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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

US Treasury Issues Stimulus Debit Cards Because They Failed to Launch a Cryptocurrency

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
cryptocurrency us treasury digital dollar crypto

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Ahead of the approved and now distributed stimulus package that provided individual US taxpayers with up to $1,200 in relief, the proposal included the introduction of a cryptocurrency like the digital version of the dollar. However, if failed to gain traction and was pulled.

Because the US Treasury failed to launch a cryptocurrency to distribute stimulus checks, they have now turned to issue debit cards adorned with US President Donald Trump’s name on it.

Stimulus Checks Aren’t Improving Consumer Spending, US Treasury Seeks Alternatives To Boost Spending

To save the already on thin ice economy from sudden failure, the US government and Federal Reserve have been printing money at their whim and issuing stimulus checks to encouraging spending.

The checks are also designed to provide some economic relief to those whose jobs were impacted by the pandemic in some way.

Related Reading | House Democrats Propose ‘Digital Dollar’ in Move Big For Bitcoin: Here’s Why

However, consumer spending remains down and the economy hasn’t seen the boost that the stimulus was intended to create.

Billionaire tech investor Mark Cuban who is on Trump’s task force focused on reopening the economy has proposed alternatives to the stimulus issuance to further encourage spending over savings.

Initially, the stimulus bill had proposed an account denominated in a cryptocurrency like digital version of the dollar to boost spending, but rolling such a platform out on such short notice would have delayed much needed, urgent stimulus relief from reaching consumers.

Failure To Introduce Cryptocurrency Version of Dollar Has Led to Stimulus Debit Cards

The failure to introduce a cryptocurrency version of the dollar has led to the US Treasury creating a debit card designed to deliver any remaining stimulus to individuals.

US Treasury Secretary Steven Mnuchin revealed the debit card alongside President Donald Trump, citing its creation as a means to more quickly and safely deliver money to individuals in need. But the real goal behind moving from direct deposits to debit cards is to encourage spending over stockpiling of cash reserves.

Treasury Secretary Steven Mnuchin launches stimulus debit card pic.twitter.com/MGe6UDTxyu

— Reuters (@Reuters) May 20, 2020

While adding to savings is helpful for consumers fearing the worst, forcing spending is what is truly needed to save the economy from further downturn. If consumers aren’t spending, businesses will feel the crunch, and already out of control unemployment rates will skyrocket further.

Eventually, the United States will someday release a digital version of the dollar, that acts like other cryptocurrency assets such as Bitcoin but without the notorious volatility.

Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets 

The digital dollar will essentially be a stablecoin like Tether, USDC, and countless others that have been growing at a rapid pace. Other countries are also developing their own cryptocurrency, clearly showing a defined trend toward change in the future.

But until then, debit cards will be sent to encourage consumer spending – spending that could very well make its way into cryptocurrency assets, as past stimulus money has.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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