HOME CATEGORIES WRITE AND EARN šŸ”
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

The US Government Just Unwittingly Made The Biggest PR Move For Bitcoin

Bitcoin 2021/02/27 14:28 by Olivia Brooke
Newly passed $1.9 trillion U.S stimulus bill could finally send Bitcoin to $50,000

Bitcoin at $100,000 is a price prognosticated by pundits, courtesy of the fundamental factors that signaled the bullish rally. However, Bitcoin is receiving an external push from the same organization that steadily criticizes its credibility. The United States government in its usual fashion is helping the benchmark asset live up to analysts’ expectations with the constant advertisement.

The $1.9 trillion Stimulus Package could change everything for Bitcoin

The last thing the US economy needs right now is more inflation. But the one thing needed for the US citizens to sustain their welfare through the global Covid-19 pandemic is a stimulus bill, according to the United States government.

For Bitcoin, this is a solid entry point for some of the biggest financial institutions and independent investors who will search for a dependable storage outlet for their wealth to get onboard. Last year, when the first check was sent out, the stock market suffered a major decline as inflation forced the wealthy to find shelter in Bitcoin. Gold dropped significantly too when investors began to question its scarcity and its historic performance to Bitcoin.Ā 

While whales are better positioned to secure the biggest amount in profit, smaller investors can outpace even the most skilled trader by simply holding just about half of a quarter of Bitcoin’s current price, which is only about $937 more than the incoming $2000 stimulus cheque.

Interestingly, some Bitcoiners who threw their previous stimulus check into the market have secured decent profits already. At the current market rate, the $1200 stimulus check allocated to US citizens would be worth nearly $10,000 if recipients invested it into Bitcoin.

The ironic Bitcoin Advertisement

Earlier today, it was announced that the $1.9 trillion stimulus package is set to be approved by the House and sent to the Senate. Following the announcement, Bitcoin tumbled upwards. Although the bullish recovery cannot be credited to the news, Bitcoin is bound to benefit from the result of the US fiat printers working overnight. Ironically, this comes shortly after Treasury Secretary Janet Yellen poked into the asset’s credibility.Ā 

“I donā€™t think that Bitcoin is widely used as a transaction mechanism

It is a highly speculative asset and I think people should be aware it can be extremely volatile. I do worry about potential losses that investors can suffer.” She told CNBC.

Yellen’s skepticism towards Bitcoin may influence future policies going forward, but Bitcoiners are keeping their fingers crossed in hopes for a positive turn out, seeing as the Secretary had previously spoken on the necessity of considering the benefits of digital currencies.

'Bitcoin Doesnā€™t Behave Like A Payment Instrument', Says Mastercard's Vice ChairBTCUSD Chart By TradingView

In the near term however, Bitcoin is poised for a bullish takeover should the bill receive its final approval.

0 Like(s)



You should also read...

Bitcoin 02/04/20 09:11 by John Kiguru
Bitcoin Makes An April Turnaround Surging Past $6.7k, Is There More To Come?
Bitcoin has offered a relief rally after a slow start to the month. On April fool’s day, it was no joke that investors lost as Bitcoin dipped to retest its $6,200 support. This was a significan...
Read More
Bitcoin 12/05/20 04:00 by Nick Chong
The Last Time This Happened, Bitcoin Rallied 150%. The Signal Just Returned
Bitcoin hasn’t done too well over the past few days. Despite the fact that the block reward halving came to pass just hours ago, the cryptocurrency is actually down since last week’s highs...
Read More
Bitcoin 25/10/20 11:30 by Brenda Ngari
Bitcoin Has ā€˜Considerableā€™ Upside Potential As It Rivals Gold More Fiercely, Says JPMorgan
Multiple strategists from JPMorgan Chase & Co believe bitcoin is poised to compete more fiercely with gold as an ā€œalternative currencyā€ in the coming years due to the growing Millennial inves...
Read More
Bitcoin 02/11/20 14:00 by Yashu Gola
Overbought Bitcoin Drops from $14K High as Election Looms; Whatā€™s Next?
Bitcoin prices slid Monday ahead of an election that will shape its bias for the rest of the year. The benchmark cryptocurrency plunged 2.7 percent following its best month in more than a year. Future...
Read More
Bitcoin 15/03/21 14:34 by Yashu Gola
Latest Deutsche Bank Poll Leaves Bitcoin Prone to Hitting New Record High
Bitcoin expects to extend its prevailing bull run in the sessions ahead just as the US begins another vast spending program, including direct payments to its citizens who will receive up to $1,400 per...
Read More