The US economy is struggling hard right now with the American public debt topping 27.2 trillion USD – an alarming number never seen before. In that light, Jerome Powell, the Federal Reserve Chair, had constantly been stressing on Congress’ permit for more financial stimulus to salvage the plummeting economy. And as per crypto market experts, Powell’s call for more fiscal stimulus was a call for buying Bitcoin.
Speculations are rife that the American Federal Reserve has been unintentionally endorsing Bitcoin for quite some time now. Powell recently addressed a media conference following Fed’s last meeting on the current stance of American economy as well as future measures. The conference had the Fed Reserve Chair consistently urging for Congress’ permission for more stimulus to recover the drowning economy. He repeatedly noted that the central bank is yet to deploy its wide array of tools to support the economy in the country. So far, these have included high interventions in the stock markets, fiscal stimulus measures as well as direct payments right straightaway to citizens.
However, while talking about financial support, Powell has not mentioned any specific figure and has requested Congress to decide on an appropriate sum.
As Powell urged for more financial stimulus from Congress, Bitcoin continued to show an upward growth. The numero uno crypto coin reached $14k at the start of this week and presently has already crossed the $15k mark. More precisely, the coin has attained a solid 15 percent growth over this week. It’s to note here, currently, BTC is at its highest since January 2018.
“Bitcoin is fast approaching the $16k mark and it won’t be too bold to expect that the coin might reach the $20k mark, its 2017 ATH, by the end of this year or the start of the coming year. In fact, some of the leading financial giants are also of the opinion that the coin might even surpass its ATH sometime soon”, Sina Estavi, CEO of Bridge Oracle.
It’s true that Bitcoin has always faced skepticism from the mainstream market and it continues till date even when the coin is back to its glorious form. However, Bitcoin enthusiasts and experts are of the opinion that the skepticism about bitcoin is going to change soon, leading to more mainstream adoption of the coin.
Some experts have drawn similarities between Bitcoin’s current stage and the initial phase of the retail giant Amazon. Back in 2005, Amazon was a novel concept and hence met with serious doubts and skeptics. Looking back, Amazon shares were traded at 35 USD per share in the initial days. Cut to 2020, Amazon shares trade at a whopping 3,300 USD per share. So, wealth managers who never bothered to invest in Amazon doubting its innovative selling approach are probably not in business today.
As per the experts, the same will ring true when it comes to Bitcoin skeptics. Bitcoin shows huge promise not just as a crypto coin but also as a powerful asset. So, all those who are yet to comprehend the power of Bitcoin, it’s about time for them to get a better understanding of the coin, it’s immense potential and advantages.
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