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.

Share

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.

Categories

Cryptocurrency(5)

Latest News

Shiba Inu surges more than 240% in a few days, enthralling investors and surprising traders.

Shiba Inu jumped in price only in a few days and holders had a gain of over 240% based on the time and day of their purchase. ...

OCT 08, 2021

China tightens its grip more on crypto and its operations

The Chinese government is battling cryptocurrencies once again, and to this end, the Chinese central bank is establishing a "coordination mechanism" with state ...

SEP 24, 2021

NFT Company helps Afghan women gain access to education

While the Taliban are taking over Afghanistan, Bookblocks.io is joining forces with a US-based organization to help Afghan women have access to education. ...

SEP 22, 2021

Optimism new upgrade: ‘one-click’ roll-up deployment enabled

Optimism uncovered its new upgrade while a completion for layer-two scaling solutions is heating up. ...

SEP 20, 2021

Tags

Bitcoin

Tags

Bitcoin