Prior to the pandemic there was data that suggests more than half of Americans were living pay check to pay check. Those American's don't benefit from Bitcoin or the stock market. The "recovery" was not a recovery for them. COVID has messed up the job market for them and there situation is worsening.

There could be an incoming wave of bankruptcies. This wave of bankruptcies is going to be in defaults on student loans, credit cards, mortgages, and rent payments.

I hope this can be averted. I am really curious to see what fiscal policy will look like. If done right we could have a "smooth deleveraging". If done wrong, we could have a repeat of 08'.