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 wallet waitlist hits 1.6 and Robinood COO hails this

1.6 million people are in a queue for Robinhood's crypto wallet as pressure rises on this company to list one of the market's most popular memecoins. ...

NOV 10, 2021

BlockFi files for a Bitcoin ETF with physical backing

The Securities and Exchange Commission's decision on VanEck's proposal for a spot Bitcoin ETF is set to be made on November 14th. ...

NOV 08, 2021

Brazilian federal deputy proposes cryptocurrency as a payment option for workers

Goulart's plan calls for the passage of a new legislation that would provide all Brazilian employees the option to receive their payment in cryptocurrency from ...

NOV 07, 2021

Enjin tends to spend a new $100M to decentralize its metaverse

The fund will be dedicated to building the Efinity blockchain, focusing on seed equity investments. ...

NOV 04, 2021

Tags

Bitcoin

Tags

Bitcoin