“I think there is a strong likelihood we will need another bill.”

That’s according to Treasury Secretary Steven Mnuchin, who supports additional fiscal stimulus to combat the economic impact of the novel coronavirus—within reason.

The secretary’s statement comes after the House passed a record-shattering $3 trillion relief package, though leaders in the Senate have said they will not put it up for a vote. Senate Majority Leader Mitch McConnell has made it clear that the next coronavirus bill “cannot exceed $1 trillion,” according to reporting by Axios.

Even so, the U.S. government’s response is already massive, dwarfing anything that’s come before it.

Across the pond, Britain’s government is likewise spending like crazy. The U.K. budget deficit widened to a record 62.1 billion pounds ($76 billion) in the month of April, equal to the government’s total borrowing in 2019, according to Bloomberg. CLICK for complete article

The price of Bitcoin surges above $9,000 ahead of a Goldman Sachs client call about gold and BTC.

The price of Bitcoin (BTC) surged above $9,000, demonstrating a decent recovery in the last 24 hours. Market data shows a further upsurge to the $9,300 to $9,400 range is likely in the near-term.

Three key reasons increase the probability of a minor rally: liquidation of 25x to 50x shorts are at $9,300, whales using the Goldman Sachs narrative and low funding rates in the futures market…CLICK for complete article

The price of Bitcoin (BTC) suffered a tremendous crash on March 12, falling from almost $8,000 to stabilize at around $5,000, a loss of about 40% in the span of less than two days. This happened in the context of a global sell-off in all equity markets, where United States stock market indices such as the Dow Jones Industrial Average and the S&P 500 lost around 10% in a single day — a substantial loss for traditional markets.

Some were quick to decree the end of the narrative that Bitcoin is a safe haven asset, sometimes called a store of value, while others pointed to the fact that even gold fell during the bloodbath….CLICK for complete article

Any safe haven asset worth its salt is supposed to rise and shine when all hell breaks loose in the financial markets, providing an escape hatch from market turmoil. Going by that criterion alone, bitcoin and the crypto markets have failed investors miserably during the ongoing COVID-19 crisis.

Last month’s epic collapse by bitcoin and the rest of the crypto universe eclipsed the equity markets selloff and seriously undercut crypto’s safe haven credentials. Instead of buying more bitcoin as cities and entire countries went into total lockdown, the coronavirus outbreak just proved how much people value cash–and toilet paper.

Investors rushed to liquidate their financial assets–including cryptocurrencies– en masse and stockpiled on huge rolls, leading to bitcoin crashing 60% in a matter of weeks and #toiletpapergate and #toiletpapercrisis suddenly trending on social media…CLICK for complete article