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Stimulus passes as Bitcoin marches on
Crypto at a glance
Bitcoin extended its winning streak yesterday, soaring to more than $56,000 before a pullback last night took it back down to just below the $55,000 level, where it is currently trading.
The move came after the US House of Representatives on Wednesday passed a $1.9 trillion coronavirus relief bill that will see many US citizens get a $1,400 cheque in the post – a measure that some speculate will drive up inflation and showcase Bitcoin’s key attributes as a deflationary asset.
It could also create an influx of demand, similar to the $1,200 stimulus cheque last year. That cheque would now be worth over $10,000 if invested in Bitcoin.
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