Check Warning
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Exactly how to best tackle the global coronavirus pandemic has split opinion.

Stimulus checks, designed to save the U.S. economy from collapse, have already been sent out to millions of Americans but not everyone thinks they’re a good idea.

Elon Musk, the outspoken chief executive of electric car-maker Tesla, has cautioned stimulus checks won’t help, warning U.S. fiscal policy has “become detached from reality”—putting it in sharp contrast with bitcoin’s looming supply squeeze.

MORE FROM FORBESDonald Trump’s $25 Trillion Re-election ProblemBy Billy Bambrough

bitcoin, bitcoin price, bitcoin halving, Elon Musk, Joe Rogan, stimulus checks, image

Elon Musk spoke to podcaster Joe Rogan about the negative effects of stimulus checks and lockdowns … [+] designed to stem the spread of the coronavirus COVID-19.

YouTube / PowerfulJRE

Stimulus checks, as well as a raft of other emergency measures put in place by U.S. president Donald Trump’s administration and the Federal Reserve, have kept the economy on its feet through crippling lockdowns designed to slow the coronavirus pandemic—though its still near collapse.

“You can’t just legislate money and solve these things,” Musk told podcaster Joe Rogan.

“This notion though, that you can just sort of send checks out to everybody and things will be fine, is not true, obviously,” Musk said, referring to stimulus checks sent out over recent weeks, and warning “the [economic] machine just grinds to a halt,” impacting medical and food supplies.

“Several people have this absurd view that the economy is a magic horn of plenty,” Musk told Rogan, adding, “if you don’t make stuff, there’s no stuff.”

The U.S. shed more than 20.5 million jobs in April as the global economy was brought to its knees by the coronavirus pandemic—a crisis that has potentially only just begun and could herald the worst economic downturn since the Great Depression of the 1930s.

This week, the Treasury revealed borrowing for the second quarter alone will top $3 trillion and total U.S. national debt has now crossed the $25 trillion mark.

Meanwhile, increased spending and borrowing has highlighted scarce digital assets such as bitcoin.

Bitcoin, a cryptocurrency, has soared after a heavy sell off in March, climbing ahead of supply squeeze next week—known as a halving.

MORE FROM FORBESBitcoin Just Hit $10,000 But Here’s Why You Shouldn’t Bet On It Right NowBy Billy Bambrough

Next week’s bitcoin halving, the third since bitcoin was created just over a decade ago, is set for May 12 and will see the number of bitcoin rewarded to the so-called miners that maintain the bitcoin network halved—dropping from 12.5 bitcoin per block to 6.25.

No one knows how the bitcoin price will react to next week’s supply squeeze, though most bitcoin traders and investors are confident the price will climb after a period of volatility.

“Unprecedented central bank stimulus has offered more reason than ever for investors to more seriously consider an alternative asset class that is mathematically proven to have inflation protection, and in a more technologically savvy and useful wrapper than gold,” said Rich Rosenblum, co-head of trading at algorithmic digital assets trader GSR.

Musk, who regularly tweets about bitcoin and cryptocurrencies, has previously called bitcoin “pretty clever” and “quite brilliant.”

“[Bitcoin] bypasses currency controls … Paper money is going away,” Musk told the Ark Invest podcast last year. “And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

Source link

EDITOR’S CHOICE

OKCoin Becomes First Major Exchange to Support Blockchain Domain Names

DeFi users shouldn’t wait idly for Eth2 to hit its stride

As Bitcoin ETFs stall, a new $180M crypto trust fund from Ninepoint goes public

Five Biggest Altcoin Gainers From Jan. 18 – 25

n-Tier Announces its Consensus-Based Reference Data Blockchain Solution

Ethereum Foundation’s annual conference Devcon won’t happen in August

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 30,264.00
ethereum
Ethereum (ETH) $ 1,247.24
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 15.31
ripple
XRP (XRP) $ 0.250927
cardano
Cardano (ADA) $ 0.312060
chainlink
Chainlink (LINK) $ 20.75
litecoin
Litecoin (LTC) $ 122.54
bitcoin-cash
Bitcoin Cash (BCH) $ 373.11
binancecoin
Binance Coin (BNB) $ 40.43
usd-coin
USD Coin (USDC) $ 0.998729
stellar
Stellar (XLM) $ 0.238511
uniswap
Uniswap (UNI) $ 14.67
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 30,292.00
aave
Aave (AAVE) $ 274.81
bitcoin-cash-sv
Bitcoin SV (BSV) $ 160.06
eos
EOS (EOS) $ 2.50
monero
Monero (XMR) $ 131.15
havven
Synthetix Network Token (SNX) $ 15.56
nem
NEM (XEM) $ 0.230770
tezos
Tezos (XTZ) $ 2.71
tron
TRON (TRX) $ 0.028063
theta-token
Theta Network (THETA) $ 1.99
celsius-degree-token
Celsius Network (CEL) $ 4.77
vechain
VeChain (VET) $ 0.026798
cosmos
Cosmos (ATOM) $ 6.91
dai
Dai (DAI) $ 0.999933
compound-ether
cETH (CETH) $ 24.99
neo
NEO (NEO) $ 20.88
crypto-com-chain
Crypto.com Coin (CRO) $ 0.064361
okb
OKB (OKB) $ 5.26
binance-usd
Binance USD (BUSD) $ 0.999192
cdai
cDAI (CDAI) $ 0.020993
leo-token
LEO Token (LEO) $ 1.31
maker
Maker (MKR) $ 1,337.17
compound-usd-coin
cUSDC (CUSDC) $ 0.021503
iota
IOTA (MIOTA) $ 0.386928
huobi-token
Huobi Token (HT) $ 5.48
filecoin
Filecoin (FIL) $ 21.48
dash
Dash (DASH) $ 96.74
dogecoin
Dogecoin (DOGE) $ 0.007516
solana
Solana (SOL) $ 3.69
compound-governance-token
Compound (COMP) $ 222.27
sushi
Sushi (SUSHI) $ 7.13
avalanche-2
Avalanche (AVAX) $ 11.20
kusama
Kusama (KSM) $ 94.48
ftx-token
FTX Token (FTT) $ 9.48
zcash
Zcash (ZEC) $ 78.87
yearn-finance
yearn.finance (YFI) $ 27,999.00
elrond-erd-2
Elrond (EGLD) $ 47.43