By the end of 2021, COVID-19 Stimulus Impact will raise Bitcoin to $175K, says Diginex CEO
Diginex CEO, Richard Byworth is of the idea that BTC will touch $175K before the end of the year.
The cause of such price prediction according to a report by Bloomberg thinks is the potential effect of the US stimulus package which was signed by US President Biden earlier says Richard Byworth.
The stimulus payment for each eligible American will be $1,400 and will be added to depending on the size of the family. The stimulus payment along with other financial programs will insert a large amount fiat currency in the market that could potentially cause inflation which may have serious ramifications as it may limit the purchasing power of the USD.
In order not to hold a devalued currency, investors and financial firms are likely to go for a currency that acts like a hedge against the probable inflation. And due to the satisfying performance of Bitcoin over the past year, there’s an excellent chance that investors replace gold with crypto assets.
The stimulus checks seems to have had their impact at least on BTC already. According to CoinMarketCap, Bitcoin has set $61,683,86 as its new all-time high. However, it is trading at $5K lower than at the time of writing this article.
Bitcoin fans have had similar or higher predictions than the $175K of the Byworth and since BTC has kept the habit of seeing rise before the end of the year, such guesses stand to the reason.
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