Second Stimulus Package Could Push Bitcoin Higher
Talk of a second stimulus check raises the question “will this drive Bitcoin higher?” Seeing as more people are introduced to and learn about Bitcoin by the day, I think the answer is a resounding “yes”.
Second US Stimulus Package Could Drive Bitcoin Higher, Says OKEx CEO Jay Hao
In a LinkedIn post on Monday, Hao explained that after the first $2.2 trillion stimulus bill was signed in late March, Bitcoin surged by around 58% from $6,580 to $10,400. He cited a recent Bloomberg article reporting that Trump administration officials expect to spend another $1 trillion to stimulate the American economy amid the coronavirus crisis:
‘Will the second stimulus check continue to drive Bitcoin price growth? In my opinion, it is very possible.’
Hao noted that Grayscale’s Bitcoin investment product acquired 80% of the newly mined Bitcoin alone, which he claims “directly reflects the rate of institutional adoption of Bitcoin.”
Secondly, he said that he expects retail investors to be even more interested in Bitcoin, stating, ‘When it comes to retail investors, I believe that they will be the main promoters of the Bitcoin price surge under the second round of stimulus.’