$ 1.5 Trillion Incentive Package – Will Bitcoin Win?
As preparing to take office this week, Joe Biden wasted no time in drawing up a stimulus package to help the battered U.S. economy. It can be said that the $ 1.5 trillion package could further boost Bitcoin, which is already hovering near its all-time highs.
More Fuel to accelerate Bitcoin?
A recent Reuters report gave an insight into the reasons for another major stimulus package. The main reason is a much-needed “boost” to the economy, as well as securing funding for the deployment of a coronavirus vaccine.
The report goes on to say that Biden will announce an incentive package next Thursday, although given the recent furor over the new impeachment trial of Donald Trump, even such a large package may well take a back seat on the political news front. The package is expected to contain $ 1,400 in incentive checks for citizens, while a “significant portion” will go to minority communities that the new administration says are “underserved.”
Over the past few weeks, Bitcoin has witnessed a meteoric rise. Breaking the 2017 record of $ 20,000, the number one cryptocurrency continued its relentless growth and recently reached a new all-time high of almost $ 42,000, more than double the price of 2017, in just 4 short weeks.
During this time, the altcoin market has also increased in price. Ethereum, the second-ranked cryptocurrency, has grown rapidly, rising from $ 700 to more than $ 1,300 in just 2 weeks – twice as fast as Bitcoin. Currently, it is around $ 1,220, but in the near future it may try to overcome its all-time high of $ 1,400. Other altcoins are also rising, which has pushed the value of the entire Crypto Market Cap to just over $ 1 trillion.
Nothing can stop the BTC
The last time incentive checks were issued, back in March 2020, Bitcoin was at a low of $ 4,000 due to the stock market crash and the coronavirus crisis. One could argue that some of these incentives are reflected in Bitcoin and other cryptocurrencies, helping to initiate the great cryptocurrency recovery.
Trump’s $ 900 billion aid package has finally been signed, and $ 600 is on the way for all Americans. Add to that the upcoming $ 1,400 from the incoming Biden administration, and you have an extremely good reason for the influx of new money into the cryptocurrency market.
With the Bitcoin bull market still in its infancy, one can only imagine how far this asset can go. Some commentators from experts and analysts estimate it from $ 200,000 to $ 500,000 and above, while the most conservative estimates predict the maximum amount at $ 100,000.
With the dollar weak and sliding and the value of most other major asset classes falling, we can say that the time has come for Bitcoin. Incoming incentives and additional packages envisioned in the future can certainly provide additional fuel to what could be unstoppable growth.