The US government will benefit Bitcoin indirectly

CEO of crypto exchange OKEx, Jay Hao, claimed that the price of Bitcoin could rise if the United States government decides to launch a second stimulus plan.

The US government will benefit Bitcoin indirectly

New bullish rally for Bitcoin?

CEO of crypto exchange OKEx, Jay Hao, claimed that the price of Bitcoin could rise if the United States government decides to launch a second stimulus plan. His statements were published on Linkedln on June 22, where he explained that since the United States launched the first stimulus plan, which injected about $ 2.2 trillion into the economy, Bitcoin experienced a sharp increase in its price: from $ 6,580 to $ 10,400. , which is equivalent to an increase of 58%.

** On May 28, the United States Securities and Exchange Commission (SEC) announced an order targeting BitClave, a cryptocurrency firm, to return $ 25.5 million to investors.

Hao cited a recent article published by Bloomberg in which he reveals that United States government officials are seriously considering injecting an additional $ 1 trillion to stimulate the American economy. In this context, Hao asks: "Will the second stimulus continue to drive Bitcoin's price growth? In my opinion, it is very possible. "Recall that the Grayscale, one of the most important investment funds in the United States, has been acquiring 80% of the Bitcoin that the miners generated during the last months, which suggests that the adoption rate Bitcoin institutional is constantly increasing.

** This March 25, it was agreed in the United States Congress to launch a stimulus package of USD 2 billion to face the economic crisis caused by the COVID-19 pandemic.

Hao believes that both retail investors and institutional investors will receive more capital to invest, and according to him, it is very likely that many will choose Bitcoin as their favorite investment. Hao added: "If more money enters the market, leading to more money being held by retail investors under the second stimulus, I think they are likely to use Bitcoin as an alternative investment. After all, where else can they get a good return on their savings? Interest on bank savings is extremely low, already hovering around zero."