A stimulus package from Joe Biden and the US government will go to the purchase of bitcoin

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It has already been mentioned in previous articles that the number of retail investors in bitcoin is growing in 2021. More and more private traders want to join the upward trend, but isn't it too late? In recent weeks, Bitcoin has become more expensive with great difficulty, and there is almost no news fueling the demand for it. Moreover, according to the analysis of all the previous movements of Bitcoin over the past 13 years, the upward trend does not usually last long. In our case, it has been going on for a year, which suggests that it will soon end. Will its completion coincide with a new stimulus package from the US government? This week, Americans will begin to receive checks of $1,400 from Congress and the president. According to a survey conducted by the Japanese investment bank Mizuho, about 40% of US citizens plan to spend the funds received from the state on investments, and half of the respondents plan to buy bitcoin. More accurate figures show that half of those 40% are ready to buy bitcoin, but for an amount not exceeding 20-25% of the received amount. This suggests that the cryptocurrency market may soon flood from 30 to 60 billion dollars (in total, Americans will receive about $380 billion from the state). This, of course, is not such a large amount for the number one cryptocurrency, since its capitalization already exceeds one trillion dollars. Nevertheless, the additional influx of "hamsters" can have a certain impact on the rate of "digital gold" very strongly. Goldman Sachs analysts also report that households will be the main investors in stocks and other assets in 2021. Despite the pandemic and the crisis, more than one and a half trillion dollars have accumulated in the accounts of Americans, which will begin to be spent as the economy recovers. And the American economy is recovering at a really high pace, which allows us to hope for a rapid flow of money to the stock and cryptocurrency markets.

At the same time, the latest round of bitcoin correction is explained very simply. Researchers tracked the movement of 18,000 bitcoins to the wallets of the Gemini cryptocurrency exchange on March 15. Such a large volume of sales of bitcoin caused the number one cryptocurrency to fall by 10% at once. Also recently, there are rumors that miners will soon start selling large volumes of mined bitcoins, as they want to make a profit while the cryptocurrency is on top. Earlier, it was reported that miners in the last year are in no hurry to part with the extracted coins immediately after receiving them. This phenomenon was caused by the strong growth of bitcoin, but now they believe that the most appropriate time has come. All these messages do not add optimism to the BTC quotes.

The material has been provided by InstaForex Company - www.instaforex.com

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