As cities and organizations within the United States gear up to initiate basic income pilot programs, speculation ripples through the cryptocurrency community. With these trial programs distributing cash handouts without any conditions attached, a potential surge in crypto trading is on the cards.
Findings from a 2020 study highlighted a considerable rise in Bitcoin trades following the distribution of economic stimulus checks by the U.S. government. This trend suggests a possible parallel with the upcoming guaranteed income trials.
Recent announcements of new trials providing unconditional cash transfers have sprouted both positive and negative opinions. Programs such as the one by United Way California Capital Region, aimed at studying the impacts of unconditional cash on housing stability and food security, and the $6.2 million basic income initiative by the Arthur M. Blank Family Foundation are expected to distribute over $23 million free of strings.
Views on this approach range from belief that such basic income could help alleviate poverty to concerns over its costs and potential negative effects.
As funds start flooding in through these direct cash transfers, cryptocurrency including AVAX, Bitcoin Minetrix, Rollbit Coin, Meme Kombat, and ADA are forecasted to emerge strong, given their stable fundamentals and bullish technical indicators.
AVAX’s market cap has seen a rise while volume has dipped, triggering speculations of an uptrend exhaustion. Key checkpoints of support and resistance demand cautious approach and defined risk limits. A case of sagging volume reflecting potential rejection at resistance but simultaneously fueling hopes for significant breakthrough upon supporting key holds, AVAX finds itself at a critical juncture.
Bitcoin Minetrix is turning heads with its ‘Stake-to-Mine’ system, facilitating crypto mining by enabling everyday investors to earn passive income. A disruptive element in the crypto ecosystem, Bitcoin Minetrix can aid decentralization and empower a wider user base.
Rollbit Coin is evidencing bullish alignment but needs to gain sturdy foothold for a potential breakout. Meme Kombat, leveraging play-to-earn meme coin concept, projects significant potential for viral popularity, making it a potential best buy in crypto for 2023.
ADA trades above 20-day EMA currently, hinting at a growing bullish sentiment. Traders, however, are recommended to exercise caution as low trading volumes could signal uncertainty.
The oncoming wave of guaranteed income pilots and the crypto community’s potential reaction to it further underscores the volatility and intrigue of this groundbreaking technology. The important lesson for all stakeholders in the crypto community, be it investors, traders, or casual observers is that crypto is a high-risk asset class and all engagements should be approached with caution.
Source: Cryptonews
