2 out of 5 recipients of the $1.9 Trillion Stimulus Package will Invest in Bitcoin and Stocks
Less than 10 days ago, President Joe Biden signed into law the $1.9 trillion COVID-19 relief fund to cushion disadvantaged Americans from the effects of the Coronavirus pandemic. However, like the previous airdrop, 40 percent of those surveyed, according to a Market Watch Survey, will sink the $1.4k cheque to Bitcoin and stocks. This equates to around $380 billion of the value of direct checks, a net positive for the ecosystem.
In a causation, the Bitcoin price briefly soared to $60k over the weekend before dropping to spot rates, offering an opportunity for derivatives traders to ride the dip. Still, the contraction of the BTC/USD price may present another opportunity for citizens to cheaply scoop BTC in anticipation of more capital gains. This news also coincides with a new stats that main street now holds more BTC than Wall Street. For the better part of the last three quarters, the sharp appreciation of Bitcoin and safe-haven assets is pinned on institutional involvement.
Impact on the BTC Price:
Bullish. If more retailers scramble for a piece of Bitcoin, adding on institutional pressure, there would be more upside for BTC/USD towards $100k. Several analysts are confident of more upsides in the coming days, citing inflation expectations and gains from the high-yielding digital asset.
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