By Hassan Mehmood (Saudi Arabia)
Bitcoin made history after reaching a new all-time high of $61,500 just a few days ago. Many scholars and economists are on the case of BTC to be a volatile commodity. However, the flagship currency has managed to stay afloat at an average rating of $58,000 thus far. Bitcoin has been able to climb the bull ladder with the reinforcement provided by the whales like Tesla, MicroStrategy, VISA, Master Cards, Square Inc., and even Wall Street. Now, a new flux of investment valued in billion is anticipated to enter the crypto market.
The first stimulus checks were ordered by President Trump last year in April. President Biden has also approved the issuance of stimulus checks worth $1.9 trillion for COVID-19 relief in 2021. More than 158 million households across America would be able to take advantage of this aid. On the one hand, this behemoth money printing operation is going to devaluate the dollar, and on the other, more than 50% of the recipients are showing a willingness to invest their checks in Bitcoin.
The Top Stakeholders in BTC Revealed By Wall Street
Other surveys conducted by organizations like Mizuho America and Goldman Sachs also indicate participants’ visible dominance to use stimulus checks for buying stakes in Bitcoin and other cryptocurrencies. The Managing Director of Mizuho Americas, Dan Dolev, predicted that 40% of survey respondents could put about $25 billion into the BTC investment pool. According to the remarks of Dolev, this increment would help Bitcoin climb up to 3% higher.
Mike Novogratz has also noticed and pointed towards this enormous market interest in Bitcoin. He also endorses the opinion that the retail attentions from stimulus checks have played an important role in appreciating Bitcoin. Novogratz further added that Bitcoin is likely to keep riding the bull wave this year. However, he pointed towards names like VISA, Master Card, Square, and PayPal to be the biggest winners in this crypto race.
Mobile Trading Applications to Invite Retail Market to Bitcoin
Coinbase Pro is one of the biggest and most prominent crypto trading platforms in the world. In a survey conducted last year, Coinbase CEO Brian Armstrong told media that people have started to send their stimulus money directly to their cryptocurrency portfolio. There had been news about the number of stimulus checks being promoted to $2000 rather than $1,400. President Biden has also promised to comply with this move which is going to further endorse the crypto market.
Meanwhile, the top trading applications based in the USA, like Webull and Robinhood, among others, have also started to list major cryptocurrencies and digital assets on their platforms. These trading applications provide the option for registered members to trade for free. All of these applications have options like desktop monitoring, low wire transfer fees, and charting fields to encourage as many new retail investors as possible. The growing popularity of cryptocurrencies is also going to get more appreciation from these trading platforms.
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