Bitcoin Price
Bitcoin Bumps Higher as Trump Calls For Bigger Stimulus Than Democrats
Nick Chong | Oct 19, 2020 | 12:00
- Bitcoin is likely gaining steam due to ongoing stimulus talks in the U.S.
- Reports indicate that President Trump wants politicians to agree on a stimulus deal larger than House Speaker Pelosi has pushed.
- The details on this latest development were scant.
- Whatever the case, analysts think this only accents Bitcoin’s value proposition.
- There is only 21 million Bitcoin that will ever be mined but theoretically, an infinite number of fiat dollars.
President Trump Calls For Larger Stimulus Deal
Bitcoin has managed to bounce after the drop late last week on news of OKEx freezing withdrawals. Crucial to this recovery may be news that the cryptocurrency’s scarcity will once again be highlighted as U.S. politicians move towards another stimulus deal.
According to financial news relayer/aggregator First Squawk, President Trump wants politicians to agree on a stimulus deal larger than House Speaker Pelosi has pushed. The details on this latest development were scant, but Bloomberg wrote on the matter earlier this week:
“Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi Thursday that President Donald Trump would personally lobby to get reluctant Senate Republicans behind any stimulus deal they reach. Trump said he’s willing to go beyond the $1.8 trillion offer for a virus relief plan that’s already been offered by the administration, but Senate Majority Leader Mitch McConnell rejected that, saying GOP lawmakers won’t go along.”
Many think that these continued discussions for more and more stimulus are slated to drive Bitcoin higher. The leading cryptocurrency, as suggested earlier, thrives when fiat money is debased. There is only 21 million Bitcoin that will ever be mined but theoretically, an infinite number of fiat dollars.
PRESIDENT TRUMP SAID HE WANT A BIGGER STIMULUS DEAL THAN PELOSI'S PLAN
— First Squawk (@FirstSquawk) October 19, 2020
Macro Trends to Drive Bitcoin Seriously Higher
Analysts think that macro trends will drive the coin seriously higher in the years ahead.
Vinny Lingham, chief executive of Civic, recently commented on the matter of Bitcoin fundamentals:
“I haven’t been this bullish on #Bitcoin since 2016. Macro events are teeing us up for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we’re back to bubble zone. Key indicator is BTC dominance – if it drops below 35% during the run, caveat emptor.”
Most analysts in the space are eyeing continued monetary stimulus and fiat debasement as crucial drivers for BTC’s growth in the years ahead.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Bumps Higher as Trump Calls For Bigger Stimulus Than Democrats
