Bitcoin Surged above $60k, Sparked by $1.9 Stimulus Package
Pumped by the approval and signing into law of the $1.9 trillion stimulus package--with more expectations of an extended period of record-low interest rates, the Bitcoin price--on Mar 14, rose above $60k, registering a new all-time high. At this level, the BTC/USD price tripled after easing past 2017 highs of around $20k. Reports from South Korea also show that the cumulative crypto trading volumes have surpassed those of the country's stock market, a record. It highlights just how popular crypto assets have been in recent months.
Analysts are confident that the Bitcoin price will reach $100k—or better by the end of the year. Their confidence stems from the global economy's state and the central banks opting for money printers over other measures that won't trigger inflation. In a reflation, central banks, including the FED, BoE, and the ECB, aren't budging. Officials say they will continue supporting the economy by not tapering QE and bond purchases. The BoE is even considering negative interest rates.
Impact on the BTC Price:
Bullish. Michael Saylor and the Winklevoss Twins expect inflation to roar above the two percent market, adversely affecting the bond market, causing another repricing. In their view, this will catalyze another bull market that will ultimately push BTC prices to six-digits.
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