Late last week, President Trump officially signed off on the largest stimulus package in U.S. history. And we’re already seeing some of Silicon Valley’s biggest tech companies come forward with something to say about it.
The $2 trillion emergency package will include billions in aid to small businesses, airlines, and other industries that are struggling with the fallout from the coronavirus crisis.
But it’ll also include an unprecedented addition: $1,200 checks sent directly to more than 80% of American citizens.
We’ve never seen anything quite like this before – and many experts predict that this is just one of several stimulus packages we should expect to see before this is all over.
It goes without saying that we’re living through unusual times right now. But still… even I wasn’t prepared for the strange news I heard last night: not one but two prominent tech companies have reached out to the White House, offering to help distribute stimulus money to Americans.
The two titans battling it out are Cash App and Venmo – both of which are headed up by Silicon Valley legends.
You remember Jack Dorsey, the CEO of Twitter? He’s also the CEO of Square, which owns Cash App. And Venmo is a subsidiary of PayPal, which was founded by, among others, Elon Musk of Tesla and SpaceX fame, and Peter Thiel of Palantir. (Are you still with me after all that?)
These guys are veritable icons around here; if Silicon Valley had its own Mount Rushmore, they’d probably all make the cut. And in times of crisis, there’s a lot of pressure on billionaire tech CEOs to step up and do something about it.
I’m guessing that’s part of why both money transfer companies made formal offers to help the White House dole out the $300 billion that’s been set aside for individuals. In theory, it could put that emergency aid cash in people’s pockets in a day or two – a big improvement over the estimated three weeks it’ll take using traditional means.
But it’d be a bit naïve to assume that altruism is the only motivator here. Landing a deal like this would be a bit like getting an endorsement from the President himself. It would probably be pretty good for business to be able to say that they helped the Feds move $300B in one fell swoop.
Here’s the thing, though: I’m not overly interested in finding out which of these giants lands the deal. I’m interested in finding out if anyone does – because regardless of who comes in first, a partnership like this would be a huge deal for the microcurrency market.
We first talked about the microcurrency market back in December. It’s part of a massive global market that’s five times bigger than the ETF, stock and bond markets combined – and its currencies are used to help power industries like real estate, energy, biotech, healthcare, travel, and more.
These currencies are revolutionizing the way businesses make large transactions. They’re taking the fintech world by storm; Cash App and Venmo both offer microcurrency-related services that could explode in popularity – and value – with a little exposure from Washington, D.C.
And if that happens, every day people could get really, really rich. I’m talking “invested in a unicorn” rich – only in this case, it could happen in months.
To be frank, even if the White House declines both offers, the microcurrency market is far from slowing down. People are starting to realize that trading these currencies can pay off in just a day or two – which makes them a perfect complement to our longer-term angel investing strategy.
Right now, more than ever, is an amazing time to learn more about this under-the-radar market. Why? For starters, the microcurrency market never closes – so, while it’s not immune from the turbulence of the stock market, it doesn’t have to experience those horrifying jolts and market-freezing lurches we’ve been seeing from Wall Street lately. And just like with many expensive blue-chip stocks… this is the perfect moment to “buy on the dip,” which effectively equates to a nice discount.
Just click here to learn more about the microcurrency market and how you could start trading in it – and potentially even pulling in profits – right away. These favorable conditions won’t last forever, though… so I wouldn’t recommend waiting too long.
Until next time,